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- Investment and Pensions Europe: IBM to transfer German
staff to DC plan. Excerpt: IBM’s campaign to slash
worldwide pension costs has spread to Germany, with the computer giant aiming to save several hundred million euros
by transferring 11,000 employees there from a defined benefit schemes to a defined contribution one. IBM currently
employs 22,000 people in Germany. Roughly half of them are on DB schemes. The other half is on a DC scheme that
was introduced in mid-2000.
“Developments on financial markets along with a higher life expectancy have meant that
costs related to retirement provision keep going up,” IBM Deutschland said. “As a result, the company’s
management has decided to amend pension plans for a multitude of workers and is ready to negotiate the changes.” If
the worker representatives at the firm agree to the changes, which involve switching the workers from DB to DC, IBM
Deutschland said its anticipated German pension costs for 2006 could be cut “several hundred million euros”.
- Los Angeles Times: Executives'
Pensions Are the Deal of a Lifetime. By Kathy M. Kristof. Like a growing number
of companies, Countrywide Financial Corp. of Calabasas is phasing out its pension plan to save money, and employees
hired since Jan. 1 won't be eligible for lifetime income in retirement. But new Countrywide executives still qualify
for a special executive pension — one that will pay Chief Executive Angelo Mozilo up to $3 million a year
First American Financial Corp. of Santa Ana also has one plan for those in the cubicles and
one for those in the executive suites. The workers saw their pension plan frozen in 2001. But a special plan
for executives will pay Chief Executive Parker S. Kennedy nearly $1 million a year for life if he remains with
the company until age 65. [...]
Major corporations throughout the country are abandoning their pensions, saying the benefits
are too costly and less important, with the widespread adoption of individual retirement accounts such as 401(k)
plans. But many of these same companies are retaining special pension plans for top executives, saying they would
lose the top brass to rivals without them. [...]
"These executives earn what an entire neighborhood of typical families make collectively," said
Karen Friedman, policy director at the Pension Rights Center, a nonprofit advocacy group. "They don't need this
money for retirement. These plans are just outrageous." [...]
Patrick McGurn, executive vice president of Institutional Shareholder Services, questioned
that assertion. Because the plans have not been well disclosed in the past, he said, it's hard to say whether executives
choose one company over the next because of the rich pension plan. "I think you are creating potential problems
with productivity, morale and all sorts of other issues," said McGurn, whose group provides research for major
shareholders, such as mutual funds. "If companies are adopting one set of rules for the senior executives and
another for the rank and file, that sort of disparate treatment is going to emerge in other areas. It's got to affect
how workers view their employer. It clearly sends a message to the worker about what their value is to the company
relative to the executive."
- Yahoo! message board
post by Janet Krueger. Full excerpt: My prediction is IBM's next pension-related
change will be a complete plan termination -- once the accounting rules are changed so that IBM can no longer squeeze
vapor profits out of the pension fund, their next focus will be to create and then grab as much excess cash as
possible. AND, if they get ERISA weakened enough, they will be pocketing any uncollected early retirement subsidies
from those who are already collecting a pension check as well as from those who are still working.
Following are the main points I am focusing on with my representatives and senators; please
write to yours as well -- this could be an expensive loss for all of us if we let the corporate lobbyists have
- We are concerned about upcoming pension legislation in both houses of Congress as it could seriously hurt
workers. We want Congress to strengthen ERISA pension protections, not weaken them.
- Early retirement subsidies, once vested, and especially once being collected, need to be fully protected.
- Plans that are underfunded need to be fixed by forcing companies to increase their contributions to those
plans, NOT by forcing them to cut benefits to current and future retirees.
- Do not reduce the size of a lump sum distribution that can be offered in place of a promised annuity and
make sure the promised annuity stays an option.
- Strengthen plan termination rules so that excess funds have to be used for the sole benefit of plan participants
and cannot be returned to the company or to the corporate executives.
