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Where Goes GE, So Goes?

All right, it sure looks as though GE's accounting errors really were "earnings fakes," and not merely mistakes. The company was trying to preserve its "pristine" reputation for always meeting earnings, even though the sheer size of its business argues that it can't. Sounds a bit like the girl (or guy) that "makes out, then insists that (s)he's "pure."

We had always suspected that their earnings were done with "smoke and mirrors." Now we know. And we're glad to have pointedly refrained from according the company AAA status in our (Wiley, 2004) book, "A Modern Approach to Graham and Dodd Investing" (pictured).

So hopefully the answer to the title is "nothing else. But that is probably too much to ask for. GE is one of the world's largest industrial companies, and its former CEO was a legend in his time. But "legacy issues" are pointing out the fact that the reality was far short of the legend.