Enron, Tyco, Worldcom....GE?
Moderators: Shirley, Sabo, brian, rass, DaveInSeattle
Enron, Tyco, Worldcom....GE?
Bandwagon fan of the 2023 STANLEY CUP CHAMPIONS!
Re: Enron, Tyco, Worldcom....GE?
The accuser is working for short-sellers and activist funds. I'd withhold judgement. That in itself doesn't discredit him, but those type of investors have certainly shown willingness to cloud the issues to drive down stock prices and make a killing in short sales.
I don't see all the smoke you see. He thinks it's significant that they've used the same big accounting firm for years? So what? It's a reputable accounting firm. They don't provide detailed financials for subsidiaries? It isn't required by the SEC.
Again, he might be absolutely correct. But, he's not showing evidence, and he's never even seen the detailed financial statements he claims are fraudulent, and he's financially motivated to shout "Fire!" in the crowded movie house. So to speak.
If he goads GE into becoming more transparent in their financial disclosures, that would be a great outcome for the public, but wouldn't necessarily prove his claims.
"What a bunch of pedantic pricks." - sybian
Re: Enron, Tyco, Worldcom....GE?
The fact that he helped expose Enron is a point in his favor. As is it doesn't seem like he has a history of making spurious accusations against other companies which have been disproven. Also, taking on GE if he's just trying to manipulate the markets would take some real balls. It's hardly outside of the realm of possibility that GE would be trying to hide massive losses from their insurance business, especially since it was the collapse of its credit business that help almost destroy the company a decade+ ago.
Bandwagon fan of the 2023 STANLEY CUP CHAMPIONS!
Re: Enron, Tyco, Worldcom....GE?
That article doesn't indicate he had any role in exposing Enron. His claim to fame is exposing Bernie Madoff. Madoff ran a Ponzi scheme. Enron's financial shenanigans were light years more complicated, and again, the article doesn't indicate any role for him there. Who knows, he may be right on target. But, he's produced no evidence.brian wrote: ↑Thu Aug 15, 2019 6:21 pm The fact that he helped expose Enron is a point in his favor. As is it doesn't seem like he has a history of making spurious accusations against other companies which have been disproven. Also, taking on GE if he's just trying to manipulate the markets would take some real balls. It's hardly outside of the realm of possibility that GE would be trying to hide massive losses from their insurance business, especially since it was the collapse of its credit business that help almost destroy the company a decade+ ago.
Short sellers and activists manipulate markets more than you know. This is ballsy alright because it is a big elephant they are hunting, but make no mistake these guys regularly hunt big game. I dealt with hedge funds on a daily basis for many years and my own company was entangled with an activist investor a couple times. I've see the game in action. Like any group of people, some behave differently, better or worse than others. Lots of hedge fund guys are still personal friends so it isn't like I have an axe grinding against the group. But, don't be shocked if this ends differently than you think.
"What a bunch of pedantic pricks." - sybian
Re: Enron, Tyco, Worldcom....GE?
Short-sellers putting shit out there should be illegal and I hate it every damn time it happens.
Pack a vest for your james in the city of intercourse
Re: Enron, Tyco, Worldcom....GE?
I had no idea how they can survive against Philips Hue bulbs so this actually makes sense to me