- Currently, neither the house nor the senate bill retroactively legalizes cash balance conversions. We will
be outraged if we lose a large share of the Cooper settlement because Congress retroactively legalized what
IBM did. If Congress must legalize cash balance conversions, they should include all of the protections for
older employees that are in the senate bill.
P. S. Boehner's new elevation to house leadership has given IBM's lobbyists more leverage than ever -- it is critical
that everyone in the house and senate fully understand that older workers and retirees are watching and paying
- New York Times: Corporate
Wealth Share Rises for Top-Income Americans. By David Cay Johnston. Excerpts: New government
data indicate that the concentration of corporate wealth among the highest-income Americans grew significantly
in 2003, as a trend that began in 1991 accelerated in the first year that President Bush and Congress cut taxes
on capital. [...] Mr. Shapiro said the figures added to the center's ''concerns over the increasingly regressive
effects'' of the reduced tax rates on capital. Continuing those rates will ''exacerbate the long-term trend toward
growing income inequality,'' he wrote.
- New York Times: The
Case for Cutting The Chief's Paycheck. By William J Holstein. Excerpts: Q.
Don't chief executives who create wealth for shareholders, customers and employees deserve to be well compensated?
A. Of course. I'm all for tying pay to performance. But the fact of the matter is that C.E.O. pay went up 30 percent
last year and performance certainly wasn't anywhere near that. [...] Q. Can anyone outside a company really control
executive compensation? A. The only people are the shareholders and they've done a very poor job. Boards of directors
should control it and, if they don't control it, shareholders should respond. Shareholders have failed to understand
that C.E.O. pay is not just something to shake your head over when you get your proxy statements. Bad C.E.O. pay
is a terrible example of bad asset allocation. The return on investment for C.E.O. pay is unacceptable. It's an
indicator of a failure of oversight on the part of the board that permeates throughout the company. It's a symptom
of a very serious disease.
- The Hindu Business Line: Dell
to add 5,000 more employees in India — Manufacturing unit
on its radar. Excerpt: Bullish on India, the world's largest PC maker Dell on Monday announced it would add 5,000
employees to its Indian operations, taking the workforce to 15,000 over the next two years. Dell is also looking
at establishing a manufacturing facility in the country to boost its existing four per cent market share.
- The White House: State
of the Union: Affordable and Accessible Health Care. Excerpt: The President's
Reform Agenda Can Make The Health Care System More Efficient While Continuing To Lead The World In Cutting Edge Medicine.
Americans should be able to choose their health care based on individual needs and preferences and easily obtain
understandable information about the price and quality of the care they receive. Insurance should be portable and
affordable. The President proposes to improve health care through initiatives to provide increased stability and
peace of mind for working families across the country. The President's health care agenda includes:
- San Francisco Chronicle, courtesy of the California Nurses Association: Plan
OK for rich, healthy.
By David Lazarus. Excerpts: When he leaves office in a couple of years, President Bush will continue to be covered
by the Federal Employees Health Benefit plan, for which taxpayers pay up to 75 percent of costs. He'll also receive
a pension of more than $180,000 a year and will be eligible for treatment at any military hospital. No one at the
White House could tell me precisely what Bush's out-of-pocket medical obligations will be. But it's a fairly safe
bet that his visits to the doctor won't put much of a dent in his annual stipend.
That's worth considering in light of the president's advocacy of so-called health savings
accounts, which he said in Tuesday night's State of the Union speech should play a greater role in covering the medical
costs of ordinary Americans. "Keeping America competitive requires affordable health care," Bush declared.
However, is that what health savings accounts will do?
I've spoken to a number of experts, and the consensus is that health savings accounts can
be a nifty financial tool as long as you're rich or don't get sick. For working-class people who develop serious
or chronic health problems, the accounts can be economically devastating -- and could perhaps worsen the nation's
already dysfunctional health care system. And here's the real kicker: Experts say an ever-increasing number of
employers will be shifting workers to health savings accounts in coming years as a way to keep spiraling insurance
costs in check. [...]
