GE is under SEC investigation. Kick them when they are down.

General Electric is under investigation by the Securities and Exchange Commission.

GE said on Wednesday that regulators are investigating a $6.2 billion insurance loss that the company revealed last week. The disclosure is a new and potentially much more serious problem for a company already reeling from missteps and questionable management decisions.

The SEC is also investigating the company’s accounting, chief financial officer Jamie Miller told analysts during a conference call. Specifically, she said the agency is looking into “revenue recognition and controls” for the company’s long-term service agreements.

“We are cooperating fully with the investigation, which is in very early stages,” Miller said.

GE said it will restate its 2016 and 2017 quarterly numbers to reflect new accounting standards.

YES we are aware of the DAMAGE to General Electric from the “WONDERFULL” world of Financial Services, Mortgages, Insurance, and GE MONEY. But the SEC was “sleeping at the switch” when all this stuff was going on.

General Electric has woken up from the dream of “FINANCIAL SERVICES”

It will all be history, soon?

Until then, I will continue to use my NIGHT TIME picture of Schenectady, New York when 45,000 employees worked there. NONE doing “FINANCIAL SERVICES”

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