The e-mail actually came from the IBM employee's husband. I won't jeopardize her remaining job security by publishing a name, but here's what he had to say. (The caps for emphasis are his.)
He further notes, "She works 60-plus hours a week, 12 to 14 hours a day, taking the daylight hours of Sunday off. Often she works overnight for the unappreciative SOBs. If she didn't work from home I would be convinced she was having an affair."
More of IBM's family values. When someone loses his job, it's often a whole family that suffers. Consider this awful story from G.R., who wrote me a few days ago:
I was laid off from East Fishkill IBM after 28 years of excellent service! Two kids, 18 and 13. One going to college. I was an equipment maintenance tech. We get our medical benefits from my wife, who is a teaching assistant. She may be losing her job because of N.Y. State budgets problems ... which it looks like will happen even though Obama's package went through. At that point, I cannot pick up IBM transition benefits because I didn't already have them.
Health care, reform, anyone?
Then there's L.S., who wonders if "IBM" stands for "I Barely Matter." She writes: "We have been given nothing in writing regarding the relocation, not even the name of a Realtor. We are being asked to give a year commitment to Boulder [Colo.], but IBM will give us no commitment that we have a job for 1 month or 3 months or 6 months or anything. There is even question on salary being lowered because there are job postings for the Boulder positions at a much lower [salary] band level than the current folks being asked to move."
The Rocky's demise ends what is regarded as the country's oldest continuous newspaper rivalry. Fresh off the Rocky's announcement, the Post said it would publish an extra day -- Saturday -- begin delivering to all Rocky subscribers and poach some of the newspaper's star writers. ...
Founded in 1859, the Rocky is the more conservative of the two Denver newspapers, and the rivalry between the two has become part of the fabric of the community. Some local politicians concluded that an endorsement by one newspaper would inevitably be canceled out by fierce criticism from the other. When the newspapers did agree, "Oooh. That was big stuff," said John Brackney, president of the South Metro Denver Chamber of Commerce. "Having a two-paper town has been part of the psyche of Denver for generations."
IBM was a pioneer in outsourcing services in India and has sustained its momentum in 2008 by signing major contracts in emerging verticals such as retail, healthcare and insurance, while further consolidating its position in telecom and government sectors. The sheer breadth and scale of services, execution and global delivery capabilities as well as the ability to combine software, hardware and consultancy has aided IBM in upholding its leadership position in the domestic market.
Two New Jersey IT services firms allegedly used shell businesses in two small Iowa towns—Coon Rapids and Clive—as part of an elaborate H-1B visa fraud scheme that began to unravel Feb. 11 with the arrests of 11 individuals in seven states. According to the U.S. Department of Justice, the scheme involved hiring college-educated foreign workers to allegedly fill high-tech jobs in Iowa when, in fact, the workers were sent to the East and West coasts while being paid the lower prevailing Iowa wage rate.
In other cases, the DOJ claims, foreign workers were recruited and H-1B visas were obtained for nonexistent jobs or the workers were placed in jobs and locations not previously certified by the Department of Labor, replacing qualified American workers and violating prevailing wage laws.
Last fall, when selecting 2009 health care options, you selected to have a $4800 HCSA for 2009, which costs you $400/month of pretax income. In January and February you bought new glasses for your large family and spent $2000. You submitted for HCSA reimbursement and get the $2000, even though you have only paid in $800 so far.
You leave the company February 23rd. You don't have to pay back anything. You still have 5 days to spend the remaining $2800 of the $4800 for the year. You are so busy you don't.
You can still get that remaining $2800. It will cost you $400/month until you do. The explanation is at https://www.acclarisonline.com/acclaris/common/FSA%20FAQs%20IBM.html#Q8
I was wondering if anyone here involved with the Cooper lawsuit knew if this would be age discrimination grounds. Seems the people I know that are being let go are under 55 as well, and would have been in the 2nd tier (I think). We were all over 40 when the pension changed from the old plan, but didn't have enough service to be considered to grandfather into it. Seems we were specifically targeted, and since Janet has done so much research on this (and I see she still comes to this board) I was wondering if I'm onto something.
I really need the severance package to survive. But if it's age discrimination grounds, I'll happily file a lawsuit. What do you think?
They can boot you out prior to age 55 or 30 years service and you get nothing. It goes from 32K to nothing, instantly. The money was never yours, ever. Like Bernie Madoff, IBM printed it out on statements for you to see so you would think it was your money. It was used as a carrot to keep you with IBM and away from unions or other worthy companies, as if it was a legal benefit. When needed, IBM would then pull the carpet out from under thousands of employees, and never have to dish out a single penny to anyone.
