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    Highlights—February 4, 2006

  • 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 for life.
    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 their way!
    • 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 attention!!!
  • 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 than good.
  • 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
Vault's IBM Business Consulting Services message board is a popular hangout for IBM BCS employees, including many employees acquired from PwC.
  • "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.
  • "Away 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
  • "The 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.

New on the Alliance@IBM Site:
  • Alliance@IBM: Attention IBM employees: IBM is blocking e-mail to and from the Alliance@IBM e-mail address endicottalliance@stny.rr.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. uvm2000@verizon.net -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. -Anonymous-
    • 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. -Anonymous-
  • From the Pension Comments page:
    • 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: endicottalliance@stny.rr.com

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