Great that you talked up a storm on Friday and Monday as the stock moved up after your comments. But, now the stock has given up all that gained and more, what is driving that and what do you have to say? Maybe people understand the implications of negative 1.7 billion of cash? Maybe they understand that GE is a house of cards?
3 replies (most recent on top)
I wonder how much of the money was diverted to the Clinton Foundation? Uncle Jeff was pretty well settled in their back pocket, and shared their politics.
Sorry... $140 Billion vanished....
The move to the new accounting standard and restatement of 2016-2017 was just a way to cook the books for future upside. All they did was shift prior stated earnings from the last 2 years into a bucket that they can release in 2018-2019 as if the earnings are new.
This situation is twice as bad as Enron, and more than the combined losses from Lehman Brothers and GM combined. $140 Million has vanished in the last year. The impact will be long lasting and cause pain and suffering to not only loyal employees and retirees but also their family's as well as other faithful investors.
The lack of ownership of these issues in the face of the magnitude of the destruction of value creation and of a once great company is astounding. Especially for a company who has always prided itself publicly on having the highest of integrity while wrapping its financial results in opaqueness and made up standards of transparency that only it uses.
Regulators are also to blame and are complicit by allowing KPMG to help GE cook the books for years while helping executives loot the company. The destruction to US cities which once boasted large work forces of employees has been uncalculatable. Dedicated employees and retirees have seen massive reductions in benefits and the move of their work to 3rd world countries in continuous waves of layoffs all while the executives continued to profit off of the looting and destruction of the company and the personal pain inflicted upon average working loyal US employees.
The public remorse has been insufficient by company leadership and regulators just like they did with Enron and other corporate looting's must step into action and bring those responsible to fully account and face the gravity of their actions against all of their stakeholders.