Hedge Fund Follies- GE Revises Four Years of Accounting Under SEC InvestigationSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

Hedge Fund Follies- GE Revises Four Years of Accounting Under SEC Investigation
 


29 July 2007 at 12:25:42 PM
salon

GE apparently must sell everything under the sun now. I saw that they were into nuclear power some months back, and, in this article, some locomotive sales were improperly posted. Locomotive sales???? Anyway, I"m wondering, is *hedge accounting* which is being investigated generally by the SEC, the new way to scam in accounting irregularities?

General Electric Co. revised four years of financial results after finding that employees had improperly booked locomotive sales from 2000 to 2003, again spotlighting the conglomerate's accounting practices.

The amounts involved were relatively small for a company of GE's size. In 2002, for example, the changes reduced revenue by $158 million and net income by $22 million, less than 0.2 percent of GE's net income, according to a quarterly filing with the Securities and Exchange Commission. GE said it is firing a handful of employees and cooperating with the SEC's investigation.

But the matter leaves open the possibility that the SEC could find more issues in GE's accounting. According to the filing, the locomotive problems were uncovered by the GE board's audit committee during an unrelated SEC investigation into derivative transactions.

GE said the SEC staff continues to review its use of hedge accounting for other transactions, including revenue recognition.


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