From CNBC:
....MOREGeneral Electric bounced back Friday after the CEO shored up confidence by purchasing a bulk of company shares, and analysts defended the industrial giant.
- GE shares rally after General Electric CEO Larry Culp bought nearly $2 million worth of the company’s stock.
- Wall Street analysts came to the company’s defense after a report by Madoff whistleblower Harry Markopolos accusing GE of accounting fraud “bigger than Enron and WorldCom combined.”
- “We tend to find the effort to portray GE’s current financial condition assuming all three alleged cash or noncash charges totaling ~$38 billion should have been previously recognized is at best disingenuous and at worst highly inaccurate,” says Nick Heymann, co-group head of global industrial infrastructure at William Blair.
GE’s stock surged more than 9% on Friday following its biggest drop since April 2008 a day earlier. The shares had tanked 11% on Thursday.
The stock began its downward spiral Thursday morning after Harry Markopolos, best-known for pointing out irregularities with Bernie Madoff’s investment strategy years before the Ponzi scheme was exposed, published a report accusing GE of fraudulent financial statements.
Larry Culp, who took over the struggling industrial conglomerate last year, bought 252,200 shares for $7.93 each, according to a Thursday evening filing with the SEC. The CEO has roughly doubled his holding of GE shares this week.....
In the outro from yesterday's post I mentioned we have a couple hundred posts on General Electric.
We also have a couple hundred posts on Enron.
If you have an interest the easiest way to plow through our Enron archives is this Google search term:
site:climateerinvest.blogspot.com enron
One of the posts that turn up (Google returns 3120 hits):
Enron:The Musical (ENE)
And even a few cross-overs:
Pt. I::GE and the Enron Playbook (ENE; GE)
