SEC Formalizes GE Probe

Law360, New York (November 2, 2005, 12:00 AM EST) -- The investigation into improper accounting at General Electric Co. by the U.S. Securities and Exchange Commission was stepped up Tuesday, when the agency formalized its probe of the industrial conglomerate.

In May, GE admitted its accounting of currency and interest rate derivatives did not comply with accounting standards and restated its earnings for 2001 through the first quarter of 2005.

The restatement followed a review by GE’s auditors, Switzerland-based KPMG International, discovered that transactions "used to protect its financial services businesses from changes in interest and...
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