Daily Archives: August 6, 2009

GE Web Update… Immelt & GE named in SEC Accounting Fraud Action – Fined $50 million

From the SEC:
 

Washington, D.C., Aug. 4, 2009

The Securities and Exchange Commission today filed civil fraud and other charges against General Electric Company (GE), alleging that it misled investors by reporting materially false and misleading results in its financial statements.

The SEC alleges that GE used improper accounting methods to increase its reported earnings or revenues and avoid reporting negative financial results. GE has agreed to pay a $50 million penalty to settle the SEC’s charges.

“GE bent the accounting rules beyond the breaking point,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “Overly aggressive accounting can distort a company’s true financial condition and mislead investors.”

“GE met or exceeded final consensus analyst earnings per share (EPS) expectations every quarter from 1995 through filing of its 2004 annual report. However, on four separate occasions in 2002 and 2003, high-level GE accounting executives or other finance personnel approved accounting that was not in compliance with Generally Accepted Accounting Principles (GAAP). In one instance, the improper accounting allowed GE to avoid missing analysts’ final consensus EPS expectations.”

The four accounting violations were:

Beginning in January 2003, an improper application of the accounting standards to GE’s commercial paper funding program to avoid unfavorable disclosures and an estimated approximately $200 million pre-tax charge to earnings.

A 2003 failure to correct a misapplication of financial accounting standards to certain GE interest-rate swaps.

In 2002 and 2003, reported end-of-year sales of locomotives that had not yet occurred in order to accelerate more than $370 million in revenue.

In 2002, an improper change to GE’s accounting for sales of commercial aircraft engines’ spare parts that increased GE’s 2002 net earnings by $585 million.”

Immelt was GE’s CEO at all times when the accounting fraud took place.

“Given the nature of the SEC charges, Obama should question the motivation and truthfulness of everything Immelt says, including the company’s support of cap-and-trade legislation,” said, National Center for Public Policy Research’s Dr. Tom Borelli, Immelt’s support of cap-and-trade has nothing to do with a concern for the planet, but everything to do with setting government mandates to purchase renewable energy products such as GE wind turbines.”
 
Oh, what a tangled web we weave, when first we practice to deceive…….
 
 “Ours is a government of checks and balances. The Mafia and crooked businessmen make out checks, and the politicians and other compromised officials improve their bank balances”. – Steve Allen
 
 

 

 

Healthcare Reform… The First Real Step Toward Socialism

“When you can’t make them see the light, make them feel the heat”. – Ronald Reagan

The White House is now engaging in an all out campaign to turn the tide on their failing healthcare proposal. They have set up a web page dedicated to this effort featuring a rebuttal of a current You Tube video showing President Obama speaking about a gradual move to a single payer system.

From the White House Website:

There is a lot of disinformation about health insurance reform out there, spanning from control of personal finances to end of life care. These rumors often travel just below the surface via chain emails or through casual conversation. Since we can’t keep track of all of them here at the White House, we’re asking for your help. If you get an email or see something on the web about health insurance reform that seems fishy, send it to: flag@whitehouse.gov

Source: http://www.whitehouse.gov/blog/Facts-Are-Stubborn-Things/

From The Rush Limbaugh Radio Show

“Well, I would hate to see what they’re going to get now at flag@whitehouse.gov. I wonder what kind of e-mails they’re going to get now. They’re looking for tattletales; they’re looking for snitches; they’re looking for informants; they want their groupies to tattle on you if you happen to be telling the truth about what’s in the health care plan. The White House has, as yet, offered no explanation of what it is they plan to do with the tips on policy opposition they hope to receive from citizen informers. Jake Tapper pointed out on Twitter this morning, the title of that post on the White House is a quote from John Adams’ 1770 ‘Argument in Defense of the Soldiers in the Boston Massacre Trials.'”

The founding fathers warned us warned us too much government is a very bad thing.

“A government big enough to give you everything you want, is strong enough to take everything you have”. -Thomas Jefferson

Now Hope and Change is starting to look like ropes and chains as we are becoming slaves to a government machine that wants to control all aspects of our lives. End of life counseling, food police, access to your bank account are all in the healthcare bill – where does this end? Big Brother is watching too! You better be careful who you share your opinions with on the administration’s policies… if they don’t agree with you they may feel the need to report your “fishy” behavior to the White House. Didn’t the Nazi’s have some kind of turn in your neighbor program? Do we still live in America? 

Apparently, Nancy Pelosi thinks anyone who opposes this is a Nazi, Watch………

http://www.youtube.com/watch?v=dGRUx2b0ArM

From Ronald Reagan Speaks out against Socialized Medicine 1961

“But at the moment I would like to talk about another one because this threat is with us, and at the moment, more imminent. One of the traditional methods of imposing statism or socialism on a people has been by way of medicine. Its very easy to disguise a medical program as a humanitarian project, most people are a little reluctant to oppose anything that suggests medical care for people who possibly can’t afford it. Now, the American people, if you put it to them about socialized medicine and gave them a chance to choose, would unhesitatingly vote against it. We have an example of this. Under the Truman administration it was proposed that we have a compulsory health insurance program for all people in the United States, and, of course, the American people unhesitatingly rejected this”. 

We know what Reagan knew almost 50 years ago – socialized medicine is wrong! We are gaining ground but we can’t relax, this fight is not done – in fact it has only just begun. The people are speaking and they are fighting back. Let’s keep it up; our country, our liberty and our way of life depend on it! There is much more to do. Let’s take our country back!

 “Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it”. – Ronald Reagan