US Stock Market Officially Crashes

Hoid

Hall of Fame Member
Oct 15, 2017
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How that GE holdin up this morning?

Still paying that big one cent dividend?
 

Danbones

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Sep 23, 2015
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Madoff Whistleblower alleges that GE is a 'bigger fraud than Enron'

CNBC Television
Published on Aug 15, 2019
General Electric shares fell after Madoff whistleblower Harry Markopolos targets the conglomerate in a new report, calling it "a bigger fraud than Enron."

Markpolos released a 175-page report that claims General Electric has hidden the extent of its financial problems and will need to significantly raise insurance reserves. “My team has spent the past 7 months analyzing GE’s accounting and we believe the $38 Billion in fraud we’ve come across is merely the tip of the iceberg,” Markopolos says in the report.

A website has been set up to disseminate the report, www.GEfraud.com, where Markopolos calls it “a bigger fraud than Enron.” The financial investigator, who was probing GE for an unidentified hedge fund, writes that after more than a year of research he has discovered “an Enronesque business approach that has left GE on the verge of insolvency.”

Markopolos’s case centers around GE’s long-term care insurance unit, which the company had to boost reserves for by $15 billion last year. By examining the filings of GE’s counterparties in this business, he alleges that GE is hiding massive losses that will only increase as policy-holders grow older.

He claims that GE has filed false statements to regulators on the unit, or eight other insurance regulators have done so. Separately, he goes on to find issues with GE’s accounting on its oil and gas unit Baker Hughes.
 

Danbones

Hall of Fame Member
Sep 23, 2015
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Yes well, My portfolio is the only one who listens to me.
;)
I have tried to pass on thoughtful info for everyone's consideration in the past.

Like now might be a good time to consider gold and silver and HOLD the physical, and also consider cryptos. Also, consider our relative dollar value and realize they need credit to make and ship stuff world wide, and credit is going to be a real problem, while how do you buy stuff if your currency is trashed compared to all the others? Trudie sold ALL our gold, so our currency WILL be trash.

Likely the politicians will sell the country out to whoever has the current stash of global stealings and that will put all you whities out all "home on the range" doood.
 

MHz

Time Out
Mar 16, 2007
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Red Deer AB
Yes well, My portfolio is the only one who listens to me.
;)
I have tried to pass on thoughtful info for everyone's consideration in the past.
.
The US goes through a financial disaster every 7 years, since 1913, like clockwork. When you spot that pattern in North America there should be another part of the globe that is doing better and when the US is at it's best some other areas have to get worse. At the present Iran and Syria and a few other places will be doing a lot of buying and spending and the most likely spot is North America.
Think of it as being the difference the last 70 years would have made for the UK if she had won both World Wars without the help of the US so all the wealth the US got should have all gone to just the UK. They are not happy with the Bankers that arranged that but that step down is better than the US will fare when we are blacklisted from the rest of the world like SNC is.
 

JLM

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Nov 27, 2008
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Vernon, B.C.
to check on what happened two years ago?

you really are an expert


You really are an idiot. I'm not at all interested in what happened two years ago. What can we do about it? What was significant on Aug. 15, 2017?
 

Hoid

Hall of Fame Member
Oct 15, 2017
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In january 2017 the DJIA was the same as it is today.

I won't give you the answer but if you had to guess what do you think it means?