General Electric has seen a recent flurry of support, but that does not mean that the company is in the clear
20th credit-raters at Fitch warned of insufficient financial reserves against the costs of long-term care for buyers of insurance products at General Electric. Days earlier Harry Markopolos, an accounting investigator, alleged inadequate provisioning of reserves in’s insurance division and improper accounting of its Baker Hughes petroleum holdings.
And Mr Markopolos, too, has his defenders. Carson Block of Muddy Waters, a prominent short-seller, points out the investigator’s fee is not improper as long as he disclosed his economic interest, which he did. “Nobody does research for charity,” Mr Block says. Still, the fact that so many people jumped to’s defence betrays a renewed optimism about America Inc’s erstwhile darling.
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