Harry Markopolos explains fraud accusations against GE

[@aprilized]

He spoke to regulators for YEARS before the Madoff scam and he was ignored. He's batman

[@MrJohnm1965]

april68 well actually he is former us special forces!!!!

[@extramild1]

Yeah, it is a shame he dresses like a cut price Joker.

[@aprilized]

@@extramild1 real men of books and letters care little for superficial narcissism... that's for the petty masses

[@aprilized]

@Stare Kotlety don't get too emotional.. he's a forensic accountant. He's not guessing or placing bets. He's looking at actual numbers and more so, the lack there of.

[@thetruthwillsetyoufree9209]

@Stare Kotlety whose long....? The guy and his team have uncovered dozens of Ponzi schemes and fraudulent accounting. Obviously you are only aware of Madoff.

[@1KSarah]

Every country in the world needs a Harry Markopolos.

[@brendanwright8415]

This nerd is a straight savage. I like him a lot.

[@MrJohnm1965]

Brendan Wright this nerd was former us special forces!! LOL!!!

[@brendanwright8415]

MrJohnm1965 I used nerd as a term of endearment...this guys rocks

[@alexrobinson7127]

@@brendanwright8415 he's a poised, to the point, cut throat... youd have to be a fool to take the word the word of the executives... time to buy puts

[@Wastelander1972]

I read his book on his attempts made bringing down Madoff. He is a true American.

[@Wastelander1972]

Stare Kotlety give it time. Short stock price bounce is short...

[@randyosborne310]

Harry Markopolos is an American hero. Thank you sir.

[@peteraliferis8903]

Greek American Hero! The Spartan 300 of today! Well done Harry!

...unless the S.E.C. finds out that there was a large short postion set just before Markopolous released this report. Then he becomes an American song bird potentially.

[@antonvoltchok7794]

Fuckya Lookin at because we need a lot more people like him and they all need to be making even more of a killing out of what they do, which is trying to keep our financial system more stable, more ethical, and a lot less corrupt, who do you think the real heroes are then? the executives who commit fraud, fuck millions of people over, and never get in trouble for anything ever?

[@jzk2020]

*an American Snitch

[@TheRealBozz]

GE will ask for a bailout and probably get one.

[@OakhillSailor]

This man speaks fluent accounting.

[@ktpyro81]

That was a great interview, puts those clowns on CNBC to shame.

[@tbz1551]

Kurry Tran The ones paid by GE you mean? Shocker

[@ThinkPositiveDude]

I give this guy credit for going into that viper den, but what did he expect when most of those CNBC bots still have their 401k's tied to GE stock.

[@mrblujet]

The CNBC people were once GE employees. How much GE stock do you think the CNBC people have tied-up in their retirement accounts ? Of course CNBC has an incentive to attack and question Harry Markopolos.

[@paulcolburn3855]

Mr Markopolos, GE made it through 2020 and they are halfway through 2021. Did you make a mistake sir?

[@periculumesse1525]

What a Rock Star! 'If we made a mistake - we are too low in our estimates.' Like a body slam to close the interview. People at GE must be freaking out. Wow.

[@mrrolandlawrence]

extra paper shredders on order in every department!

[@darkofius]

Now we understand that GE is huge Company, but billions discussed are enormous sums, one cannot make a "mistake" in tens of billion dollars...

[@AntonioCostaRealEstate]

Finally big media brings out a TV Journalist who gets it and does reads the reports and does the homework. And did not try to put Mr. Markopoulos down.

[@mikehenry4743]

@Stare Kotlety Must have a bunch of money in GE.

[@mikehenry4743]

@Stare KotletyGo ahead schmuck, leave your money in there.

[@mikehenry4743]

@Stare Kotlety That is the only thing keeping our economy afloat, corporations buying back their own stocks.

[@mikehenry4743]

@Stare Kotlety I know enough not to have stocks in GE. His ploy to buy up shares to prop up the value worked for now, but rest assured, GE is a sinking ship and will take everyone down with it. However, I do wish you only the best of luck with your investments in GE.

