The NYT points out today (here) that the group photo of GE’s board appearing in its 2005 annual report is a cut and paste job. “[S]ome photographs had been taken individually and others in small groups. They were then assembled . . . for a panoramic shot of the powerhouse board . . . .” This blatant manipulation is clearly a Rule 10b-5 violation or at least a Martin Act violation. Spitzer must put an end to it immediatley.