General Electric agreed to pay $50m yesterday to settle accounting fraud charges by US regulators, calling into question the conglomerate's legendary ability to deliver consistent earnings growth.
The settlement with the Securities and Exchange Commission – which accused GE of bending the “accounting rules beyond breaking point” – involves a relatively small payment. But it is a blow for Jeffrey Immelt, chief executive, and Keith Sherin, chief financial officer.
The SEC's action comes the day after Bank of America agreed to pay $33m to settle allegations that it misled investors during the acquisition of Merrill Lynch. It underlines the aggressive stance taken by the agency under Mary Schapiro, its new head .
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