[@mongevoador]

- Could you have made a mistake? - Yes, my numbers are too low on loss estimates. And then her blood freezes... What a precious moment. The honesty of her reaction, the bravery of his words. Best interview of this year.

[@jaredmorein]

I thought the exact same thing!

[@eddyaj93]

Great work by this man. I’ve been watching 7 KZbin video on this GE issue and got to say that this is the first fair interview they give to the man. Numbers never lies yet people are still dreaming. Good job CNN for not giving this man stupid allegation nor making him seems like if he was the one committing a fraud. Nobody wish GE to fall but hey the dynamics for them to survive are so unreal. Life is full of surprises we will see how all that end up. Good job CNN and Mr Markopolos!! Cheers from Abidjan

[@jackon6546]

People are not dreaming, they are speculating. GE Healthcare will get spun off prior to any bankrupcy (its currently packaged up and ready to be sold) and if that happens each shareholder will most likely get GE Healthcare stock. Then if bankrupcy follows the shareholders (who normaly are the last to get paid) will still have stock in what is a well performing company. With that said I last owned GE in 08 and would never buy it again.

[@tomsmyth4836]

How the hell does a company, any company beat estimates every month , every year forever.... simply not possible... end of story!

[@dawnedwards2320]

Tom Smyth........one word-Madoff! It happens more than you know

[@Wastelander1972]

Smells like Madoff.

[@elcordobes-i1h]

Love how the red lady leans back when he responds to her question about the possibility of him making a mistake by saying that if has, it's probably on the side of caution

[@spencerwinston4334]

Spot on observation. Harry's response was classic--better than a Clint Eastwood movie line. Hilarious in understated delivery, yet so raw and real in terms of the massive extent of this cover up. GE is a trainwreck. Where were the regulators during this long time period to keep GE on the rails? Thank you Harry for seeking the truth for thousands of investors across the U.S. and the world.

[@tbz1551]

The “Red Lady” has a name. Julia Chatterly, graduate of London School of Economics and Political Science where she graduated with First Class Honours in economics.

[@XxMsrSzprzxX]

@@tbz1551 Thanks Lancelot.

[@AA-zq1sx]

@@XxMsrSzprzxX Pointing out that women have actual names is too "white knight" for you? What a sad, celibate case you are.

[@John-zh6ld]

GE has over 985 accountants who's sole job is to prevent paying taxes....and still they have to cheat. Unbelievable! No one should own this stock.

[@TCGView]

In every interview he does, it feels like those questioning him don't believe him in the slightest. He's sticking to his guns though.

[@BootlegFightVideo]

Going against a blue chip isn't easy.

[@kbsltd11]

directly or indirectly, they are paid not to believe him ;)

[@benrivera3298]

"They" know who cuts "Their" Paychevks

[@uzomaolumbagri6764]

BootlegFightVideo is GE still considered blue chip. It’s easier now they are on the downswing and everyone is coming for them.

[@Wastelander1972]

I don’t know about that. I think they’re just making sure that they understand the accusations, for themselves and those at home. I highly doubt that they really dismiss his claims.

[@steelrain5626]

People believed in Madoff too.

[@KevinP32270]

MARKOPOLOS used G.E. own numbers and reports. so how is he wrong lolol. GODSPEED MARKOPOLOS.

[@jackon6546]

He's not wrong, he's just three years late.

[@NBegian]

What other numbers was he supposed to use?

[@KevinP32270]

@Stare Kotlety please explain it to all of us?

[@KevinP32270]

@Stare Kotlety it's a publicly trated company. they have to put out truthful info for the shareholders and public to verify right? the FEDS are investigating G.E. and we are talking about MARKOPOLO. he is an acounting forensic investigator. not some joe blow of the streets. we can agree to dissagree BUT I AM STICKING WITH MARKOPOLOS lolol..buy up that G.E. stock if you want. be well.

[@KevinP32270]

@Stare Kotlety we can agree to disagree. be well.

[@kevinware4476]

Beast mode Marko! 😉👍 Truth Champion!

[@steveclayton4249]

He should look at the banking sectors accounts.