Bush won't face these problems when he becomes a full-time ex-president -- he's got a retirement
package awaiting him that the rest of us can only dream of. This makes it easy for Bush to champion the idea of an "ownership
society." He has his. You're on your own.
- New York Times: The
Lopsided Bush Health Plan. Excerpts: Unsurprisingly, the accounts favor the
healthy and wealthy at the expense of the poor and chronically sick. Those who are relatively well off get a bigger
tax break and have more discretionary income to invest in an account and less need to withdraw money from the account,
especially if they are healthy. Indeed, some informed estimates suggest that a substantial chunk of investors would
never use the money for medical purposes but would instead treat the accounts as another tax-privileged retirement
fund, like 401(k)'s.
Many people with low or moderate incomes, by contrast, would find it hard to deposit money
in the accounts or allow any deposits to accumulate over the years. So far, the accounts seem to have attracted
more interest from banks, which are salivating over the prospect of collecting management fees, and from health
plans than they have from consumers, who have been slow to sign up for the accounts or to put money into them.
The great danger is that health savings accounts could accelerate the erosion of traditional
employer-provided insurance, as companies try to reduce their health expenditures by shifting more of the costs onto
workers. If the healthiest employees jump to tax-free accounts in large numbers, they will leave traditional health
plans saddled with sicker and older employees, whose needs will force a rise in premiums, making comprehensive coverage
even harder to sustain. These new accounts will need to be studied closely to make sure they do not cause more harm
- AlterNet: Trouble in Cubicle Nation. By Joe Robinson.
While big business racks up historic profits, workplace life is becoming more unbearable for the people who make
the products and services. Excerpts: It was a great year for labor -- if you worked at a call center in India, made
your living as a CEO or sold real estate to big-box stores. But deep in Cubicle Nation, the average American worker
remained on a fast track to the Industrial Revolution, with soaring workweeks, declining wages, and health, pension
and vacation benefits vanishing faster than you can say job security. [...]
Restore the 40-hour workweek. Almost 40 percent of us are working more than 50 hours a week,
not exactly what the Fair Labor Standards Act intended when it set the 40-hour workweek in 1938. Chronic 11-
and 12-hour days result in lousy productivity, expensive mistakes, burnout, triple the risk of heart attack and
quadruple the risk of diabetes -- and leave families without a quorum for dinner. Two-thirds of people who work
more than 40 hours a week report being highly stressed. Job stress costs American business more than $300 billion
a year. [...]
Legalize vacations. Almost a third of American women and a quarter of men don't get vacation
leave anymore because, unlike 96 other countries, the U.S. has no paid-leave law. Those who still get a vacation
seldom get to take the whole thing. The average American vacation unit in the travel business is now a long weekend.
It's barbaric. And myopic. Studies show that vacations improve performance on the job, not to mention cut the
risk of heart disease and cure burnout. More than three-quarters of Americans say they would like to have another
week off, which they'd get with the three-week minimum paid-leave law I've proposed. [...]
At a time when the people who make the products and services -- without whom there would be
no economy -- are considered disposable, I'd like to see political candidates in '06 resolve to do a head count and
tally the number of disaffected wage earners desperate for leadership. This group includes not merely the 8 percent
of private-sector workers who belong to unions but a vast legion of American Dreamers, including 70-hour-a-week video
game programmers, biotech engineers and retail-sales moms pressed to the gibbering edge. One Republican pollster has
found that lack of time is the No. 1 issue for young working mothers, more of a concern than Iraq and health care.
American workers have done their part, doubling productivity since 1969. How about producing a workplace worthy of
them in 2006?
