IBM Hides the Bodies, Eyes US Government Billions

theodp writes "As his company was striving to hide the bodies of its laid-off North American workers, IBM CEO Sam Palmisano stood beside President Barack Obama and waxed patriotic: 'We need to reignite growth in our country,' Palmisano said. 'We need to undertake projects that actually will create jobs.' While Sam positions IBM to get a slice of the $825 billion stimulus pie, Big Blue is quietly cutting thousands of jobs and refusing to release the numbers or locations, arguing that SEC disclosure rules don't apply since the US job cuts are immaterial in its big global picture. The layoffs included hundreds in East Fishkill, coming early in the year after NY taxpayers paid IBM $45 million not to cut additional jobs in East Fishkill in 2008. Some are questioning whether IBM incentives are worth the cost."

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Some background on the parent comment

[BadAnalogyGuy]

http://www.ibmandtheholocaust.com/

As an IBMer...

[Anonymous Coward]

...they're so disorganized and flat-out dishonest with their employees that I say screw giving them any incentives, stimulus, or any other kind of special help. They need none.

All IBM has done since Gerstner is coast, layoff, reorg, and outsource. No significant new technology, major divestitures (heck, we sold off our entire networking arm to AT&T). The first thing Palmissano did in his video address after taking over as CEO is tell sales "don't let the engineers tell you no". Great idea - it led to vaprous announcements, selling technology we couldn't produce, and atrophied all of our internal systems, investment, and talent. Growth targets are consistently at bubble levels to ensure no one gets reasonable bonuses, and in the lead up to the firings in Fishkill managers were told to downrate employees on their PBC's to limit severance payments.

And no, I wasn't one of the ones laid off. If I had a better nest egg I might welcome it, freeing me from that blasted place. In the meantime, I have a family to support...

Re:Unrestricted Welfare

[Bj�rn]

You can find historic examples of how to handle a financial like this one. In the early 90-ies Sweden experience a housing bubble similar to what has happened in the US. The state bailed out the banks, but unlike the US the state also took control over the banks. Here is NYT article about it. As a result the Swedish economy bounced back and most, if not all, of the money used to rescue the banks have been returned to the taxpayers. This was done by a right-wing government. This is in contrast to Japan where the Japanese government did nearly nothing in similar situation a few years before. Japans is still suffering the consequences of the resulting recession.