So, on top of everything that has been happening with GE, we are under investigation for our accounting practices by the Securities and Exchange Commission.
I'm starting to think that when you add everything up, there is no realistic way in which GE comes out of this whole mess on top. Simply no way.
https://www.nytimes.com/2018/02/02/business/dealbook/general-electric-accounting-investigation.html
This is old-ish news. The NYT article passes by the big problem pretty quickly when it says, "Revenue recognition related to service agreements is an area of concern for the S.E.C. because aggressive accounting can hide a deterioration in a business line. Some companies book revenue early, robbing from the future to make the present look better in the hope that things will turn around."
Get that? "Some companies" rob from the future to make the present look better with accounting tricks related to revenue recognition. Hmmm. I wonder if "some companies" deliberately sold their products at a loss with the expectation that they'll make money later off of replacement parts only to find out that they won't.
This is old news and long overdue. There will probably be a expansion to other areas of GE accounting. So much for integrity