Putting Your Money Where Your Mouth Is

By on August 19, 2019

August 19, 2019

Poor Bernie Madoff, a successful grifter by any measure, but the Ponzi-schemer who brought on the bust? Uh-uh. Nevertheless, he became the poster boy for the 2008 recession, not least because a financial team led by a talented numbers-cruncher named Harry Markopolos told the SEC all about the transparent scam Madoff was running long before that lumbering watchdog bestirred itself to do anything about it. Markopolos became emblematic of the kind of oversight that might have prevented the whole mortgage-backed house of cards from collapsing, but recently Markopolos seems to have overplayed his hand, and revealed himself as a pump-and-dumper in the process. He has identified a number of concerns about General Electric’s management, and claims they add up accounting fraud. GE stock fell 11 percent on August 15th, largely because of Markopolos’s statement that the concerns he identified would cause the company to go bankrupt. GE in turn said that Markopolos was engaging in market manipulation, because he acknowledged upon releasing his report that he’s working with an unnamed hedge fund that is betting against GE stock. Yahoo news says the sensationalized nature of the report, which they call a series of logical leaps and fallacious analogies, support GE’s claims.

Read the full article at:

Yahoo! Finance

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