IBM Europe Workers Strike

csimoes writes "IBM employees in Europe are on strike today. This is in response to the 10,000-13,000 job cuts that IBM is planning, most of them in Europe. Strikers will be wearing black and blue to signify their struggle. Here is their main union web site. Now I can't say I'm big union guy, but they do make some interesting points on their site. Such as: "IBM is a wealthy and successful company. Its first quarter profit for 2005 was $1.4 billion, and $9 billion for the whole of 2004. It increased the dividend to its shareholders, recently bought back $5 billion in IBM stock, and acquired 19 companies in 2004." The union also questions if other cost cutting mechanisms could achieve the same effect without cutting so may jobs."

Comments

Re:Europeans go on strike

[IdleTime]

Corporations don't give you vacation days in Europe, governments do. It's regulated by law. I know the word "law" is a difficult one for Americans to grasp. :-)

Take a look at the insider stock trading !!!

[gelfling]

http://www.marketwatch.com/tools/quotes/insiders.a sp?symb=IBM&vc=0&siteid=mktw&dist=dropmenu

$13 million in the proceeds of a stock grant sale and options exercize to J. Bruce Harreld alone.

Bruce Harreld came from Boston Market several years ago where he also helped drive that company straight into the shitter.

Most IBM employees got no annual increase last year and variable pay e.g. bonuses which is what most people count on, were cut to the bone - average awards were half what they were the year before and about one fifth of the people got them. This year IBM suspended annual increases to executives but stock and other equity awards were not frozen. In the meantime the employees are bracing for another year of no increases and no variable pay. Simultaneously, benefits cost were increased about 15-20% to employees. Moreover any employees sitting on options that were awarded after 1998 have worthless paper - priced around $132 which is where the stock was headed in 1999 before it had its relentless crash since then ($76 as of today). And there is a strong push to force employees to work from home so IBM can sell their real estate. Employees are expected to give up one room of their house to for a home office and the reimbursement of their office supplies to the employee is now imputed income.