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(Reuters)   Preparing to receive part of a multi-billion dollar stimulus package, IBM announces layoffs   (reuters.com ) divider line
    More: Asinine  
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2550 clicks; posted to Main » on 28 Nov 2001 at 11:54 AM (14 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



121 Comments     (+0 »)
 


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2001-11-28 11:55:44 AM  
somehow I'm not surprised
 
2001-11-28 12:00:20 PM  
This has been waiting to happen. Been in the news a bit. Have an uncle, aunt, and three friends and BurlingVegas who might get the pink slip today.
 
2001-11-28 12:00:45 PM  
"in" BurlingVegas, not "and".
 
2001-11-28 12:03:36 PM  
That figures, must keep those CEO salaries up....
 
2001-11-28 12:03:53 PM  
Suprised. Did anyone expect anything different. Glad to see that Bush is spending our tax dollars so wisely.
 
2001-11-28 12:04:12 PM  
Gee, wasn't some politician saying that his stimulus package would save jobs? Who was it? Oooh... I can almost remember his name...
 
2001-11-28 12:08:42 PM  
I'm glad to see IBM is striving to protect their bottom line. Wouldn't want to see them struggling to produce their crappy computers.
 
2001-11-28 12:09:41 PM  
I'm just glad to know that the CEO's will have a good christmas. That's what is really important.
 
2001-11-28 12:10:13 PM  
somehow i'm sure the ceo's & investors will still get their profits. don't worry about peeps who actually WORK for a living, just give $ to the vampires who take advantage of others.
one more battle goes to the powers at the top of the pyramid scheme. suprise, suprise.
 
2001-11-28 12:11:25 PM  
Well, I hate to play devil's advocate here so early in the thread, but I mean, keeping people working when there is no reason is not really in any company's best interest. When demand is reduced for the product that they make, then they obviously don't need to make as much...and don't need as many to make it. Layoffs are bad and all, but I don't think there is anyone who thinks that the big American corporations are charities when it comes to jobs.
 
2001-11-28 12:12:54 PM  
In other news today, IBM announces whooping pay increase and bonus for CEO.
 
2001-11-28 12:13:43 PM  
Michael Moore.
He is my hero.
I won't feel sorry when I hear about CEO's getting pieces of lead in their head from disgruntled employees as Christmas presents.
 
2001-11-28 12:14:03 PM  
why is everyone so surprised that the economy is doing so bad. first everyone wanted to be an internet business, so they hires a lot people to meet the demand. now that it slowed down they have to fire people that they hired. and it doesnt help with the terrorist attack. now everyone is laying off people cause there really isnt a market for them to be in.
 
2001-11-28 12:18:14 PM  
I'm not surprised! When I win the lottery I'm shedding all my friends and buying a new set with cocaine.
 
2001-11-28 12:20:22 PM  
Asthmaticenemyofgod, ????? It's not only that they're firing people, it's that they're getting millions of dollars so that they don't have to and can then keep more people employed in this downswing in the economy. So they take the money, then fire people anyways. And you knwo who is paying for this? You and me. Hell, if you want to give money to IBM for nothing, go ahead. I sure don't.
 
2001-11-28 12:21:51 PM  
And in other news, former IBM employee Gus Svenson purchased a gunshop near IBM's headquarters. Gus is excited about the potential business he will get.

"I am offering a 95% discount to all IBM employees, past and present." he said, proudly displaying the mounds of ammunition he has stockpiled.

"There is one more bullet than amount of stimulus money IBM is going to be getting." he says.

At the time of this article, thousands of people were waiting in line in front of the "I hate IBM, Shoot the bastards" gun store.

Some people, never acquianted with IBM, are hoping to at least wing the annoying guys in the IBM commercials.
 
2001-11-28 12:24:17 PM  
Layoffs are bad and all, but I don't think there is anyone who thinks that the big American corporations are charities when it comes to jobs.

True, but then there really isnt a good reason to be giving them a $1 billion stimulus package (ive heard up to $1.4 billion even).
 
2001-11-28 12:25:55 PM  
Supply and demand people. Its still hard to get a good CEO in bad times (if not harder). You average moaning socialist worker can be hired anytime.

Boooo Hoooo cry me a farking river. Didn't make a million on your stock options?

This is from all the non-techies who had to sit around listening to your crap in the late '90s.

HA! HA!
 
2001-11-28 12:31:19 PM  
Vandalbob
It's not only that they're firing people, it's that they're getting millions of dollars so that they don't have to and can then keep more people employed in this downswing in the economy.

