IBM sometimes behaves like a bank, and sometimes like a private equity firm. Sometimes it even behaves like an IT vendor. This week, in selling $1bn in debt for doing acquisitions, Big Blue is behaving like a private equity firm. The debt is being sold between Monday and Thursday this week and pays out 2 percent on 30 November, …
I bet Big Blue's paper is better than the toilet paper issued by the banks in the last few years.
It will be!
Since they've been robbing the robbing banks for years...
Only way for IBMers to get at any money they've earned
is to buy shares, seeing as Uncle Sam has spent our salary and bonus money on buybacks and acquisitions. Now, if only we could afford to actually buy those shares - damn, Houston, we have a problem.
Far be it from me to apologies for the self-destruction of the once-great company and its reverse take over by the vacuous powerpointers of the consultant profession. But IBM has already paid its employees for their work. Whether or not its doing the right thing for its long term shareholders is another thing, but then we've learned just how little respect Big Blue has for the idea of pensions.
Its all good though, as long as Fat Sam keeps pumping the EPS and shareprice, ready for the big pop when he announces his departure.
All the financial games but no salary rises.
No doubt Sam + all the execs will slap themselves on their sweaty backs and award themselves huge bonuses for the inflated share price and then refuse to pay salary increases to the "workers".
Which all goes to prove that IBM is a financial services company first and foremost, and only incidentally an IT product and services company.
Right now many firms that sell the general public "investments" have the problem that they need to buy a billion dollars worth of stuff every week and are obligated by law to do so. The problem is there isn't a billion dollars worth of good deals out there in any given week so the leaders keep getting their price kicked up and up and till will keep doing so until that cash comes out when its owners start to retire.
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