- eWeek: IT Work Force Gap Looming. By Stan Gibson. Excerpts: Forrester analyst Laurie Orlov said
in the same discussion that not only are young people not entering the IT field, but older workers, laden with knowledge,
are retiring. "Business is at risk. Workers are retiring and will leave unfilled openings. Old people with knowledge
are leaving, and new people without knowledge are coming in," Orlov said. Lisa Tondreau, a partner in IBM Business
Consulting Services, said one step that can help plug the looming gap is to encourage baby boomers to stay in the
work force rather than retire en masse. Companies should also put solid succession plans in place, she said.
- Communications Workers of America (CWA): Stop
Health Savings Accounts. Excerpt: In his State of
the Union address, President George W. Bush announced the centerpiece of his efforts to reform health care would
be tax breaks for people to pay for their own health care, including health savings accounts (HSAs), in which people
replace traditional insurance coverage with their own savings. HSA-based health care would be a disaster for working
families, a giant step backward that would shift costs away from employers to employees and their families and force
many people to go without needed care. Write your U.S. representative and senators and tell them you oppose Bush's
plan for health savings accounts. Please add your own comments to our sample letter, then fill out your name and
address information below to send your message.
- CounterPunch: The True State of the Union. More
Deception from the Bush White House. By Paul Craig
Roberts. (Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate
Editor of the Wall Street Journal editorial page and Contributing Editor of National Review.) Excerpts: During
Bush's presidency the US has experienced the slowest job creation on record (going back to 1939). During the past
five years private business has added only 958,000 net new jobs to the economy, while the government sector has added
1.1 million jobs. Moreover, as many of the jobs are not for a full work week, "the country
ended 2005 with fewer private sector hours worked than it had in January 2001."
McMillion reports that the largest sources of private sector jobs have been health care and
waitresses and bartenders. Other areas of the private sector lost so many jobs, including supervisory/managerial
jobs, that had health care not added 1.4 million new jobs, the private sector would have experienced a net loss
of 467,000 jobs between January 2001 and December 2005 despite an "economic recovery." Without the new
jobs waiting tables and serving drinks, the US economy in the past five years would have eked out a measly 64,000
jobs. In other words, there is a job depression in the US. [...]
If the free trade/outsourcing propaganda were true, would not at least some US export industries
be experiencing a growth in employment? If free trade and outsourcing benefit the US economy, how did America run
up $2.85 trillion in trade deficits over the last five years? This means Americans consumed almost $3 trillion dollars
more in goods and services than they produced and turned over $3 trillion of their existing assets to foreigners to
pay for their consumption. Consuming accumulated wealth makes a country poorer, not richer.
Americans are constantly reassured that America is the leader in advanced technology and intellectual
property and doesn't need jobs making clothes or even semiconductors. McMillion puts the lie to this reassurance.
During Bush's presidency, the US has lost its trade surplus in manufactured Advanced Technology Products (ATP). The
US trade deficit in ATP now exceeds the US surplus in Intellectual Property licenses and fees. The US no longer earns
enough from high tech to cover any part of its import bill for oil, autos, or clothing.
This is an astonishing development. The US "superpower" is dependent on China for
advanced technology products and is dependent on Asia to finance its massive deficits and foreign wars. In view
of the rapid collapse of US economic potential, my prediction in January 2004 that the US would be a third world
economy in 20 years was optimistic. Another five years like the last, and little will be left. America's capacity
to export manufactured goods has been so reduced that some economists say that there is no exchange rate at which
the US can balance its trade. [...]
It did not work out this way, Roach writes, because the Internet allowed job outsourcing to
quickly migrate from call centers and data processing to the upper end of the value chain, displacing first world
employees in "software programming, engineering, design, and the medical profession, as well as a broad array
of professionals in the legal, accounting, actuarial, consulting, and financial services industries."
This is what I have been writing for years, while the economics profession adopted a position
of total denial. The first world gainers from globalization are the corporate executives, who gain millions of dollars
in bonuses by arbitraging labor and substituting cheaper foreign labor for first world labor. For the past decade free
market economists have served as apologists for corporate interests that are dismantling the ladders of upward mobility
in the US and creating what McMillion writes is the worst income inequality on record.
