Harry Markopolous: GE is Fucked

[Slimprofits]

Gotta love it, Chrome tries to correct the spelling of Markopolous to "marvelous"

Harry's new website: http://www.gefraud.com

[Slimprofits]

Re: Harry Markopolous: GE is Fucked

https://www.cnbc.com/2019/08/15/here...han-enron.html

[thriftyandboringinohio]

Re: Harry Markopolous: GE is Fucked

Nice find Slim. Great read.

Their legendary CEO, Jack Welch, entered those insurance businesses in the 80's and 90's and signed those contracts that are now an anchor around GE's neck.
He told us manufacturing was for chumps, the FIRE arena was where the money was.
It turns out he wasn't that smart after all.

It was lots of fun for Jack Welch cashing all those premium checks for long term care policies when GE first entered the market, because none of the customers were making any claims.
Now here we are twenty or thirty years later, the policy holders are elderly, and those nursing homes are expensive.
These sorts of actuarial forecasts are pretty standard in the insurance industry, it's no mystery to predict future liabilities.
Hence the frequent use of the word "fraud" in the report you link us to.

Another hero CEO turns out to have simply looted and liquidated his company for short term profit.
Jack Welch's portrait can hang right between Chainsaw Al Dunlap and Ken Lay in the crooked CEO hall of fame.

Thanks.

[jk]

Re: Harry Markopolous: GE is Fucked

Nice find Slim. Great read.

Their legendary CEO, Jack Welch, entered those insurance businesses in the 80's and 90's and signed those contracts that are now an anchor around GE's neck.
He told us manufacturing was for chumps, the FIRE arena was where the money was.

that IS [was?] where the money was. for jack.

[thriftyandboringinohio]

Re: Harry Markopolous: GE is Fucked

that IS [was?] where the money was. for jack.

True jk.
When you rob Peter to pay Paul, it's always easy to get Paul to like the plan.