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SEC expands probe at GE after $22B impairment charge

Tammy Whitehouse | October 31, 2018

The Securities and Exchange Commission has expanded its investigation into accounting issues at General Electric, now looking into a $22 billion impairment charge.

Jamie Miller, GE CFO and senior vice president, told analysts during the company’s third-quarter earnings call that the SEC has widened the scope of its ongoing investigation to include the $22 billion goodwill charge, most of which stems from the company’s 2015 acquisition of the power and grid business of France’s Alstom. The company attributes $19 billion of the charge to its power generation unit and $3 billion to its grid business, he said.

GE earlier revealed the SEC and the U.S. Department of Justice were investigating accounting issues, most notably a $6.2 billion loss tied to its legacy insurance portfolio. The company was already under investigation connected to its sub-prime mortgage business, which GE...

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