re: http://www.garlic.com/~lynn/2013m.html#47
for other reference to latest activity Stockman in "The Great Deformation: The Corruption of Capitalism in America" pg464/loc9995-10000: IBM was not the born-again growth machine trumpeted by the mob of Wall Street momo traders. It was actually a stock buyback contraption on steroids. During the five years ending in fiscal 2011, the company spent a staggering $67 billion repurchasing its own shares, a figure that was equal to 100 percent of its net income. pg465/10014-17: Total shareholder distributions, including dividends, amounted to $82 billion, or 122 percent, of net income over this five-year period. Likewise, during the last five years IBM spent less on capital investment than its depreciation and amortization charges, and also shrank its constant dollar spending for research and development by nearly 2 percent annually. ... snip ... Stockman goes into some detail how stock buybacks (reducing number of shares and increasing corp. value/share) is being used by top executives to significantly increase their bonuses. and is only small part of what is going on aka "Retirement Heist" http://www.ibmemployee.com/RetirementHeist.shtml the book goes into several more scenarios not listed in the above webpage. -- virtualization experience starting Jan1968, online at home since Mar1970 ---------------------------------------------------------------------- For IBM-MAIN subscribe / signoff / archive access instructions, send email to lists...@listserv.ua.edu with the message: INFO IBM-MAIN
