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Investor Lawsuit Blames NSA For $12B Loss In IBM Value
Jah-Wren Ryel writes "IBM Corp has been sued by the Louisiana Sheriffs' Pension & Relief Fund which accused it of concealing how its ties to what became a major U.S. spying scandal reduced business in China and ultimately caused its market value to plunge more than $12 billion." While anyone can file a lawsuit, being sued by an institutional investor is a little different than being sued by John Q. Disgruntled.
when this would happen. You just had to know that someone would go after them for this. I wonder how it will hold up in court. The bigger question I have is what else will be found during discovery
have you seen my sig? there are many others like it but none that are the same
Subject/citizen, you should not be concerned about your rights when it comes to security and law enforcement. But, we need legal remedy for business decisions that impact our nice retirement funds. Yeah...
i dont think you understand the underlying problem. American companies CANT say no to the government, because they get shutdown. dont you remember lavabit? he did say no to the NSA, and then they started prosecuting him for not giving them the information they wanted. it isnt really a matter of capitalism. as long as there is no oversight on things like the NSA, there will always be abuse. as long as there is no oversight on the NSA, companies cant really ever deny them access.
I feel like the NSA and the rest of the intelligence apparatuses have gotten to a point where the security of this nation trumps any man made law. If this nation is of and for the people, who the hell is the NSA working for?
I can't see how anyone is surprised here.
Would you purchase anything made by USA companies now if you want your data secure and safe?
I gave up starting a cloud storage busines for companies hosting apps/storage because there is no way to claim you have a secure and safe storage system when the goon squad can come in with grenades and machine guns and blow the place up looking for any sort of activity they feel is not "legal".
Secondly, the whole idea that companies outsource I.T. operations to reduce cost can't be made any more with any western institution. The result?
About 40 people I was going to hire to start this business won't see the light of day.
This is not just me either. In the investment circles I follow lots of people are leaving or simply shelving plans for any sort of real I.T. services expansion in the USA.
Those companies that are left and do hosting, Amazon, Google, Microsoft are doing so only because they already share all of their clients data with the NSA/CIA and are permitted to exist as a result.
The whoel thing is fascist and there is no competition under those sorts of conditions.
-Hack
Got Geometrodynamics? Awe, too hard to figure out? Too bad.
IBM stock price (and market cap) dropped only 6.4 percent. This is just one more stupid shareholder lawsuit, some lawyers trying to make money when a company's stop price drops. It's nice that /. can contribute to the hype.
1: Pot calling Kettle Black; The Sheriffs actively participated in illegal wiretaps and clandestine domestic operations and were even trained by the federal agencies on how to handle protests and riots. See: Katrina. They knew damn well who IBM was in bed with.
2: Predatory Societies always grow until they run out of livestock, then they turn on each other. A predator knows no other skill, and their skill can't make bread. They know what they are doing is immoral and they're doing it anyway because it's the only thing they know how to do.
3: We're about to find if NSA Gag letters are permissible in court, and indemnify executive management from failing to disclose them on 8-k and 10-k filings...
4: A rotten corrupt government doesn't produce pension funds for police; it STEALS your pension irregardless of who you are or who you work for then they try to pump and dump, crash and buy, cajole, mind-fuck and carrot and stick an ever greater percentage of the economy and people's lives under their control for whatever demented reason all while dangling numbers on a piece of paper in-front of your face. Now that you're riled up, as elected officials ya'll should start putting banksters and financial wizards in jail and properly protecting the productive side of the economy who pays your paycheck from the unproductive, self-destructive side. Your pension is gone, ya might as well ruin the lives of the people who stole it and have some dignity when you're a 70 year old mall cop.
5: IBM is now a mostly Indian company that produces services and products nobody wants; the only companies that stick with them are their institutional partners and even THEY are leaving them behind due to financial necessity. You can only sell so many computers and services with 50-150% markup because "there's magic inside we can't describe". Their days of coasting along on reputation are nearing a very abrupt end.
They don't always shut down the company.
Sometimes they just arrest the COB/CEO. You don't really imagine there was zero connection between Joe Nacchio of Qwest refusing to give NSA customer records without a court order (this back in 2001) and his being arrested and jailed for insider trading, do you?
(He may have engaged in some questionable trades but nothing that other corporate execs have done without getting hit with such severe penalties.)
-- Alastair
There is no real business opportunity for US or European companies in China. If your business is major infrastructure or major industry you will experience a decline in business once sufficient experience and technology has been transferred to Chinese partners. Ex GE moves some jet engine manufacturing to China to sell to Chinese airlines while the Chinese government is simultaneously releasing its 10 year plan to replace foreign designed aviation components with domestically "designed" components.
The NSA is a convenient public excuse for China doing what it had planned to do all along.
NSA has been acting as the boot forever stomping on the human face. This kind of behavior can be stopped by Obama (he's further up the NSA's chain of command, but still in the chain of command) but he hasn't done so. I can only guess that he's a force behind illegal NSA activity to which he'll still claim he "didn't know" about, just as he's claimed ignorance on the ACA website, or NSA surveillance on European allies. He's still culpable for the NSA's illegal activity, will he claim he didn't know that he has broken his oath to uphold and defend the US Constitution?
"I was unaware that it is against US law for a US Federal agency tasked with intercepting communications of non-Americans to spy on China."
It isn't. But it *IS* illegal (despite their claims otherwise) to spy on Americans in the process of spying on China. UNLESS they can SHOW some kind of probable cause to believe that American is involved in spying.
That's what the FICA Court rules say, and that's what EFF has been saying all along.
And they haven't just been spying on a few Americans... they've been spying on everybody they had the ability to spy on... regardless of any even pretended connections to espionage. And that is CLEARLY illegal. It's not even a matter of debate.
They may as well be suing the NSA, considering what would come out in discovery if this lawsuit is allowed to proceed. Or rather, what won't come out, in the interest of "national security."
Your paranoia does not extend to established business, which have the option to fight back but choose not to.
Oh how I pine for the day when I believed that shit. We were such a more innocent populace, weren't we? Go look up MKULTRA to start, and follow the Wikipedia links from there for a few hours. CEOs of companies, deans of universities, directors of hospitals, they were all in on it and that was the 1950s.
You think that sort of thing isn't going on now? The "option to fight back," oh good heavens, someone catch me before I pass out from laughter.
Thanks to the War on Drugs, it's easier to buy meth than it is to buy cold medicine!
This could get very interesting
I will be TRULY INTERESTING when institutional investors not only sue IBM, but also sue Cisco, Microsoft, Google and all other companies associated with NSA.
We the people, as individuals, have no power over that arrogant NSA - and those corporations, especially Cisco and Microsoft which had been in extra-ordinary friendly term with NSA, must face the same music IBM is facing, for what they have done.
Muchas Gracias, Señor Edward Snowden !