Whistleblower Accuses GE Of $29B LTCi Accounting Fraud
Investigator Harry Markopolos accused GE on Thursday of engaging in accounting fraud worth billions, saying the company is hiding massive losses and heading for bankruptcy. In his report, Markopolos suggests that an accounting rule change for insurance liabilities and a significant lack of reserves to cover long-term care liabilities will push GE to take a $29B hit.Read more
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Washington Wire
Energized Liberals Fear Warren, Sanders Can’t Beat Trump
But as liberal voters size up the two leading candidates running on those values— Bernie Sanders and Elizabeth Warren— one question is impossible to avoid: Can either one beat President Donald Trump? Even some of the most passionate liberals are not sure Sanders or Warren is up to the task, knowing that Trump will use anything he can to tear them down: age, gender,…
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Annuity News
Great American Life Gets IRS Ruling On Taxation Of Fee-Based Annuities
Great American Life ® is pleased to announce it received a Private Letter Ruling from the IRS that changes the tax treatment of advisory fees. Freeman Durham, Divisional Vice President and Senior Counsel, Great American Insurance Group– Annuities, says,“ We have been working with the IRS and other companies to achieve this change since 2017.
INN Exclusives
Are We Looking Into The Abyss Of Recession?
Is this it? Is this the last step to recession? It seems we have been asking this question for a few years now. But there might be reasons to think that this time is the real one. The question now might be will it be a blip or something far bigger?
INN Insider
DealBook Briefing: G.E. Is Accused Of $38 Billion Fraud
Just in: The C.E.O. of the Hong Kong- based airline Cathay Pacific, Rupert Hogg, has resigned, a week after the Chinese authorities criticized the involvement of its staff in protests.. Now, Mr. Markopolos has published a report claiming that accounting fraud“ bigger than Enron and WorldCom combined” lurks within G.E. •“I think that they’ re a bankruptcy waiting to happen,”…
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Property and Casualty News
Nationwide Tops J.D. Power Small Commercial Insurance Satisfaction Study
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