If you recall, IBM drew scorn last year for suggesting that recently dismissed IBM employees in the United States or Canada could move to India or another faraway land and work for a fraction of their former wages. You're all heart, Big Blue.
Also, an employee in IBM's Applications On Demand unit in 2008 told of turmoil in working for the operation, although IBM later denied a claim of a reported "three strikes" policy affecting workers.
How about you folks who moved to Iowa for IBM at your cost? If your salary is $43,000/yr, you would have to work for IBM for nearly 565 years to make what Sam made in JUST THE MONTH OF MAY. If you even want to last 5 years - start thinking about what you need to do to improve and protect yourself and fellow employees. ORGANIZE!
So here we have obscene pay packages for an executive team that produced mediocre results at best, miserable results at worst and have the company at risk of its long-term survival.
Palmisano knows the balance sheet, he has access to what income is coming in, he knows what big deals are on the way, he gets info on the profits and revenues, he finds out when the board wants to do another incestuous stock buyback, he gets to know when the next employee screw job is coming, etc.
If he knows all this isn't that enough insider information to make a lucrative stock sale and profit or option exercise decision that should raise some investigation with the SEC based on his recent activity. Yes, for Palmisano life is very good indeed.
I was pushed out the door on Dec 1, 2008. That was my last work day. Since I was retirement eligible, I got a bridge to Dec 31, 2008 (Company Policy is you can't retire on the first day of the month). I started drawing my pension of Jan 1, 2009. Eight months later, I started working for a competitor. The company that hired me vetted the "non-compete" that I signed as part of the Resource Action Package. Since I wasn't going to be calling on the same customers as when I was with IBM, their lawyers felt there was no teeth to the RA non-compete.
Instead of burning my FHA account for Retiree benefits, which are astronomical, I am using my current company benefits since I am getting better coverage at a lower cost that when I was an IBM employee. A low deductible and low co-pay medical plan as a retiree was going to run me about $1,700 per month for me, my wife, and son who just started college. Dental & Vision was going to cost about $140 as a retiree. There was a $20 per month difference between an active employee and a retiree for dental and vision.
Go to the benefits section on the IBM Intranet site. Select the area that's titled "When Life Changes". Select retirement. There you can get an estimate of what your benefits will cost as a retiree. There is also a good checklist that is provided. I did that the day after I was informed of my inclusion in the Resource Action. When I saw the medical costs, I thought that I was Fred Sanford. I just yelled "It's the Big One, Elizabeth". Going from $450 a month as an active employee to $1,840 as a retiree was a real low blow. That was one of the main reasons that I was determined to find a job before 2009 came to an end. The RA Package allowed me to pay for medical at the active employee rate for one year. I used my FHA to pay for Dental and Vision.
I started working for a competitor in August 2009 and am drawing my IBM pension. My only regret was not leaving IBM at 30 years in June of 2004. The four and one half years of pension that I left on the table could have been put to good use.
HP has followed nearly every acquisition announcement with organizational restructuring and workforce reductions. Since 2005, under the helm of CEO Mark Hurd, HP has announced nearly 50,000 eliminations of jobs as part of restructuring and cost-trimming efforts. In a conference call in 2008, Hurd told analysts and stockholders, "We've acquired 30 companies over the past four years ... We're good at it." In 2005, HP restructured and eliminated 14,500 jobs; in 2008, after the $13.9 billion EDS acquisition, HP announced 24,600 job cuts. In March 2009, U.S.-based EDS employees who made more than $40,000 in salary were forced to take base pay cuts of 10 percent on top of February 2009 base pay cuts in the range of 5 to 10 percent depending on job level.
Had his life ended three months earlier, Mr. Duncan’s riches — Forbes magazine estimated his worth at $9 billion, ranking him as the 74th wealthiest in the world — would have been subject to a federal tax of at least 45 percent. If he had lived past Jan. 1, 2011, the rate would be even higher — 55 percent. Instead, because Congress allowed the tax to lapse for one year and gave all estates a free pass in 2010, Mr. Duncan’s four children and four grandchildren stand to collect billions that in any other year would have gone to the Treasury.
In a 2006 memo to Citigroup's wealthy clients, lead "strategist" Ajay Kapur declared: "Our thesis is that the rich are the dominant drivers of demand" in the U.S. and other "plutonomies." How does a country become a plutonomy? One essential factor, he writes, is "favorable treatment by market-friendly governments [to allow] the rich to prosper." Another is to have corporate CEOs who "lead the charge" on globalization and automation to transfer more of the nation's wealth into corporate profits "at the expense of labor."
Kapur notes that the wealthiest one percent of Americans – whom he calls "the plutonomists" – had benefited disproportionately from recent increases in worker productivity, and he happily forecast that "global capitalists are going to be getting an even greater share of the wealth pie over the next few years."
Gosh, in this happy world of plutonomics, does anything ever go badly for the rich? Well, it's possible, he admits, because the ever-widening rich-poor wealth gap could lead to a populist backlash. After all, he warns, even in the United Plutonomy of America, the "one person-one vote" system still exists.
This is Jim Hightower saying... Of course, the plutonomism movement is working furiously to replace that with "one dollar-one vote."
"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.
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