[@samsonx1606]

He want like what he sees.

[@dobbsmill3676]

If HM does the banks, we'll all be scavanging tins of beans in a post apocalyptic wasteland within 6 months.

[@steveclayton4249]

@@dobbsmill3676 Spot on Dobbs. Regards Steve, UK.

[@MrSamialbeik]

...there's nothing to see ... literally there's nothing in there ... It was all robbed by the banks.

[@j2174]

I love the face she makes after she asks if he could have made a mistake and he says "Yes, we have may have estimated too low."

[@johniii8147]

This guy is very confident and has the credibility and track record to back it up.

[@Gambit08]

That GE statement is eerily similar to Madoff Financial Securities.

[@hammertimee777]

The SEC and DOJ must pay him a deposit to hire body guards and security. GM or hedge funds who are hurt by this would have him killed as retaliation.

[@mikebarker6979]

SEC and DOJ are probably in on the fraud lol

[@nkajmas79]

The short sellers are like this 🥳🎊🎉right now.

[@jabier687]

Lol... Could you have made mistake Yes I probrably put the figures too low. :)

[@samsonx1606]

I could see fear when he told her that. We are in for some very scary times in America.

[@baitclicker9414]

See Harry finally found a reason to wear that suit he bought in the 70's :)

[@bellasmom2013]

bait clicker and the tie!

[@umarsaeed61]

Haha Good one

[@clairerobinson7658]

OMG! My exact thought.

[@jeremylawrenceamadehilledw6515]

Good interviewer. Her pressing him on the fund's position was funny though...as if they would ever tell him that!

[@DorothyGTyas]

*Hurrah for ethical humanity! Keep draining the rank corporate swamp!* ☝🤓

[@antpoo]

Dorothy G. Tyas it’s not ethics, he’s doing it for the money. But nothing wrong with that.

[@meio4744]

Nice to know Prudential has been prudential.

[@KevinP32270]

WE ARE PROBRABLY TO LOW ON G.E. LOST ESTIMATE....that was the nail in the coffin....GODSPEED MARKOPOLOS.

[@fitnesspoint2006]

"could you have made a mistake", yes, "we are probably too low in our loss estimates" SAVAGE!!!

[@0118uhauha]

He is professional and honest. Sharp contrast to Mr. Trump

[@Chironex_Fleckeri]

Protect Markopolos and his family! He needs a security team, 100%. That said, the damage has been done and hurting Markopolos gives his opponents nothing. Zero.

[@0118uhauha]

Without bodyguards Mr. Markopolos might end up like Epstein , where the public is left with a lousy public "explanation" about a 20 inch high bed and a stripe of cotton sheet being used as gallows. Mr. Barr , we are not that stupid.

[@haroldbottom3474]

Harry Markopolos reminds me of "Rainman" This is the beginning of another financial meltdown like 2008.

[@0118uhauha]

What is the S.E.C being paid for ? Waste of taxpayers money. Mr. Markopolos warned S.E.C for several years but "No one would listen" that is the title of his book.

[@haroldbottom3474]

@@0118uhauha You see how the story has been totally brushed off over the past week? GE is the tipping point of what's coming. Companies have been "been cooking the books" to satisfy share holders.

[@rebekahp4083]

Harry always does his homework and isn’t interested in created drama for the sake of drama. I believe Harry.

[@davidelet3652]

Let's look at the numbers. GE was $160 in 2001, in 2019 they are valued at $8-9... Something is probably not right at this company. Big surprise.

[@Omariau]

They were at 60 USD for once. Secondly I am having a laugh at your evaluation strategy, because countless companies have had 90% correction, just one name ammong many examples, Google.

[@davidelet3652]

@@Omariau Well GE will have a 100% correction when it is all set and done.

[@Omariau]

@@davidelet3652 Yes it can only be a good idea to blindly listen to someone who has a conflict of interest. Especially in investing.

[@mipmip5759]

Markopoulos' role is not very relevant. Anyone who can read numbers and add them up can conclude GE isn't doing well. Markopoulos is effectively just making a point on what will explode first.

