General Electric (GE)Order Description
The task was to find a company that had committed some type of accounting fraud. I found General Electrical committed accounting fraud.
A. Introduction: Description about General Electric, what they do and what they offer to the public.
B. Describe each of the points below.
1) GE reported an increase in net earnings by $585 million related to the sale of aircraft engine spare parts.
2) GE reported the sale of locomotives that had not yet occurred in order to report over $370 million in additional revenue.
3) GE was involved with misapplying accounting standards in relation to its commercial paper funding program and interest-rate swaps.
4) GE also misled investors about former CEO, Jack Welch’s retirement package.
5) GE was charged with violating the Foreign Corrupt Practices Act by making illegal kickback payments to Iraqi officials in order to obtain contracts under the Oil for Food program.
Another things that can be included is how Jack Welch’s tenure lead to all the scandals above and the result of GE’s accounting issues.
Also, please include how Father martin was asked to created fake accounts with made-up names. Below is the link to the article, “Inside GE a little bit of Enron”
—GE settled with the SEC for $50 million and agreed to pay the penalty in response to SEC’s allegations of GE’s improper use of accounting methods. —-GE settled with the SEC for $23.4 million regarding Iraqi bribery scandal.
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