There is no law in the nation to protect you. It was an internal promise and was qualified such that you had to be 55 or have 30 years of service before you could get it. Since you do not qualify as it is written, you get nothing.
However, if it had been a contract, that would be something else. The best labor contracts are from unions and IBM has a union, the Alliance. I am a member and we need thousands more. Please consider joining the Alliance. Get your friends to join too. http://www.endicottalliance.org/ Kathi Cooper of Cooper v. IBM.
(And many don't seem to realize that the FHA rates are NOT THE SAME as the active employee rates.)
We've tried to tell everyone for 10 years, didn't we, ignatz? But, no, too many stayed in denial, thinking it would be OK, it wouldn't happen to them.
Collective action is one of the two things that IBM cannot ignore; the other are valid law suits like the one you were involved with.
Because of the wealth of IBM and its hundreds of lawyers there are very few opportunities to justify a lawsuit against them even if you had the money to do it individually or collectively via contingency lawyers. As time goes on the few errors IBM made have been uncovered and exploited. In addition most former IBMers will have moved on with their lives and put their IBM experience behind them either because they have no choice or they choose to do so.
Therefore there is only one practical option for current employees and some former ones and that is collective action through labor unions.
Unfortunately it is my observation that with just a few exceptions like Kathi most IBMers are absolute wimps and people who analyze things to death but never take action. They are people who gravitate to large corps in the first place because they don't want to stand out in the crowd and they have been augmented recently by lots of new hires who simply have no other frame of reference to the past practices of IBM and therefore no motivation to do anything either.
IBM in the US today is simply a place to build more experience on your CV and then move on and IBM is completely happy with that relationship as it reduces its headcount in all high wage countries to the absolute minimum with its global supply chain; I would estimate that would be no more than about 50,000 in the US for face to face sales and service.......the old IBM is dead and buried......RIP.
But we haven't heard much in the past few months, as some of the buzz fades from Second Life and IBM reportedly undergoes thousands of layoffs. We have calls into IBM PR and Ian himself. But we can't say we'd really be surprised if IBM uses Ian's departure as pretext to quietly back away from its once full-throated backing of Linden Lab's virtual world.
At HP, we have a defined benefit plan. The early payout was formerly based on the 30 yr Treasury rate around 3%. Under the PPA, HP will be changing the interest rate to a mix of corporate bond rates, averaging around 7%. In my case, the payout value of my pension fund will drop from around $300,000 to around $150,000. I can't give precise numbers because, despite multiple requests, HP has not given me a disclosure.
In other words, HP is changing the indexing in a way which reduces the present value of the plan by around 50%. And they aren't telling anybody. Does IBM have a defined benefit plan which is being similarly affected by the Pension Protection Act?
In 2003, scientists discovered that TCE - long-known to be flowing through shallow water tables - was also forming vapors pushing into the basements of hundreds of nearby homes and businesses through a process called vapor intrusion. Soon after, IBM installed ventilation systems to keep the vapors out of more than 450 homes, and the DEC ordered the company to step up its efforts to pinpoint and clean pollution. That has been a monumental task, given the size of the 60-acre campus and unknowns about how much solvent is still in the ground, exactly where it is and how deep it flows.
But the American economy placed last in terms of progress made over the last decade. “The trend is very troubling,” said Robert D. Atkinson, president of the foundation.
"It is crystal clear to me that debtor is well within its business judgment in assuming that it will need to eliminate the projected (post-retirement benefits) liability, which is projected at $1.1 billion, in order to reorganize," Drain said in making his ruling. The Troy, Mich.-based company wants to cut off the benefits effective April 1. But before it does, Drain said the 15,000 affected retirees can form a committee to investigate if certain retirees, such as those who were on disability before their retirement, have the right to negotiate with the company before it can terminate their benefits. ...
Delphi salaried retirees hired before 1993 and their survivors currently receive health insurance benefits until the age of 65 when they become eligible for Medicare. Under the changes Delphi has requested, those retirees will be responsible for paying the full cost of their health insurance, which could amount to more than $1,000 per month for a retiree and spouse.
Tuesday's ruling doesn't affect retirees who were covered by union contracts. Delphi's unions made wage and benefit concessions in their 2007 agreements with the company.
