Legal Issues
On August 4, 2009 the SEC fined General Electric $50 million for breaking accounting rules in two separate cases, misleading investors into believing GE would meet or beat earnings expectations.
GE has faced criminal action regarding its defense related operations. GE was convicted in 1990 of defrauding the US Department of Defense, and again in 1992 on charges of corrupt practices in the sale of jet engines to Israel.
Read more about this topic: General Electric
Famous quotes containing the words legal and/or issues:
“There are ... two minimum conditions necessary and sufficient for the existence of a legal system. On the one hand those rules of behavior which are valid according to the system’s ultimate criteria of validity must be generally obeyed, and on the other hand, its rules of recognition specifying the criteria of legal validity and its rules of change and adjudication must be effectively accepted as common public standards of official behavior by its officials.”
—H.L.A. (Herbert Lionel Adolphus)
“I can never bring you to realize the importance of sleeves, the suggestiveness of thumb-nails, or the great issues that may hang from a boot-lace.”
—Sir Arthur Conan Doyle (1859–1930)