GE Woes Deepen as SEC Investigation Throws Wrench in Turnaround
- CFO says she’s not ‘overly concerned’ with issues under review
- Shares erase premarket gains after company reveals inquiry
GE Subject to SEC Probe After $6.2B Charge
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General Electric Co. is under investigation by U.S. regulators after taking a larger-than-expected charge in its finance division, dealing a new black eye to a company once enshrined as an icon of American business.
The Securities and Exchange Commission is looking at the accounting practices related to a review of a GE insurance business as well as “revenue recognition and controls for long-term service agreements” in the power-equipment unit, Chief Financial Officer Jamie Miller said Wednesday.