IBM Employee and Investor Issues Summary Highlights for Week Ending June 10, 2000

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Highlights for week ending June 10, 2000

H-1B Visas and Age Discrimination (Part 1), (Part 2)
New York Times: What's Hiding in Big Blue's Small Print (You may need to register with the New York Times to read this article. Registration is free). Excerpts: "...the combination of a roaring stock market and lower costs associated with IBM's controversial switch to a new sort of pension plan generated $799 million in 1999. Accounting rules let such gains go into a company's income statement, although the company cannot spend the money for anything but pensions...
"Because these gains are typically buried in financial statements, shareholders may not understand how a company's earnings are augmented by pension gains...To be sure, IBM is just one of many companies that continues to bury details about its pension plans' gains. But Big Blue could be clearer. ...'IBM's annual report is one of the most complicated,' said Brad Perry, former chairman and now consultant at David L. Babson & Company, an investment advisory firm in Cambridge, Mass. 'Obfuscation is the name of the game, not just for IBM but for a lot of companies.'

"Another area of IBM's financial report that is difficult to fathom concerns stock buybacks, which have totaled $14.2 billion in the past two years. By reducing the number of shares outstanding, the buybacks have helped IBM's per-share earnings grow at a respectable 10.5 percent -- masking the company's slow growth in revenue and income...

"But the purchases come at a cost, Brad Perry added: IBM's ratio of debt to total capital is 54 percent, up from 31 percent four years ago. 'It's one thing to buy back shares if you have excess cash flow,' Mr. Perry said, 'but when you're loading up the balance sheet with debt to jazz up your earnings, that's more suspect. And it certainly is a game that has an end.'"
On-Line “Essential Services” Marketplace Appoints Paul R. Lewis, former General Manager of the IBM Global Services Consulting Group as President and Chief Executive Officer.
Gambling with Your Retirement Plan, by Jane Bryan Quinn, Washington Post Staff Writer
Layoff Update. CEs were the minority let go. In IGS "it is interesting to note that 93% of all US senior IT architects were affected. About 10 senior consultants were also affected. If you're a senior professional, watch out. They are after you." Clarification on what is meant by "senior"
Notes from the IBM Women's Leadership Conference. Attrition rate for employees with less than 5 years exceeds 50%. "Encouraged" attrition from 20+ year employees now at 27%. Donofrio advocates solving the problem through "more aggressive mentoring and more hard work." An opinion on mentoring. Another opinion from a 76-year old IBM retiree. An opinion on Nick Donofrio from someone that once worked for him.
The Social Security Network Issue Brief on Governor Bush's Individual Account Proposal: Implications for Retirement Benefits (Adobe Acrobat format). Janet Krueger's summary of this article.
The American Academy of Actuaries has released an online booklet, "When Your Retirement Plan Changes," to help participants understand how changes to their pension plan can affect retirement planning. The booklet provides basic information on pensions as well as specific information on cash balance plans. Copies of the booklet are available in Adobe Acrobat format.
Stay informed. Get the news IBM won't print! Be part of, the new change at IBM, that Lou is afraid of. Informed employees armed with facts. Get the latest Alliance@IBM publications by e-mail and or snail mail! Don't be kept in the dark, get plugged in! All IBM employees, retirees and vendors are welcome!
IBM Argentina Unit Inspected for Tax Evasion
Connecticut residents, check out the new Southbury Alliance@IBM site!
Read about the background of IBM's Senior Vice President of Strategy and CPR's comments about him
Problems with IGS consultants because of lack of experience
Gerstner's 2000 "strategy"
"Heavy incoming" for PSG employees. Explanation of "heavy incoming"

"The test of our progress is not whether we add more to the abundance of those who have too much; it is whether we provide enough for those who have too little." — Franklin D. Roosevelt

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