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International Business Machines Corporation Message Board

  • truthdisclosurecanon truthdisclosurecanon Dec 5, 2003 10:13 AM Flag

    THERE IS NO END TO CRIME ON WALL STREET

    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)

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