Globalization is wiping out the American middle class and terminating jobs for university graduates,
who now serve as temps, waitresses and bartenders. But the whores among economists and the evil men and women in the
Bush administration still sing globalization's praises.
- Yahoo! message board post
by "Mike Germano". Excerpt: The GNP is doing well between large corporations,
war chest spending, and the very rich reaping big dividends, so the per capita as an average looks and sounds great
looking at the big picture. Meanwhile a bit lower to earth, local and state taxes keep going up to cover federal
mandates and other shortages to the states and costs in general are going up. People are being outsourced and getting
re-employed at lower wages. Personal debt and bankruptcies are increasing at alarming rates and personal savings
are non-existent. The only "savings" for the future people have are their pensions, 401(k)s and IRAs and
those are in in the gun sights for the next round of pillaging. So, yes, the economy is getting much better, but
the peasants have to watch the big party from outside in the cold since they can't afford the price of admission.
- New York Times: Pension Battle
May Entangle Mogul's Home. By Mary Williams Walsh. Excerpts: The
federal agency that insures pensions appears poised to lay claim to Mr. Rennert's 29-bedroom oceanfront estate,
along with other assets, to make sure he delivers on hundreds of millions of dollars in pensions promised to a
group of steelworkers in Ohio. [...]
"It's especially a situation where they're going to be aggressive," she said of
the agency, "because there looks to be quite a bit of value" in Mr. Rennert's holdings — including
his $185 million house. Mr. Rennert built up his wealth by buying a variety of distressed industrial companies, often
with high-yield junk bonds that allowed him to avoid putting up much of his own money. Besides his house in the Hamptons,
Mr. Rennert owns a Manhattan duplex on Park Avenue and a home in Israel.
- Forbes: IRS
Computers Can't Handle Gates' Taxes. By Parmy Olson. Excerpts: The annual headache of
doing our taxes is one that fills most citizens with customary, chronic foreboding. But if the idea of endless
form-filling and number crunching seems bad, spare a thought for the poor souls at the Internal Revenue Service.
America's principal bean counters must regularly face the gargantuan monstrosity that is Bill Gates' tax return,
an undertaking of such magnanimously complex proportions that the agency has had to keep the information of the
billionaire's vast fortune on a "special computer."
According to an IRS spokesman, the agency's main computers do not use the Windows operating
system. IBM designed the original processing system for the IRS in the 1960s, which was
largely tape and disk driven. Believe it or not the same system is used today, processing the bulk of America's
tax returns including, presumably at one time at least, that of Gates.
- Michael Moore: Send Me Your
Health Care Horror Stories... an appeal from Michael Moore. Excerpt:
How would you like to be in my next movie? I know you've probably heard I'm making a documentary about the health
care industry (but the HMOs don't know this, so don't tell them — they think I'm making a romantic comedy).
- Computerworld: For a laugh: Brief
histories of BASIC and C. By Alex Scoble. Excerpt: Found these
hilariously done histories of BASIC and C. For anyone who's been involved with PCs and tech in general, these are
sure to elicit more than just a chuckle. One of my favorites is how the progression of BASIC is closely followed
by the quality of Star Trek games. ROFL.
While reading the history of C, I especially laughed when he talked about software analysts on drugs spouting off
about things that never quite materialized, like code portability. Pure geek humor goodness for you.
|Vault Message Board Posts
- "Cash for IBM stock buyback" by "wonderaboutibm". Full excerpt: hooked into the analyst presentation
for IBM's 2005 results. Wow. 7.7b for stock buybacks, or about half IBM's cash flow last year. Along with
the much smaller cash out for dividends, the powers that be called this "cash returned to shareholders." Hmmmm.
