Both sides can’t be 100% right, although it might be possible that each side has some truth to it. For the purposes of this evening’s market report, which voices may be telling the bigger fib isn’t as relevant to our industry as the principle that this troubling accusation raises for investors in general, and perhaps to MHVille in particular. But the GE allegations and counterclaim should also make thoughtful manufactured housing industry professionals and investors ponder, if it is happening at GE, is to so unreasonable to think that claims of fraud and/or market manipulation are occurring in manufactured housing too? GE and the possible parallels to MHVille will be our market focus this evening.
We begin with left-of-center CNN followed by right-of-center Fox Business. We share closing tickers and other related data courtesy of Yahoo Finance, and more. 5 to 10 minutes reading this MHProNews market report every business night could save you 30 minutes to an hour of similar reading or fact-gathering elsewhere.
·Harry Markopolos, an independent financial fraud investigator and former money manager, stands for a portrait in New York, U.S., on Monday, March 1, 2010. Markopolos was promoting “No One Would Listen: A True Financial Thriller,” a book discussing how he who sought to convince regulators for nine years that Bernard Madoff was a fraud. Photographer: Daniel Acker/Bloomberg via Getty Images
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·Automakers around the world are ripping up their business models to overthrow Tesla. Will it work?
·This ‘James Bond’ Aston Martin is up for auction
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·Chinese consumers are still shopping despite trade war
·Dow closes in positive territory a day after 800 point loss
·How to look like you know what you’re doing at work even when you don’t
·Recession signs are flashing, but Americans are still shopping at Walmart
·Walmart says it supports ‘common sense’ gun control
·‘Toy Story 4’ is Disney’s fifth billion dollar film of 2019 — the most ever for any studio in one year
·Opinion: Trump’s trade war with China will be worth the fight
·Inside WeWork, one couple wields control
·Gaia lounge at Gateway to Space, Spaceport America, New Mexico
·Virgin Galactic unveils luxury lounge at its airport for space tourism
·Equinox responds to Trump fundraiser backlash
·Solar power is now cheaper than the grid in hundreds of Chinese cities
·Opinion: The shipping industry must go carbon neutral
·His family farm was failing. Now he runs the world’s largest biofuel producer
·One of the oldest US power companies goes carbon free
·Women are bringing solar energy to thousands of Indian villages
·Walmart says it supports ‘common sense’ gun control
·Goldman Sachs CEO: Gun policy must change now
·Walmart pulls violent video game displays from its stores, but it will still sell guns
·What would happen if Walmart stopped selling guns
·A horrific school shooting was the last straw for the CEO of Dick’s Sporting Goods
The troubling claims this evening over GE and possible fraud uses an example that MHProNews has raised several times, Bernie Madoff.
There are many possibilities in this specific scenario. But where ever the truth happens to fall once the dust settles at GE, what this reminds thinking professionals, investors, regulators, and others is that large fraud cases have occurred, and may be occurring again. More on this as it may relate to possible parallels in MHVille, after the CNBC summary.
·General Electric shares fall after Madoff whistleblower Harry Markopolos targets the conglomerate in a new report, calling it “a bigger fraud than Enron.”
·The 175-page report claims GE was hiding the depths of its financial problems and would need to significantly raise its insurance reserves. It also points out alleged accounting issues with its oil and gas unit.
·“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.
·Markopolos says he has given the report to securities regulators and that certain information he has uncovered was given to law enforcement only, and is not in the public report.
GE is already under investigation by the Justice Department and SEC for potential accounting practices. That includes a $22 billion charge the company took in the third quarter related to acquisitions made in its power business.
Why Does This GE Case Matters to MHVille?
Let’s be clear. Our sources say that shareholders plaintiffs’ attorneys, investors, and others have been and are among the visitors to MHProNews. We’ve been told that our research and analysis on this site, or the snapshot report linked below is unparalleled anywhere in MHVille.
The follow ups to that report, like the ones linked below is likewise a reminder of how market manipulation could arguably be occurring in MHVille.
The Manufactured Housing Institute (MHI), and other nonprofits role in this could likewise be shadows, a variation on the theme of rigging a market for the benefit of the few at the cost of the many.
It is just too obvious to have to mention the ongoing swirls around Cavco.
The wonder is that with such evidence, allegations, and ‘follow the money’ documented concerns, that others in MH trade media haven’t raised the issues?
When lawmakers have raised related issues, doesn’t that make the likelihood that market manipulation is real, and not some imaginary phantom?
Don’t forget what candidate Trump said, and ponder it with respect to business, the markets, and politics.
With that in mind, ponder each claim for a few moments with this thought. What if this was manufactured housing, and not GE?
·Market manipulation. The announcement of this claim of fraud sent GE’s stock tumbling. Right, wrong, or somewhere in the middle, didn’t the announcement by Warren Buffett, Jeff Bezos, and Jaime Dimon in 2017 about a health care deal send stocks in that industry tumbling that day?
·Fraud. The concerns over illegalities and what that might mean for shareholders is an earthquake for GE, and possibly others, if true.
Never forget the mantras of Warren Buffett, posted above and below.