Unfortunately, yesterday (Feb. 24th) a New York bankruptcy court judge approved Delphi Corporation's plan to eliminate health care and life insurance for salaried retirees as early as April 1, 2009. The NRLN has issued nationally the news release below calling for President Obama to put pressure on Congress to pass legislation on bankruptcy reform that would better protect workers and retirees. The news release also points out the harm being inflicted on retirees by corporations who have evaded their moral obligations to retirees by eliminating the benefits they earned through many years of their labor.
Soon the NRLN will send an Action Alert to you asking that you write to your members of Congress requesting his or her support for bankruptcy reform to provide a higher degree of fairness to workers and retirees.
Bill Kadereit President, National Retiree Legislative Network.
I feel confident IBM is eyeing this Judge's ruling with glee. Kathi Cooper.
Over the last several weeks, I have heard story after story about long-term employees losing their jobs. Some were quickly replaced through outsourcing; others left gaping organizational holes that younger counterparts struggled to fill. ...
In our research with seasoned workers, we have found many employees age 50 and older with a strong drive to make continued contributions in their field. Most of the individuals we've interviewed have a firm sense of who they are, what their purpose is, and how they can make a difference. Better yet, many are willing to share their knowledge and to help develop others. This is a huge benefit to organizations, especially in a time where employee-development budgets are shrinking. To make the most of experienced workers, I offer these recommendations to corporate leaders: ...
We have an even more recent example of the power that the knowledge and wisdom of an older worker had on an organization's success. Like many of you, I was riveted on Jan. 15 by the footage of 58-year-old Captain Chesley "Sully" Sullenberger successfully landing USAir flight 1549 on the Hudson River, saving the lives of all 155 people on board. When remarking on the accomplishment in a recent interview, Sullenberger commented that he felt his "entire career" had prepared him for that moment. Had Sullenberger not been at the controls of the aircraft that day, the impact on passengers, their families, and USAir's future might have been disastrous.
The stimulus bill recently passed by Congress includes incentives to states to expand benefits to many more jobless people, including part-time workers and those who have cycled in and out of the work force, who are not covered in many states. The Republican governors of Alabama, Georgia, Louisiana, Mississippi, South Carolina and Texas, along with Alaska and Idaho, have raised protests, saying that expansion could eventually require them to raise taxes. ...
For people like Henry Kight, 59, of Austin, Tex., the possibility that the money might be turned down is a deeply personal issue. Mr. Kight, who worked for more than three decades as an engineering technician, discovered in September that because of complex state rules, he was not eligible for unemployment insurance after losing a job at a major electronics manufacturer he had landed at the beginning of the year. Unable to draw jobless benefits, he and his wife have taken on thousands of dollars in credit-card debt to help make ends meet.
"These folks have their back against the wall," says Jerry Flanagan, a health advocate with Consumer Watchdog, a California-based group. More people are shopping for coverage: The Golden Rule Insurance Company, a part of UnitedHealth Group, says sales of individual policies are up 24% in the past two months. A website that links people with insurers, eHealthInsurance, says applications are up 18% in the fourth quarter, compared with a year ago.
With 116 million adults under age 65 reporting health care-related financial issues, the nation's health care crisis and economic crisis have become inextricably intertwined. As unemployment grows, more Americans will join the ranks of the uninsured. States under pressure to balance their budgets are already making cuts in health programs that serve low-income adults and children. Already families—even those with insurance—are struggling to pay their share of premiums and medical expenses. Two-thirds of all adults under age 65 report being uninsured or underinsured, forgoing needed care, or struggling to pay medical bills or accumulated medical debt.
Ours is the only industrialized nation that fails to ensure that all its citizens have access to affordable health care. We are slipping further behind what other countries achieve with their more modest investment in health care: the U.S. now ranks 19th out of a group of 19 major industrialized countries on an important measure of health system performance: mortality amenable to medical care. If we did as well as the best-performing countries, we would have 100,000 fewer deaths each year.
Under the federal Consolidated Omnibus Budget Reconciliation Act, or COBRA, laid-off workers can continue their former employer's health coverage for up to 18 months. In the past, though, they were required to pay the entire premium, plus a 2% administrative fee, making COBRA unaffordable for most jobless workers. Average COBRA premiums exceed $400 a month for individuals, and more than $1,000 a month for families.
