The crooks at IBM never learn! From IBM's 9/30/03 Form 10Q notes regarding the defined benefit pension plans:
> Included in the amounts above, the company >realized income of approximately $150 million >and $281 million relating to its defined >benefit pension plans for the quarter ended >September 30, 2003 and 2002, respectively. >The comparable amounts for the first nine >months of 2003 and 2002 were approximately >$430 million and $849 million, respectively. >On January 1, 2003, the company reduced its >expected long-term return assumption on the >U.S. IBM Personal Pension Plan's ("PPP") >assets from 9.5 percent to 8 percent. Actual >return on PPP plan assets for the nine months >ended September 30, 2003 was $4.3 billion or >12.3 percent. As discussed on page 95 of the >2002 IBM Annual Report, any differences >between the actual returns and the expected >returns on the pension plan are recognized in >the calculation of the pension (income)/cost >over five years as provided by the accounting >rules. ......................................................
The crooked accounting continues at IBM. Above, they disclose that actual returns of $4.3 billion or 12.3% exceeded expected returns of 6% (8% x 3/4 [9 mo]). A 6% return would be about $2.1 billion ([6%/12.3%]x$4.3 billion). They then tell you that "any differences between the actual returns and the expected returns on the pension plan are recognized in the calculation of the pension (income)/cost over five years as provided by the accounting rules." They are trying to get you to believe that they have $2.2 billion of excess profits to amortize into income over the next five years. NOT TELLING THE WHOLE TRUTH IS A DELIBERATE MISREPRESENTATION AND THE SAME AS A LIE!!
LYING IS CRIMINAL!!! THE SLIMEY PISSANTS AT IBM KNOW IT!!!
WHAT THEY DON'T TELL YOU IS HOW THEIR ACTUAL RETURN VERSUS EXPECTED RETURN IN 2003 COMPARED TO 2002!! THEY DON'T TELL YOU THAT THEY EXPECTED $13 BILLION MORE IN INCOME THAN THEIR ACTUAL LOSS IN 2002!!! THEY DON'T TELL YOU THAT THEY HAD OVER $21 BILLION OF UNRECOGNIZED ACTUARIAL LOSS AT THE END OF 2002!!!! THIS ACTUARIAL LOSS ACCUMULATED BECAUSE IBM ASSUMED AND TOOK $21 BILLION TOO MUCH INTO INCOME IN PRIOR YEARS! WHERE IS THE WRITE OFF OF ONE FIFTH OF THIS UNRECOGNIZED $21 BILLION LOSS IN THE CURRENT FINANCIAL STATEMENTS??? HOW CAN THE MAJORITY OF THE UNRECOGNIZED ACTUARIAL LOSS BE CALLED AN ASSET??
FULL DISCLOSURE IS THE LAW!!!
Not only are IBM's top management, CPA firm, and other advisors crooks; THEY ARE STUPID CROOKS!!! They continue to provide evidence such as the above in black and white. THEY WILL BE EATEN ALIVE IN COURT!!
You can only fool SOME of the people ALL the time.
WE THE PEOPLE ARE TIRED OF WALL STREET LOOTERS!!! THERE WILL COME A DAY TERRIBLE TO BEHOLD!!
I wonder how much common ownership IBM, DJ, and MER have. Didn't Baron's (owned by DJ) recently pump IBM? Hasn't MER been touting IBM for a long time irregardless of the facts? How much other common ownership is there in large companies?
Were the crooked whores of the Wall Street Journal unaware of the crime rampant on Wall Street all these years???
I DON'T BELIEVE THEY ARE THAT DUMB!!
I guess that's why they are called the WALL STREET Journal. How about the WHORE STREET Journal?
(My apologies for offending any whores by comparing them to the crooks on Wall Street)
This is old news where I live. This has been in courts for some time. The fact is many, many people got sick or had pregnancy problems while working on photolithography Semi conductor manufacturing lines. I am sure this is not exclusive to IBM. Has anyone checked Intel, Motorola, Dupont or any of the others that have similar lines?