GE has been a corporate shipwreck for the last decade, where infamous Madoff whistleblower Harry Markopolos warned in late 2019 that the company's 'cash situation' is a lot worse than the company's filings would suggest.
Markopolos said the accounting fraud that GE has conducted would be more significant than Enron and Worldcom combined.
https://www.zerohedge.com/markets/ge-cut-78000-workers-2019-lowest-number-ww2
78000 in 2019. Tens of thousands more in 2020?
A fraud are you r—ded. Yup you are. The poorly crafted PowerPoint shows all sources Markofacyou used and issued from GE financials by GE. The numbers are messed up.
I find it interesting that GE has never took Markopolos to court over these allegations. Maybe they can't, I am not a lawyer, but it must have caused harm to the company's reputation and monetary damage I would think. Perhaps GE is not ready to fully open the books in court under oath.
The company has certainly shed divisions and sold off holdings to raise cash for some reason. Fend off financial difficulties? Possibly. I don't see any major investments with the cash as of yet.
Maybe the company is coming to terms with reality. Prior management created a mess and drastic measures, however subtle and played down, are now needed to save it. Woe be unto the lower tier employees. Hourly and salary. The ones will lose the most out of this.
Yes check out those annual reports because God knows it’s an honest and truthful organization ...LOL
The Markopolos report was a poorly crafted fraud. Time has proven that to be the case. He had a blatant conflict of interest by standing to gain if his fraudulent report caused the GE stock price to crater.
Most all the reductions are from divesting of O&G, Transportation and Lighting. Check out the annual report and you see the actual numbers.