Now that General Electric (GE) stock is trading below recession prices, and after an 11.3% share-price drop in a single trading session (the biggest single-day drop since April of 2008), I have to apply some rational thinking and say, "Enough is enough." I am of the firm belief that Madoff whistleblower Harry Markopolos' "bigger fraud than Enron" barb will only create a buying opportunity, not the downfall of the company.

Lest we forget, General Electric has been around since 1892, is one of the original dozen Dow Jones components, and is one of America's most diversified companies, with stakes in at least a dozen industries. Sure, disgraced former CEO Jeff Immelt did his best to run the company into the ground, but the company survived him and it will survive Harry Markopolos' attempt to refocus the spotlight on himself.

Markopolos even set up a website, gefraud.com, where the curious and masochistic can pore through 175 pages of premium whistle-blowing. Few people will read any of it; even fewer will read most or all of it; soon, investors will remember that Harry Markopolos is not a governmental entity and has no legislative or enforcement powers.

Courtesy: GEFraud.com

Incidentally, CNBC has reported that "a U.S. hedge fund, that Markopolos wouldn’t name, paid Markopolos to conduct and publish his report" and that Markopolos "was getting a 'decent percentage' of profits that the hedge fund would make from betting against GE." In other words, Markopolous' whistle-blowing against General Electric appears to have... let's just politely call it a non-disinterested motive.

GE board director Leslie Seidman was less polite than I, asserting that Markopolos' report contains “numerous novel interpretations and downright mistakes about the actual accounting requirements” and noting that Markopolos "stands to personally financially benefit from today’s significant market reaction to his report." CEO Larry Culp went a step further, declaring that "this is market manipulation – pure and simple" and that "Mr. Markopolos’s report contains false statements of fact and these claims could have been corrected if he had checked them with GE before publishing the report."

Culp even went so far as to purchase 252,200 shares of GE stock at around $7.93 - and frankly, I don't blame him. I'm also encouraged that Culp is buying this dip, as it demonstrates his willingness to take a stake in the company and the shares.

Am I recommending that you buy the dip too? It's your decision to make, but I'm betting on the stock market's short memory - and that's been a winning bet time after time.