Approximately 46 million Americans lack any health insurance at all, according to the Census Bureau. Nearly 25 million more don't have enough insurance to keep their medical bills from sinking them financially. Insurance premiums for a family of four can cost more than $12,000 a year. According to the New America Foundation, that cost could reach $24,000 in 2016 -- an 84% increase from today. At the same time, higher deductibles, larger co-payments and greater exclusions from coverage are causing families to bear more out-of-pocket costs. Debt related to health expenses is now one of the leading causes of personal bankruptcy.
Rising health costs also undermine our strength in the global marketplace. American employers pay far more for health care than their major trading partners, and manufacturers face particularly high pressure to compete internationally. U.S. manufacturers pay $2.38 an hour for health benefits, while manufacturers among our major trading partners pay only 96 cents an hour on average, according to the New America Foundation. Health-care reform is essential to spur growth and keep American businesses on a level playing field with the world.
The tax increases would raise an estimated $318 billion over 10 years by reducing the value of such longstanding deductions as mortgage interest and charitable contributions for people in the highest tax brackets. Households paying income taxes at the 33% and 35% rates can currently claim deductions at those rates. Under the Obama proposal, they could deduct only 28% of the value of those payments.
But the substantial sums proposed by Mr. Obama are an impressive down payment on his pledge to make health care reform a priority right from the start of his administration. Those critics who will inevitably say that he is overreaching in the midst of an economic crisis should listen to the millions of Americans — employers, employees and the unemployed — struggling with the crushing costs of health care.
The plan calls for creating a $634 billion reserve fund for health care reforms over the next decade. And unlike the ill-fated Clinton health reform plan of the early 1990s — whose many complexities were worked out behind closed doors only to crash in Congress — Mr. Obama has mainly issued guiding principles. Coverage should be universal, affordable, portable and there should be investments in prevention and improved quality of care. He is leaving most of the details to Congress in hopes of winning political support for an arduous reform task.
To the administration’s credit, the budget plan does not pretend that this can be paid for through swiftly delivered efficiencies. Fully half of the money, $318 billion, would come from new taxes on the wealthy. The other major source of money would come from eliminating unjustified subsidies granted to the private plans that provide comprehensive care to more than 10 million of the 44 million older Americans covered by Medicare. By forcing these plans — known as Medicare Advantage — into a new competitive bidding system, the administration believes it can save $175 billion over 10 years.
"But dependency on government has never been bad for the rich. The pretense of the laissez-faire people is that only the poor are dependent on government, while the rich take care of themselves. This argument manages to ignore all of modern history, which shows a consistent record of laissez-faire for the poor, but enormous government intervention for the rich." From Economic Justice: The American Class System, from the book Declarations of Independence by Howard Zinn.
Executives at seven major financial institutions that have collapsed, were sold at distressed prices or are in deep to the taxpayer received $464 million in performance pay since 2005, according to an analysis performed for The New York Times. Almost half of that consisted of cash compensation.
Yet these firms have reported losses of $107 billion since 2007, a result of their own missteps and the ensuing economic downturn. And $740 billion in stock market value has been lost since these companies’ shares peaked in 2007, just before the housing bubble burst. ...
“There is a line that separates fair compensation from stealing from shareholders,” said Frederick E. Rowe, a money manager in Dallas and a founder of Investors for Director Accountability, a nonprofit group. “When managements ignore that line or can’t see it, then hell, yes, they should be required to give the money back.”
Gramm's long been a handmaiden to Big Finance. In the 1990s, as chairman of the Senate banking committee, he routinely turned down Securities and Exchange Commission chairman Arthur Levitt's requests for more money to police Wall Street; during this period, the sec's workload shot up 80 percent, but its staff grew only 20 percent. Gramm also opposed an sec rule that would have prohibited accounting firms from getting too close to the companies they audited—at one point, according to Levitt's memoir, he warned the sec chairman that if the commission adopted the rule, its funding would be cut. And in 1999, Gramm pushed through a historic banking deregulation bill that decimated Depression-era firewalls between commercial banks, investment banks, insurance companies, and securities firms—setting off a wave of merger mania.
This should come as no great surprise. For anyone born after, say, 1970, the world has been shaped by Ronald Reagan's remaking of government's relationship with private interests—a vision of lower taxes, less regulation, and maximum economic leeway for those at the top. In this view, the pursuit of wealth is the warp and weft of America; everything else will follow.