[@Omariau]

@@mipmip5759 Sure in the mean time I am up 100% and shorters are liquidated.

[@laylaw1507]

Harry's on it.

[@gkk2001]

One recession away from bankruptcy.....wow.

[@SvenPiper]

Jack Welch and his Shareholder Value Management has failed.

[@prof.m.ottozeeejcdecs9998]

Jack Welch was and is vastly overrated!

[@MAdams-ey4if]

Daaaaaaammmn, this dude might be JFKd the way he's going. Says he has a bucket load of fraudulent companies worth 50, 100 billion. Whooooaa

[@MarioRafaelM]

Jack Welch destroyed GE he's a firm believer in McNamarization of corporations turning companies into investments fund. People see GE as electronics company but that business was sold off to Haier. Now they manage money.

[@johniii8147]

It does all originate back from Jack. He knew when to get out with the biggest corporate exit package in history at the time,

[@johniii8147]

Barbara Witchey That’s not what I was referring to. Pension issues are a separate issue. I was referring to Jack’s strategy of focusing on short term gains on risky higher financial businesses. Jeff certainly didn’t help the situation but seeds sown before he took over.

[@Hero-pr6il]

Straight savage 9:50 interviewer "Could you make a mistake?" Harry "Yes, we're probably too low" dangff

[@Football__Junkie]

Where there’s smoke, there’s fire

[@animewatch4213]

Wow, I been pronouncing his name as Marco polo all these years.

[@jjman533]

"Could you have made a mistake?". Harry: "Yes we are probably too low in our loss estimates" LOL!

[@0118uhauha]

What is the S.E.C being paid for ? Waste of taxpayers money. Mr. Markopolos warned S.E.C for several years about Madoff but "No one would listen" that is the title of his book.

[@kennethroy6915]

This guys is an accounting tank. If we clone him, then maybe we can clean Wall street.

[@0cool966]

Where is this today?

[@Kanfachan]

For some reason I believe this man. GE is doomed.

[@southrichmondtofl]

I don't imagine you ever found an actual reason to believe him.

[@yggdrasil9039]

9:57 JC Could you have made a mistake? HM Yes, we are probably too low - lol! classic comeback

[@cunn1n6ham]

Historic stuff right here...

[@elliottmak1250]

A Batman in the accounting world, a Saul Goodman in the sartorial world.

[@jabier687]

This is why we need blockchain in accounting

[@Aaron-xn7dg]

I think the Big 4 has this incorporated already

[@zang9147]

@@Aaron-xn7dg I think they have the marketing around blockchain. They release whitepapers and such, but it's unlikely they'll lead the real implementation.

[@mipmip5759]

The problem here isn't technology, the problem is that everyone in power is ok with the SEC not doing its job. If you think blockchain will create full insight into everyone's accounting you are misguided. The only reason blockchain exists is to give the idea that cryptocurrencies have some intrinsic value and aren't just a speculative gambling operation.

[@Menstral]

Too much emphasis on his gain vs. the report contents.

[@grant8928]

So should I sell my GE stock?

[@bgdx8027]

I would.

[@hondah35]

Yes, 10 years ago

[@Zen_Power]

If I had GE stock I would have sold immediately on the announcement. However I would have also sold years ago after tracking their accounts and performance data

[@TheJohnnMarstonn]

Reporter: What if you’re wrong ? Mark: Yes, losses are way higher #savage

[@rhunter5008]

Markopolis would have never taken this on if he knew he was going to be wrong. This is what this man does.

[@Tconcept]

When auditors came to my works, the new guy on that team said there are huge discrepancies in the books, and the old guy said well this is where your career starts, you can choose to ignore it or bring it to attention, bankrupt the company and end your career. True first hand story, this is how business works. And yes he chose to turn a blind eye, I'm sure his career is doing well.

[@konchuai5719]

Look if ge now is a great company, you would not see this stock price. All public companies need to be transparent with their books. If not investing in stock is just a big casino. If GE cook the book so being burned for it that what they deserve.

[@sudo_nym]

She is gorgeous!