I guess Igsfinance is in ecstasy. Short term trumps again. We puff up net income by clamping on expenses
(a topic also touted in the analyst presentation) and then blast all the money back to "shareholders." The
big boy institutional holders cash out at mediocre prices while the rest of the stockholders watch as the
stock proceeds to go nowhere. Here here for questionable financial machinations.
from home" by "CONsulting_2_long". Full excerpt: About all you can do for personal
supply chain planning is to assume that you will be leaving on Monday morning and returning Friday at 8pm.
You will probably be on a domestic flight lasting between 60-120 minutes (which is not billable). You will
stay at a budget hotel that you would never stay at on vacation (depending on your line of business-you
could be at prestige vacation places like Superbowl City Detroit). You will spend more money on food than
IBM will reimburse you; spend too much money on beer in hotel bars (or spend WAY too much at other bars);
and you will not exercise enough. All of this opportunity will result in you gaining 2-3 pounds per year
during your high potential consulting career. All in pursuit of truly becoming a 'fat cat'.
Unfortunately, there are no margins in consulting and implementing Manu/i2/SAP APO is a
passe service line. In fact, the Supply Chain Planning practice and the SAP practice continue to battle
for APO jobs internally. As a result you will be asked to be billable over 90% of your hours to make a bonus (yes,
that is 2080*.9). As a result, if you take training or vacation you will be mathematically eliminated from making
your utilization targets and thus eliminated from the bonus pool. Don't worry, the bonus pool is a mirage because
the practice can't meet its targets because of all the target padding.
You will get frustrated within three years and desire to leave. But don't worry, because
even the defined benefit pension has been eliminated; you don't have to hang around for 5 years to wait for vesting.
But besides that -- you're on you way to be IBM CEO. Don't listen to me -- cause I've been CONsulting_2_long
pit and the pendulum" by "Dose of reality". Full excerpt: The very success that IBM
had over the last ten years is what is putting it at a competitive disadvantage, as many current clients
now have an "anyone but IBM" mentality. There will be a bias to choose another vendor. That's
what happens when you rely too much on legalistic contracts and high switching costs to keep clients in
the fold, instead of relying on first class customer service. What started out as a "death of a thousand
cuts" from resource exploitation, effort, and retention problems is going to go deeper and deeper
as client dissatisfaction reaches a critical mass.
on the Alliance@IBM Site:
- Alliance@IBM: Attention IBM employees:
IBM is blocking e-mail to and from the Alliance@IBM e-mail address email@example.com from
inside the company. Please send your job cut information and other correspondence from
your home e-mail. You can also contact us the following ways: Phone 607 658 9285 or Fax
607 658 9283.
- From the Job
Cuts Status & Comments page:
- Comment 2/05/06: To the individuals who received the ISC Resource Action package--This package has
an established appeal process, I would strongly encourage every person who received the package to
file an appeal with the Plan Administrator. Exercise all of your rights and especially take advantage
of the ones that could delay your exit from the company. Contact the EEOC and the Department of Human
Rights in your state. Do this to let the world know of the type of company we work for. Between pension
changes, OT violations, and employees suffering from serious health conditions, would you recommend
your neighbors daughter work for IBM? I think not! I remain available to assist any IBM employee who
wants to challenge the company. firstname.lastname@example.org -Steve Bergeron, Alliance@IBM MA Rep. @ Large-
- From the General
Visitor's Comment page:
- Comments 02/01/06: In our group we had 5 older/experienced product managers forced to retire or laid off and
replaced by much younger people. Three of the products were marginal, were tanked in the next 1-2 years and were
shut down to a revenue loss of about $120M. The other two took serious revenue hits of maybe another $150-$200M
total. So say the new managers were $50k per year cheaper (5 people x $50k = $250k), that “savings” of
$250k per year cost the company, very conservatively, $270M. Penny wise and pound foolish, but I’d guess
it was really more about creating the perception that something positive is being done for shareholder value
rather than really doing something. Unfortunate that this charade comes at the expense of the older “expensive” workers.
