GE fires ‘a few’ over accounting

From Times Wire Services

General Electric Co. fired “a few” employees at its rail unit as part of the 2-year-old Securities and Exchange Commission hedge accounting probe.

The workers helped accelerate transactions from 2000 through 2003 so the deals were recognized in the fourth quarters of those years rather than the subsequent year, GE said in a regulatory filing. Had they been appropriately recorded, profit would have been changed less than 0.2% each year, GE said.