They are not getting millions of dollars. The stimulus package consists of tax cuts. It just means they will have to pay less.
 
2001-11-28 12:34:12 PM  
They are not getting millions of dollars. The stimulus package consists of tax cuts. It just means they will have to pay less.

isn't that essentially giving them that money?
 
2001-11-28 12:34:24 PM  
In 1999 IBM paid $1.9 Billion in U.S. Income Tax.
 
2001-11-28 12:35:23 PM  
Rosalea: Not if believe that corporations as well as individuals are overtaxed to begin with.
 
2001-11-28 12:35:36 PM  
Welfare fraud!
 
2001-11-28 12:36:17 PM  
that's "Not if you believe"
 
2001-11-28 12:36:17 PM  
Welcome to the cold, cold soul of capitalism everybody! Woohoo!
 
2001-11-28 12:37:08 PM  
Wake up from dreamland kids.

I'm definitely not a big supporter of all these big handouts for select companies but what IBM is doing makes good business sense. When things are going bad, you do what you have to do to get back in the red/increase the bottom line. Cut costs, downsize, become more efficient. Basically what you folks are saying is since they are getting money that they should just keep running the way they are, even if the company continues to bleed money or lose potential profit. That doesn't make very much sense in the long run, unless you just want to have these companies running on some kind of permanent welfare program, and god knows, there's already plenty of that going on. Now sure, in a perfect world they could just take the money and not lay anyone off, but this is reality, and sorry, but capitalism is far more about making a profit than keeping someone happy.

What would be really great is if everyone who hates all these great big "souless corporations" went out in the real world and tried to do the same thing. Go out and start that business and make it a global money making enterprise. And hey, if you can do that while making people happy too, then more power too you. I'll even buy your product. That's just as long as it's as good if not better than the products of the competition.

And as for CEOs and investors getting profits, well hell, why aren't you investing then? Why aren't you a CEO then? Unless you have some sort of mental/learning disability, I'm sure you could do it. "Oh blah blah investors are just going to make a killing while I get laid off from work." That makes about as much sense as the guy just sitting on his couch saying "I don't have any money leftover from welfare, look at all these people with paying jobs making money. Give me more money."
 
2001-11-28 12:37:18 PM  
This is why you get protests outside G8(7,4 whatever)/IMF/World Bank meetings.
 
2001-11-28 12:38:08 PM  
Anybody ever notice in Communist Russia, they never had lay offs?
 
2001-11-28 12:39:31 PM  
In 1999 IBM paid $1.9 Billion in U.S. Income Tax.

if thats true they are gonna get about 75% of 'their money' as a stimulus package. I would LOVE to get 75% of my tax money back... itld be a shiatload more then the 300 dollar bribe i got earlier this summer.
 
2001-11-28 12:39:39 PM  
The substantial difference between paying millions less in tax to the government, or getting millions from the government, would be what?
 
2001-11-28 12:39:45 PM  
They are not getting millions of dollars. The stimulus package consists of tax cuts. It just means they will have to pay less.

Bildo everyone understands that. Socialists/Liberals/Communists/Nazi/Greens believe big governemnt deserves that money as property of the state. Giving money back to the people that take chances on R&D is not in their goal.
 
2001-11-28 12:40:35 PM  
Blumf:

This is why you get protests outside G8(7,4 whatever)/IMF/World Bank meetings.

Yes, because those idiots don't understand business any more than you do.
 
2001-11-28 12:41:39 PM  
Yupislyr
I have no problem with IBM laying off staff, but to demand and then get tax breaks on the threat of job cuts and then go ahead and shed jobs anyway is out of line.

Bit like a kidnapper killing the hostage when they get the ransom.
 
2001-11-28 12:41:47 PM  
Yupislyr,

personally, im not complaining that they are laying people off. i just think is SUCKS ASS that they are getting 'stimulus package' while announcing layoffs.
 
2001-11-28 12:41:53 PM  
Rosalea beat me to it by a mile...
 
2001-11-28 12:42:52 PM  
Asthmaticenemyofgod, You make an agreeable point (that corporations are NOT job charities). In my situation, if the future looks bad, there will be no hiring (except of slimy sales guys to bring in some more cash).

Often, ugly things need to be done to please the people that started it all, like board members and major shareholders. Items included in "ugly things" are generally... well, ugly: layoffs, pay cuts, etc.

