General Electric Co intensified its defense of accounting practices on Monday af...
NEW YORK - General Electric Co intensified its defense of accounting practices on Monday after investors questioned it about an unusual research report alleging GE failed to put aside money to cover $29 billion in potential insurance losses and improperly counted profit from subsidiary Baker Hughes.
GE’s shares fell as much as 15% after financial investigators Harry Markopolos and John McPherson published the report on Thursday. The shares recouped much of the decline on Friday. On Monday, GE shares were down 0.9% at $8.71 in afternoon trading. GE had disclosed in 2018 that its accounting is being investigated by the U.S. Securities and Exchange Commission and the Department of Justice.
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