- Comments 02/02/06: I have been watching this forum and assessing my own feelings about what IBM has done in
the area of Pensions. Basically I've come to the conclusion that what hurts the most is the deceit. I have worked
for IBM for 27 years of good and bad . Through it all I know I worked for a company that was honest and caring.
That they understood that their greatest resource was the day to day teams developing, researching, working
with customers, their face to the world. But today it appears that the feeding and caring for the executives
and the stock market is what we are about. What have you done for me this quarter, is our mantra. I'm a firm
believer of what comes around goes around...Sam in the end you will pay a price for what you are doing. Be loyal
...Your kidding...Work 70 hours a week...Nuts to you... Put the company first in all things..No way... -Anonymous-
- Comments 02/02/06: I worked for IBM for a good portion of my adult life. I loved my job and loved the company.
The way I was "surplused", i.e. let go, laid off, or in reality fired was a disgrace, shameful, and
humiliating. I would not have treated my worst enemy the way IBM treated me on my last day. I do not
love IBM any longer. In fact, I hate IBM, and will do so until the day I die. IBM and Sam Palmisano,
Go to H*LL. -Anonymous-
- Comments 02/03/06: I work for IBM Canada as a supplemental employee. They keep extending contracts for sups
year after year which is illegal under Canadian law. If you need to keep extending the contract, it's really
a full time job, so they should convert to regular employees. What action can we take on this? Also, they ask
us to work OT and ask us to take it in lieu time however it's never a good time to take the lieu time. Before
you know it, the end of the year is here and you have receiving NOTHING for your extra time. These guys are
milkers at their best. IBM = I Been Milked. Please let me know if there's anything we can do about this. -Anonymous-
Alliance reply: We will be letting our Canadian co-workers know very shortly who we will be partnering with
to work on IBM Canada issues.
- Comments 02/04/06: I'm really pulling for the IBM'ers who are suing for the Overtime. Good Luck to you. But,
for years now, IBM has been screwing workers and Customers with a practice - that if they get caught by government
officials, could cause some hefty penalties. For years, IBM has demanded employees to work 10 to 15% overtime,
using the adage "you must work this from a productivity standpoint". All services area employees have
heard/did this for years. (by the way, if you don't) Guess whose rating is LOWERED and whose on a "resource
list". Yep, the poor sucker that either didn't do it, or didn't stretch the truth some. Now, that's bad
enough, that IBM forces employees to do that; BUT and this is scary, IBM bills back their Customers to "bill-to-actual" amount
of hours; basically making their Customers pay for these extra (FORCED to work) hours. IBM: You're time is coming.
Lying, Cheating, Robbing. -Anonymous-
- Comments 02/04/06: Stockholders Beware: Check out the IBM Insider Trading on the stock market. Doesn't it
seem strange, that some major IBM Executives DUMPED approximately 55,000 shares on 02/01/06 at $81.44 per share.
- From the Pension
- Comments 02/01/06: I didn't see a lot of comments from employees of IBM Canada. I've read a lot of comments
from ibm us employees. So as I'm an IBM Canada employee let me tell you that a lot of them share your
concerns. About 700 hundred employees from IBM Canada have been touched by the same legal theft. IBM
is no more a top value in our mind. We don't know exactly how many of us as been touched .The info
is very controlled from inside. We don't know the name of employees who as been affected by the pension
theft. Most of us are very angry. Not sure there will be a high productivity and flexibility from us.
The dedication of all employees is gone for a long time. I"m not sure it will be the best investment IBM
made by this pension reduction.The high management try to get people to accept the situation by confronting
people to go to meeting that I see as a therapy group. Individually managers meet employees one by
one to explain the same cassette. Everyone knows they should resigned but never accepted. WE don't
have union here. We never know what's the next step. Some people feel better now with a union watching
things .So do you know if the "Communication
Workers of America " have an associated
union into Canada? -Anonymous- Alliance reply: We are working with CWA staff to get Canadian unions
involved in this pension fight. Will let you know future developments. Please contact us: email@example.com