[@moviesjean23]

Sudo Nym English beauty right there

[@dennisjanda5081]

The Pot of Gold at the end of the GE Rainbow is leftover pension money after they go bankrupt..Just Sayin' !!

[@Dra741]

My concern is the Aerospace division will that be able to survive?

[@Sills71]

Corona and Cumo helped fix GE's long term care problems...

[@peterbradshaw8018]

She is pretty can you imagine how distracted Harry was.

[@clarachen9205]

I happened to see his wink at the end...

[@asice716]

He has excellent self control. I would look at her up and down.

[@bradyrobertson23]

I found the internet creeps

[@mulemule]

His Shield of Nerdish Indignation and Cloak of Numeric Transparency are ample protections against any wiles of the Bodacious Brit-Bot!

[@peterbradshaw8018]

LOL

[@thetreekeeper143]

I put my money on this guy. He knows what he is talking about.

[@captainfalcon8615]

Harry Markopolos has shown me what an advantage you have just being honest and a good person. And why stealing and being deceitful literally never pays off in the end, everything eventually pays its price good or bad

[@BossItUp911]

ma'am grab a fresh pair. GE is still alive, on the deep VALUE PLAY, and is going to the moon, doge style.

[@darkofius]

...Mr. Harry Markopolos knows his business...GE is in the abyss, will the company recover...with this numbers, unlikely...

[@0118uhauha]

Yes Mr. Trump and Mitch McConnell have to improve quite a lot to reach this standard.

[@zacksnyder4082]

Lets see, they made it into 2020 just fine and survived despite a 95% drop in their most profitable business. Yet, I couldn't find a chapter 11 in my book.

[@brentfleetwood3288]

Harry is using GE's motto against them ""Brings Good Thing To Light!

[@KP-dd2ci]

Totally believe in Harry....and that Julia...the sexiest tv reporter

[@parimabartender]

What a about tabitha Sore In on mtv in the 80s? Guess what's the same? All black women still look like men

[@ThinkPositiveDude]

I hope this guy jumps on investigating Boeing.

[@zeppirl]

GE will try silence him. The money and legalities GE with pump into trying to silence this man will be shocking. Question is who will the government back ? Is GE too big to fail ?.

[@rmiddlehouse]

“Could you be wrong?” “Yes I think I underestimated the level of fraud”

[@googleuser6275]

I guess that you become a hero being an accountant.

[@TIO540S1]

"How long can you burn cash?" Well.. Uber, Lyft, Airbnb, Peloton, WeWork (now We)... Apparently for a very, very long time.

[@knockoneoff3987]

This guy is brave.

[@mykingdomforanrv5536]

My poor Boston

[@KD-bc9sp]

All accountants should be aspiring to be like Harry!

[@phcsophcso7526]

Well, here we are. They are done for sure.

[@stablegenius365]

If by GE hr meant FTX-he nailed it

[@jeremycleary2002]

What’s happening with this? Year and 1/2 later and still going???

[@peterkobor5470]

This is a very important U.S. Company. If they go down it will take down other stocks .

[@henrydervishi6318]

Petet Kobor not really, GE is a trash company

[@AB-vd8rt]

Not at all. GE was even kicked out of the Dow. Not relevant to any other stock’s direction anymore

[@NotBen101]

Was any of the insurance reinsured? if so, I think that his argument would make sense if the reinsurance contracts were fraudulent.

[@raymondcaylor6292]

9;57 No he didn't make a mistake....he flat out lied. Four day's work later he said GE was 86-90% funded on pension liabilities when the fact was 120% and he knew it. He lied to make money and that makes him no better than Bernie Madoff.

[@weebgrinder-AIArtistPro]

Exactly. He's a greedy bastard. Tries to come off as some kind of boy scout.

[@rmicone1]

Markopolous for President!

[@nancyoffenhiser4916]

This guy needs Nick Cage to play him in a movie from "Madoff to GE.".Your welcome. You can throw me a bone of several thousand dollars.

