'If he had brought all of his data to the SEC first, he would reap potentially, up to 30% of the potential recovery,' says former SEC Chairman Harvey Pitt.
"Until the SEC and the DOJ unravel the fundamental question of whether General Electric's accounting was appropriate, I think Markopolos becomes, to some extent, a secondary issue," said Pitt, acknowledging that GE is under investigation by the Justice Department and the Securities and Exchange Commission over its accounting practices.
Shares of GE were stable Monday, after they regained on Friday much of Thursday's 11% declines. Late Thursday, the company revealed that CEO Larry Culp purchased nearly $2 million worth of shares. Culp, who became chairman and CEO of GE last year, called Markopolos' accusations false and driven by market manipulation.
Leslie Seidman, a GE board director and audit committee chair, also pushed back on the Markopolos report,on Thursday that it "does not reflect the GE that I know." She added that the report is "full of misleading, inaccurate and inflammatory statements," and that she stands "behind the financial reporting of this company."
Seidman said, "As part of our normal course of operations, we are going to be performing a current loss recognition test in the third quarter, which is a normal part of GAAP accounting. I think we do have our arms around the accounting. I think that the amount at which we state the reserves currently is fair and in accordance with GAAP," which stands for"I think that there are some very impressive people on GE's board. Its CEO and its board are relatively new.
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