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The chief of investor relations of General Electric has issued a more detailed statement on accounting practices, which were criticized last week by the fraud investigator Harry Markopolos.
"We operate with absolute integrity and respect our financial reporting," said Steve Winoker, vice-president of investor communications for investor questions and answers.
Winoker wrote that GE believed that it had sufficient reserves for its long-term care insurance business and that its consolidated financial statements for its investment in Baker Hughes were appropriate.
Markopolos, who discovered Bernie Madoff's scheme, accused GE of not having sufficient reserves for its long-term care business and not properly accounting for Baker Hughes' losses. He called GE a bigger fraud than Enron, sending its shares down 11% Thursday.
The stock resumed much of its losses Friday, but it declined slightly Monday morning.
Some analysts have warned not to buy the rebound of the GE action.
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