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SEC puts GE's derivatives use under formal scrutiny
The Securities and Exchange Commission (SEC) has started a formal investigation into General Electric's use of derivatives.
The original financial misstatements, which GE announced in May, meant that its earnings since 2001 had to be revised upward by a total of $381 million over that period.
Failure to correctly account for derivative-related fees on a number of interest rate and currency swaps, alongside other errors were responsible for the misstatement, GE said.
The SEC had been informally investigating GE's use of derivatives since January.
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