By contrast, the preamble to the Constitution tells us the nation's reason for being in 52 words that can be reduced to six principles: society, justice, peace, security, commonwealth, and freedom. Individual riches don't make the list. They are a product of American society, not its guiding purpose. Progress, then, must begin with a return to the best of the values that created this Second American Republic—one born, it's worth remembering, from the failure of the Articles of Confederation, whose principles (weak government, unfettered capitalism) found their resurrection in the economic policies of the past three decades.
Even judged by its own yardstick, the trickle-down approach has failed to deliver: Rather than getting richer, we have been slowly impoverishing ourselves. While incomes at the very top have soared to levels beyond imagining even a generation ago, the average inflation-adjusted income of the bottom 90 percent of earners was lower in 2006 than it was back in 1973. And since 2000, the median income of all Americans has actually slipped, proof that tax cuts for the rich do not create general prosperity. Today, more and more of us do not have enough money to live on without going into debt. For each dollar of equity people gained in their homes from 1980 to 2006, they borrowed two—and while a portion of that is accounted for by poor decision making, much has to do with the sheer impossibility of making ends meet. Her hope is to borrow techniques that could help the commission sift through hundreds of thousands of tips it receives annually from informants. Last year, the agency received more than 700,000 such tips.
In one of her first decisions, Ms. Schapiro reversed a policy of her predecessor, Christopher Cox, that had required enforcement lawyers to obtain the consent of commissioners before moving to resolve major cases. With the commission dominated by opponents of government regulation, this had the effect of discouraging cases and reducing penalties.
Mr. Cotton is one of many such engineers trying to solve a seemingly intractable problem before the government: how to design a system for buying up assets shunted into a massive "bad bank." The government doesn't want to pay too much and banks don't want to sell for too little. How big are these spreads? Last week, a triple-A student-loan auction-rate security was offered for 95 cents on the dollar by its owner. The highest bid: 50 cents
Since its creation in 1933, the role of the FDIC has been to prevent runs on banks by insuring bank deposits and to oversee the orderly disposition of failed banks. For the better part of a century, it has done its job quietly and effectively. And today, we would all be well served to let the FDIC and its capable leader, Sheila Bair, do their job. ...
The takeover of insolvent banks by the FDIC is the way the process is supposed to work, and the way it has always been allowed to work--up until now. For all of the debates over the "Swedish Model" -- where banks were taken over, balance sheets reconfigured, and then spun back out to private ownership -- the way they did it in Sweden is not actually all that different from the way they do it at the FDIC, when the FDIC is allowed to do its job. Insolvent banks are seized. Assets are sold off and the depositors are paid or, if possible, the balance sheet is cleaned up and the bank is sold off to a new owner.
The problem today is that a small number of our insolvent banks, notably Citi, are very big and very visible. But the problems they face are the problems that the FDIC was created to fix. This is not nationalization, it is essentially a debtor-in-possession bankruptcy process whereby the FDIC serves as the receiver.
If left to do its job, the FDIC would do what the banks resolutely refuse to do: sell their bad assets, accept the price of their business decisions, and move on. The banks refuse to do it because it would force them to face up to what the markets, and increasingly outraged taxpayers, have known for a while: They are insolvent.
The entertainment Web site TMZ broke the story Tuesday that Northern Trust of Chicago, which got $1.5 billion in bailout money and then laid off 450 workers, flew hundreds of clients and employees to Los Angeles last week and treated them to four days of posh hotel rooms, salmon and filet mignon dinners, music concerts, a PGA golf tournament at the Riviera Country Club with Mercedes shuttle rides and Tiffany swag bags. “A rep from the PGA told us Northern Trust wrote one big, fat check in order to sponsor the event,” TMZ reported.
Northern No Trust had a lavish dinner at the Ritz Carlton on Wednesday with a concert by Chicago (at a $100,000 fee); rented a private hangar at the Santa Monica Airport on Thursday for another big dinner with a gig by Earth, Wind & Fire, and closed down the House of Blues on Sunset Strip on Saturday (at a cost of $50,000) for a dinner and serenade by Sheryl Crow. ...
In what is now an established idiotic ritual of rationalization, the bank put out a letter noting that it “did not seek the government’s investment” even though it took it, and that it had raised $3 million for the Los Angeles Junior Chamber of Commerce Charity Foundation and other nonprofits. They riposted that they have a contract to do it every year for five years; but this isn’t every year. The bank cloaks itself in a philanthropic glow while wasting our money, acting like the American Cancer Society when in fact it’s a cancer on American society. ...
