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    Highlights for week ending April 6, 2002
  • Annex Bulletin: An Analysis of IBM Business Segments, Results per Annual Report 2001. IBM Pension Plan Vapors. Where Did $17 Billion Go? Plan’s Assets Just above Water, Non-U.S. Under

  • Annex Bulletin: An Analysis of IBM Insider Stock Trading in 2000-2001. Sir Lou OutLayed Lay! Outgoing Chairman of “IBM Greed, Inc.” Dumped About $238M of Big Blue’s Stock in Last Two Years While Hyping Up Big Blue’s Bright Future. Excerpts: "The latest SEC form 144 filings show that its (IBM's) outgoing chairman alone dumped more stock in the worst year of IBM growth during his tenure at the Big Blue helm than did all top seven Enron executives - combined! In 2001, Gerstner sold about $159 million worth of his IBM holdings for an estimated pretax gain of about $133 million. In the last two years, he unloaded about $238 million of the IBM stock for an estimated pretax gain of about $197 million. Since the start of the IBM insider selling spree in late 1996, Gerstner has disposed of nearly half a billion dollars’ worth of IBM shares (about $424 million) for an estimated pretax profit of about $345 million."

  • Wall Street Journal: Questioning the Books: SEC Urged IBM in 2000 to Consider Amending Its 1999 Annual Report. Excerpt: "The Securities and Exchange Commission was concerned enough about International Business Machines Corp.'s financial disclosure practices two years ago that it asked the company to consider amending its 1999 annual report. The SEC request, which didn't lead to any changes in the computer company's annual report, came in a series of testy letters sent to IBM by the agency's Division of Corporation Finance, which is responsible for reviewing corporate filings, in mid-2000. In the letters, SEC questioned a number of IBM's accounting and disclosure practices, including the way it booked a $4.06 billion gain from an asset sale, and whether the company had told investors enough about the extent to which pension fund gains contributed to its bottom line." If link is broken, view Adobe Acrobat version [PDF--30 KB].

  • New York Times: Pension Change Puts the Burden on the Worker. Excerpts: "American workers now put more money into pension and retirement savings plans sponsored by their employers than the companies themselves do. That remarkable milestone, determined by pension researchers reviewing the most recent data, shows just how far companies have moved away from the system of decades past, in which employers alone financed the retirement savings of their workers, and toward 401(k) and similar retirement plans financed mostly by workers."

  • The Alliance@IBM reports on layoffs in IBM's Integrated Technology Services group. The following is the full text of two postings by Lee Conrad:
    • "Hundreds of CE's/SSR's were given their 30 days notice this week. They are in the Integrated Technology Services group."
    • "It's the standard separation package. 30 days to find job inside (everyone knows this is hopeless), 26 weeks pay etc. The big hit obviously is in pension and retiree medical. We also heard that band and salary was the big determining factor in who was targeted. That also means age generally is higher."

  • Wall Street Journal: IBM to Lay Off About 600 Workers In Its Global Services Operations. Excerpt: "The action, reported by Alliance@IBM, a part of the Communication Workers of America that is trying to organize IBM workers, was confirmed by IBM. The employees involved repair broken computers and fix software glitches for customers. According to the notice to the employees, the actions affect jobs that have been eliminated and employees who have been judged underqualified."

  • CNBC and the Wall Street Journal: IBM drops on speculation of accounting announcement. Excerpts: "The company said last month it would modify its accounting methods in its 2001 annual report, disclosing more financial information. Among other issues, critics have charged IBM includes too many items not directly related to its core business in its operating expenses, making it difficult to determine the company's performance. An article in this week's issue of Business Week magazine may have fanned the flames, analyzing how IBM has used earnings not from operations -- including returns from its pension funds and income from one-time asset sales -- to bolster its bottom line."

  • New York Post: Verizon's Hangup. Excerpts: "Verizon is the latest company to be accused of artificially boosting earnings by using credits from its pension fund." ... "It is one of five proxy battles on this issue this year; the others are at International Business Machines, AT&T, U.S. West and General Electric, according to C. William Jones, president of the Association of BellTel Retirees, which is leading the proxy battle against Verizon."

  • Read employee layoff stories on the Alliance@IBM site. Excerpt: "I am a 49-yr-old SSR in the Northeast, have been with IBM for 23 years, and have usually been a 2-rating. But, let's face it: IBM is no longer worth one drop of the dedication that all of us had unreservedly invested in our company. My wife is totally disabled, and I am going to lose all of the retirement health account, because I didn't make it to age 55 or 30 years."

  • AFL-CIO: Workers Speak Out for Retirement Protection, Against Corporate Abuse at Town Hall Meeting. Excerpts: "'The Enron scandal is not the story of one rogue company, but of a system that puts corporations first and workers last,' said John J. Sweeney, president of the AFL-CIO. 'Enron is not what happens when corporations break the law - it's what happens when corporations make the law.'"

  • IBMers: Do you still have money left in your 2001 Life Planning Account or Health Care Reimbursement Fund? Read "just_a_bean_counter's" advice.
"The test of our progress is not whether we add more to the abundance of those who have too much; it is whether we provide enough for those who have too little." — Franklin D. Roosevelt
This site is designed to allow IBM Employees to communicate and share methods of protecting their rights through the establishment of an IBM Employees Labor Union. Section 8(a)(1) of the National Labor Relations Act states it is a violation for Employers to spy on union gatherings, or pretend to spy. For the purpose of the National Labor Relations Act, notice is given that this site and all of its content, messages, communications, or other content is considered to be a union gathering.