I'd better stop now. I'm portraying myself as one of these top brass bastards. I'll try to come back to the mindless rage that we're all familiar with.

corporations BAD!
 
2001-11-28 12:44:05 PM  
if thats true they are gonna get about 75% of 'their money' as a stimulus package. I would LOVE to get 75% of my tax money back... itld be a shiatload more then the 300 dollar bribe i got earlier this summer.

If you paid more income taxes then you will get more back.
Most of the money you paid were not in taxes but in S.S. and S.S. is not taxes jackass.
 
2001-11-28 12:44:49 PM  
BaconFarker:
if thats true they are gonna get about 75% of 'their money' as a stimulus package. I would LOVE to get 75% of my tax money back... itld be a shiatload more then the 300 dollar bribe i got earlier this summer.

Where did you hear that they were getting $1.4 bil.? I seriously doubt that it's true.
 
2001-11-28 12:44:53 PM  
Bildo
"Yes, because those idiots don't understand business any more than you do."

Maybe if the overpaid CEO understood business there wouldn't be any economic downturns and dot-com style bubbles.
 
2001-11-28 12:47:10 PM  
Blumf:

This is why you get protests outside G8(7,4 whatever)/IMF/World Bank meetings.

Yes, because those idiots don't understand business any more than you do.


Most of those dirty hippies do not even know what they are protesting. I watched a news broadcast were the camera crew were asking the people in seattle what was the IMF and WTO and most of the responses were "I don't give a shiat its bad".
 
2001-11-28 12:48:56 PM  
Corporations are not charities. They just GET charity form the government...
 
2001-11-28 12:49:57 PM  
If you think its so easy to be CEO then you do it.

These people work their asses of to get to a good uni, then work their asses of to get good grades and good job. Then work even more to make it to the top.

I'm sorry life sucks. If you are not better than the person next door then you'll get laid off. You only have yourself to blame. It's your resposiblity to be unreplaceable. Or worth hiring for a new company.
 
2001-11-28 12:50:33 PM  
Blumf:
"Maybe if the overpaid CEO understood business there wouldn't be any economic downturns and dot-com style bubbles. "

So you rant about how horrible these companies and their leaders are, but then you also make them responsible for all of the economic downturns?!? They suddenly control consumer spending? I'm laughing because I just realised that your joking. You must be joking.
 
2001-11-28 12:52:32 PM  
MediaMadeMeKill

dumbass, do you even have a clue as to what im talking about? Most ppl (including me) got a 300 dollar check this summer.. remember that? well that 'stimulus package' is a hell of alot less then 75% of my FEDERAL WITHOLDINGS... do you understand that? not OASDI or FICA... FEDERAL WITHOLDINGS... catch on moron.
 
2001-11-28 12:53:38 PM  
Flamebait:

"If you are not better than the person next door then you'll get laid off. You only have yourself to blame. "

I agree completely. Survival of the fittest, just make sure that your the fittest.
 
2001-11-28 12:54:27 PM  
St.Alfonzo

Corporations are not charities. They just GET charity form the government...

Nice! Exactly.
 
2001-11-28 12:55:49 PM  
Bildo
Granted, it's the house's version of the stimulus package. but its about halfway down the article...

http://www.washingtonpost.com/wp-dyn/articles/A3562-2001Nov22.html

Citizens for Tax Justice, an advocacy group that produced the reports that led to the 1986 reforms, estimated that 16 Fortune 500 companies would receive more than $7 billion. IBM Corp., for example, would receive $1.4 billion, Ford Motor Co. would get $1 billion, and General Motors Corp. would end up with $833 million.
 
2001-11-28 12:55:55 PM  
BaconFarker:

Nice rant but you still didn't answer the question. Where did you hear that they are getting a 75% tax break.

ps. It won't come as an early rebate check like your $300 did .either
 
2001-11-28 12:56:16 PM  
Bildo
"So you rant about how horrible these companies and their leaders are, but then you also make them responsible for all of the economic downturns?!? They suddenly control consumer spending? I'm laughing because I just realised that your joking. You must be joking."

Well was the dot-com bubble caused by idiot investors pumping money into schemes with no real buiness model or not?

And yes they do control consumer spending, or are those freshly laid off IMB folks going to be rushing to the nearest mall to spend thier last pay-cheque in one big go?

Large scale lay-off = less people with money to spend = less demand for products = slowdown in the economy
 
2001-11-28 12:56:48 PM  
Nice timing. I was typing the message while you were posting sorry.
 
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