GE's CEO bought nearly $2 million of the firm's stock following a whistleblower's fraud accusation

Credit: Business Insider- Published on August 16, 2019

· *General Electric's CEO, Larry Culp, reportedly bought roughly $2 million of the company's stock after he and GE were accused of fraud, per CNBC. *
· *It comes after accounting expert, Harry Markopolos, released a 175-page report detailing how GE had been committing fraud, saying it was a bigger scandal than Enron and...

Credit: The Street
Published on August 13, 2019 -  00:55
Jim Cramer: What to Take Away From Larry Culp Buying More GE Stock
Should you believe in General Electric ? Jim Cramer thinks that Larry Culp, CEO of GE, buying a hefty amount of stock might be a good sign looking ahead to 2020. In a filing, Culp disclosed that he bought 331,684 shares for around $3 million. This brings Culp's total shares to 942,668, or around $8.5 million. But yes, that's right, 2020, not 2019. Why is the date important? "Larry Culp doesn't buy [$3] million worth of stock--which is just how much he's done now--idly. Larry Culp is a brilliant guy. I liked him a lot at Danaher. He said that this was going to be a reset year. He never said that this was going to be a good year. So for him to buy, I think is confidence for 2020," said Cramer. Premium Pick: Markets Reverse and Surge on China News Ask the Expert: The Scariest Thing All Investors Have to Face Ready to Retire: The Biggest Threat to Your Retirement? Check Your Basement TheStreet Feature: Here's Something Investors May Be Missing About the Drone Revolution Dog Days of Summer: Why Investors May Be Seeing the End of the Dog Days of Summer C-Suite: AMD CEO Lisa Su Talks New Chips, Confirms She's Staying: 'I Have A Lot to Do' Success: Top Women Leaders Share the Keys to Business Success Subscribe to our Youtube Channel for more videos : Listen our latest Podcasts on Soundcloud Catch Up: Today's Top News Videos Below

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