American Economics Thread

Discussion in 'Members' Club Room' started by Bernard, May 16, 2015.

  1. subotai1
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    subotai1 Junior Member
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    This whole "easy to win" Trade War, has long ago passed "balance things out", to straight up being about Trump's ego. And the entire country is going to pay (unless you were a multi-millionaire and got a tax break.
     
  2. styx
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    styx Junior Member
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    Ok this is Trump's Bloody Nose
     
  3. Jura
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    Jura General

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    Friday at 9:29 PM
    now
    Dow tumbles 700 points after bond market flashes a recession warning https://us.cnn.com/2019/08/14/investing/dow-stock-market-today/index.html
     
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  4. styx
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    styx Junior Member
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    Lehman moment?

    https://www.ft.com/content/20c2e468-bf57-11e9-89e2-41e555e96722


    GE’s financials targeted by Madoff whistleblower Shares plunge on Harry Markopolos allegations that company calls ‘false and misleading’ Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) Save to myFT Gregory Meyer and Mamta Badkar in New York 57 minutes ago Print this page 3 An accounting fraud “bigger than Enron and WorldCom combined” lurks inside General Electric, according to a whistleblower who raised flags about the Madoff Ponzi scheme, driving the industrial conglomerate’s shares down sharply. Harry Markopolos and colleagues released a 170-page report on Thursday alleging a $38bn fraud centred in GE’s insurance and oilfield services businesses. “I think that they’re a bankruptcy waiting to happen,” Mr Markopolos told CNBC. Mr Markopolos is known for his — largely unheeded —warnings about Bernard Madoff’s massive Ponzi scheme in the years before it imploded in 2008. His team provided an advance copy of the report on GE to a hedge fund and will share profits from any market moves it set off, it said in a disclosure. GE fell more than 14 per cent in New York to $7.68 following the release of the report. “While we can’t comment on the detailed content of a report that we haven’t seen, the allegations we have heard are entirely false and misleading,” GE said in a statement. “GE stands behind its financials. We operate to the highest level of integrity in our financial reporting and we have clearly laid out our financial obligations in great detail.” Mr Markopolos is also seeking compensation from the government, having submitted his report to whistleblower programmes of the US Securities and Exchange Commission and the US Department of Justice, which share any financial penalties that arise from investigations launched because of tip-offs. The report argued that GE has understated its liabilities in its insurance business, said its cash situation is worse than disclosed in its filings and that it has not properly accounted for its acquisition of a stake in oilfield services provider Baker Hughes, which was completed in 2017. GE began to sell down that stake in 2018. By referencing Enron and WorldCom, Mr Markopolos invoked two of the most notorious accounting frauds of the early 21st century, both of which resulted in criminal penalties against top executives.

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