Trump Has Asked His Lawyer to Look Into Buying Greenland

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Trump is scheduled to make his first trip to Denmark next month, and it appears there is a nonzero chance he’ll bring up the acquisition to government officials and then later claim that he walked away from a deal. “They wanted to make a deal,” he’ll tell supporters in Florida. “They wanted to make a deal with Trump so bad. But I took one look at the place and said this? You want me to pay for this? You hear Greenland you think green but actually it’s not so green. Most of it’s not actually green. Remember, I was tremendously successful in real estate. Probably the most successful ever in real estate, a lot of smart people say that. Maybe we’ll make a deal, probably not, but we could make a deal. No other president has but they say if anyone can do it it’s Trump.”

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So GE had an eventful day

In that its stock dropped more than 11% after Harry Markopolos, the whistleblower who warned the SEC about Madoff years before his fraud was exposed, accused the company of massive fraud:

Markopolos. . .said GE will need to increase its insurance reserves immediately by $18.5 billion in cash—plus an additional noncash charge of $10.5 billion when new accounting rules take effect. GE is also hiding a loss of more than $9 billion on its holdings in Baker Hughes, an oilfield services company, Markopolos said. “These impending losses will destroy GE’s balance sheet, debt ratios and likely also violate debt covenants,” Markopolos said in a report Thursday. “GE’s cash situation is far worse than disclosed in their 2018” annual report to regulators.

GE chief executive officer Larry Culp dismissed the claims, calling them “market manipulation—pure and simple.” That wasn’t enough to stanch the bleeding, though, as shares plunged to $8.01 at the close. “The short report accurately depicts a GE culture that historically hid losses and deceived investors,” Scott Davis, an analyst at Melius Research, wrote in a note to clients. “GE has no credibility at all in responding to the report today as inaccurate. The truth is GE is using a set of assumptions, the short report uses another. We don’t know where the truth lies.”

Cue an incomprehensible attack against Mexico

In 3. . .2. . .1:

Mexico’s central bank reduced borrowing costs for the first time in five years after inflation slowed, the economy faltered and the U.S. cut its own rate. The peso weakened before paring declines to post gains. . .Slowing inflation, economic slack and yield-curve performance were among reasons for easing, the central bank said in the statement accompanying its decision. But policymakers insisted they would remain prudent and act swiftly if risks to reaching the inflation target appear. The board added that uncertainty that could impact inflation persists while the growth outlook remained negative.

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