An accounting fraud “bigger than Enron and WorldCom combined” lurks inside General Electric, according to a whistleblower who raised flags about the Madoff Ponzi scheme, driving the industrial conglomerate’s shares down sharply.
Harry Markopolos and colleagues released a 170-page report on Thursday alleging a $38bn fraud centred in GE’s insurance and oilfield services businesses. “I think that they’re a bankruptcy waiting to happen,” Mr Markopolos told CNBC.
Mr Markopolos is known for his — largely unheeded —warnings about Bernard Madoff’s massive Ponzi scheme in the years before it imploded in 2008.
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