IBM Employee and Investor Issues Summary Highlights for Week Ending July 15, 2000

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  Pension Lawsuit Win
  July 26, 2003
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Highlights for week ending July 15, 2000

Lou Gerstner's legacy at RJR Nabisco and American Express. Lou Shadow comments on Gerstner's legacy. Extracts: "His unfortunate legacy is really twofold. ...he did not address a fundamental flaw in IBM's financial relationship with its overseas subsidiaries and as a consequence a huge liability has built up which could in itself swamp the Company...Secondly he has changed IBM's culture,and in so doing destroyed loyalty and commitment."
CPR comments on IGS future profitability
Important: Use of IBM resources pertaining to the class action lawsuit
Allegedly, Lawrence R. Ricciardi, wrote a letter in reply to Jimmy Leas, the author of the IBM 2000 Annual Meeting stockholder proposal on pension and retirement medical. The text of Mr. Ricciardi's letter was posted for a short time on the IBM Pension club on Yahoo but was later retracted. The letter resulted in several comments, including these:
- from CPR,
- from Icelander_Light,
- from Lou Shadow (includes a couple of short excerpts from the alleged Ricciardi letter),
- why Mr. Ricciardi might be so upset about Jimmy Lea's allegations,
- details about Mr. Ricciardi's compensation,
- "he's been directly remunerated to steal from IBM employees..."
Have you ever wondered what happened to the 56 men who signed the Declaration of Independence?
IBM doesn't track overtime anymore...read speculation about why not
Overtime policy is "just a bit different" in IBM Germany than in the U.S.
Now that Lou has harvested our pensions and medical benefits, he's found another way to make money...he's harvesting hardwood trees at the IBM Country Club in Union, NY!
Important information on H1B visa limits
"Many people who leave 'dot-coms' find a bonus in returning to their former employer--a bridge over their service gap that means more money at retirement." But...your former employer has to have an "old fashioned" defined-benefit pension, not a defined-contribution pension that IBM now favors. See L.A. Times article.
"After nearly a century of union management warfare in the U.S., a series of nationwide surveys showing that union shops dominate the ranks of the country's most productive workplaces may come as a surprise. In fact, according to Lisa M. Lynch of Tufts University and Sandra Black of the New York Federal Reserve, economic Darwinism--the survival of the fittest championed by generations of hard-nosed tycoons--may be doing what legions of organizers could not: putting an end to autocratic bosses and regimented workplaces." See article in Scientific American.
Important call to action: "The House Ways and Means Committee is expected to act this month on a bill that would remove current protections on workers' early retirement benefits, as well as limit their rights to sue their employers and pension plan administrators when earned benefits are reduced." Sample letter. A later update.
Read about why House Bill 1102 is so dangerous, and why you should contact your representatives in Congress. (See the item immediately above for a sample letter). Excerpt: The most significant provisions will shift tax benefits to higher-income taxpayers. Virtually every significant provision is designed to grant tax benefits to participants in plans who earn more than $100,000 annually. The likely result is to shift the tax burden from higher-income taxpayers to lower-income taxpayers and to take benefits away from middle- and lower-income taxpayers. I believe it is likely that the effects of Portman-Cardin, were it to pass, would be to expand retirement plans that benefit only owners of businesses and to reduce dramatically the benefits granted to non-owner employees in small business plans."
Union organizers hand out flyers in Somers cafeteria. Comment from Jim Mangi, IGS Southbury employee.

"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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