[@ed1pk]

“Could you have made a mistake? “ 9:50 wow. LOL

[@jena959595]

Can anybody explain to me the long term care thing and how he gets the Prudential 80% and ge 527% from and what that means.

[@todddaniels1812]

I think that this means the following: Prudential has to remit 80 cents to claimants for every dollar they collect in insurance policy fees (i.e. a 20% profit). GE has to remit 527 cents for every dollar they collect (i.e. a huge loss).

[@tybofborg]

@Barbara Witchey Thank you. Your incoherent rambling in all caps really elucidated the situation.

[@jena959595]

@@todddaniels1812 thank you, that makes it more clear. But is that from a GE run insurance unit or just the regular pension and health care plans that corporate america has to have anyways? And ok I understand the 527%, but is that in comparison to what the clients paid in over the last however many years I.e. I have this policy and paid 100k over the last decade and now get a pension or care of around 527k or does that mean they have to pay out 527% of what CURRENT clients pay in and this is irregardless of what happened in the past. I hope this is understandable. Nevertheless, how could it go so far and why arent many insurance firms facing these issues as there does not seem to be appropriate regulation?! Thanks again!

[@MrSamialbeik]

I'm still waiting for this to happen - I Believe HARRY.

[@mackman1480]

For a man who is so smart in math and tax rules he is able to speak in a language that the average person can understand even when he isn't talking about hundreds of dollars but tens of Billion's of dollars. Even if GE doesn't go into chapter 11 or some form of protection there will be a reckoning and this company if it survives will be very different a year from now. When you grow by aquisition and continue to buy companies with borrowed money no matter how cheap the rates if all you do is increase dividends to drive share price so that you can borrow more money to buy more companies when the market turns down your assets are devalued, credit rating downgraded, cost of borrowing increased with high debt and not enough money to pay down to improve ratios. Same thing happened on a smaller scale to YRCW who I worked for because we were aquired and they went on a spending spree in the early 2000's with the banks money until 2008 and then about 40000 people lost jobs, UPS and FED EX engaged in a pricing war to bankrupt us but couldn't but it drove our profitability into the ground. The company wiped out shareholder equity a few times and even did a reverse split for 300 for 1 to stop from being a penny stock and being delisted and get share price over $9 a share. At one point before all the trouble the market cap in 2007 or 2008 was over 10 Billion and we were told everything was fine and the analysts on the stock market were fear mongering about our high debt, pension liability, old equipment and low margin freight which included Fitch agencies. Today my former company has a share price of $2.45 and a market cap of less than $90 million and still lots of old equipment some new but a big pension liability which on several occasions prevented anyone buying us out. When the company downsized and shuttered hundreds of terminals they never got lean and efficient with best practices just the same amount of chaos and internal infighting between management and unions as well as company vs company.

[@ponder2006]

She did a good job.

[@trickshotmonkey]

I’ve seen the future, GE survived.

[@williemo44]

I saw that suit Markopolos is wearing at Macy’s, its the new Ron Burgundy line.

[@PhongNguyen-nz9kz]

I want to hear it from GE CEO, seems fishy .

[@M17-f4c]

When is his movie coming?! It'll be interesting to watch

[@coletime3603]

WSJ outlines these problems months back. Long article citing ex GE management. The fact that Harry is specifically pointing out the real issues should give GE management pause.

[@TheJohnnMarstonn]

Just like madoff everyone wrote this guy off pun intended

[@TheAtl0001]

They should abolish SOX Compliance, external auditing (apparently utterly worthless) and corrupt rating agencies and fire, dismantle corrupt SEC and appoint him to a new agency to establish new rules and policies for checks & balances and anti-fraud.

[@BootlegFightVideo]

Oh Larry Culp spent 10% of his annual compensation 1% of his worth for PR defense.

[@briannoecker7149]

Why isn’t he running the SEC? Bravo, Harry! Kalo douleia.

[@wildtwindad]

Why on this green earth did this man not lead the charge of the 2008 failure? Oh yeah. People would have really been forced to go to trial....and jail..

[@frankdrebin259]

I would have lost my train of thought at the red dress.

[@Fantabiscuit]

He winks at her at the end