Coming in a moment when skeptical and angry Americans watched A.I.G., Citigroup, General Motors and Chrysler — firms that had already been given a federal steroid injection — get back in line for more billions, the golf scandal was just one more sign that the bailed-out rich are different from you and me: their appetites are unquenchable and their culture is uneducable.
Employers get paid off in the form of subsidies to select brokers and advisors who control the investment options in the plan. They, in turn, get paid by fund families and insurance companies which limit employees' investment options to costly, under-performing funds.
The fox guarding the hen house is the big winner. They have a vested interest in steering employees in the wrong direction. That's why there is no standardized investment education. The fix would be simple and easy to implement...
In recent testimony before Congress on the problems with 401(k) plans, the mutual fund industry was aptly described as the world's largest "skimming operation." It's time for Congress to put an end to the pigs feeding at the trough.
More than anything else, the proposals seek to reverse the rapid increase in economic inequality over the last 30 years. They do so first by rewriting the tax code and, over the longer term, by trying to solve some big causes of the middle-class income slowdown, like high medical costs and slowing educational gains. ...
That agenda starts with taxes. Over the last three decades, the pretax incomes of the wealthiest households have risen far more than they have for other households, while the tax rates for top earners have fallen more than they have for others, according to the Congressional Budget Office. As a result, the average post-tax income of the top 1 percent of households has jumped by roughly $1 million since 1979, adjusted for inflation, to $1.4 million. Pay for most families has risen only slightly faster than inflation.
Before becoming Mr. Obama’s top economic adviser, Lawrence H. Summers liked to tell a hypothetical story to distill the trend. The increase in inequality, Mr. Summers would say, meant that each family in the bottom 80 percent of the income distribution was effectively sending a $10,000 check, every year, to the top 1 percent of earners. ...
“The tax code will become more progressive, with relatively higher rates on the rich and relatively lower rates on the middle class and poor,” said Roberton Williams, a senior fellow at the Tax Policy Center in Washington. “This is reversing the effects of the Bush policies,” he added, and then going even further. And just as Franklin D. Roosevelt’s tax increases on the wealthy followed a stock market crash, which had already depressed their incomes, Mr. Obama’s proposals — if they become law — would too. The combination has the potential to reverse a significant portion of the inequality trends of the last few decades.
Sure, the interests and influence of the wealthiest two percent make them more responsible than most for the free market policies that created this current economic crisis. But if there's one thing we've learned about those responsible for this recession, it's that the concept of accountability is about as foreign as their live-in au pairs. Instead, they're trying to pin this on Barney Frank and a legion of "losers" (read that: working class minorities) even though Ben Bernanke himself has debunked this myth.
But accountability (a "day of reckoning" as President Obama called it) is underway in the form of the president's housing proposal, his healthcare plan and, naturally, the recovery act. At the end of the day, ninety-five percent of Americans will benefit from what amounts to the largest tax cut in American history, along with increased access to affordable healthcare and millions of new jobs.
Though, alas, the super rich will have to pay slightly more in taxes. Yeah, that's a shame. So they're gathering in their secret war rooms in the Orange County underground and on the floor of the Chicago Mercantile Exchange, grinding the tips of their Salvatore Ferragamo Pregiato Moccasins into razor-sharp spears and fashioning their Bentley key fobs into makeshift nunchucks in preparation for a supremely ridiculous rebellion led by a cast of far-right characters more freakish than the acid trip monsters from Yo Gabba Gabba.
The budget will, among other things, come as a huge relief to Democrats who were starting to feel a bit of postpartisan depression. The stimulus bill that Congress passed may have been too weak and too focused on tax cuts. The administration’s refusal to get tough on the banks may be deeply disappointing. But fears that Mr. Obama would sacrifice progressive priorities in his budget plans, and satisfy himself with fiddling around the edges of the tax system, have now been banished.
The suit, filed by a lawyer in Zurich, Andreas Rued, on behalf of nearly a dozen American clients, underscores the growing clash between Swiss banking secrecy laws and those of the United States. Tax evasion is not considered a crime in Switzerland. Disclosing client names under Swiss law is a criminal offense and can expose bank executives and officers to fines, prison terms and other penalties. UBS is the world’s largest private bank and Switzerland is the world’s largest offshore tax haven, with trillions of dollars in assets.
Vault's IBM Business Consulting Services message board is a popular hangout for IBM BCS employees, including many employees acquired from PwC. A few sample posts follow:
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.