Posted by Tally_HO_us on 10 October 2000 at 02:12:31:
In Reply to: Surpluses at Diago/GradMet used to match inflation posted by Jim Gilchrist on 10 October 2000 at 00:00:16:
I have been reading some of your postings. I saw the letters written to
Lou Gerstner. He is also after our pension money. He is able to
apply the surplus of our pension fund to the bottom line. This increases
earnings. Look at last quarter negative 1% revenue and 16% earnings. NOw
how does Lou get his bonus money like 15 Million in bonuses for second
quarter and 8 Million in stock options all for second quarter. He is
using the pension money to pad the bottom line of earnings. It is
in the annual report under a footnote. Very clever and legal in
the US. Isn't it also interested that his compensation is based
on earnings.
Why do you think he is after the surpluses??? Think how he gets
paid and you will understand. We are putting together another proxy resolution up
this year regarding the executive compensation. There is an e-Mail
of it that has been sent to "good ole Lou" (rather IBM) since
you have to notify them of this sort of thing. I am sure it will
be a fight to get it on the overall proxy, but we are determined to
get it on there and with the help of the SEC (Security and Exchange
Commission) we will be able to do it. For those of you who can
vote your shares we maybe back around Shareholder's meeting time to
ask for your help. Understand and read last years annual report.
It looks like EMEA and the US had the largest pension dollars of
all IBM (could be wrong) but you can check it out.
Lou is not interested in your retirement - just his bonuses. Remember
(our motto) "All for Lou and none for you".
We don't have the same laws and the US IBMERS are less protected
than you all are. One thing we do however have in common is Lou is
messing with our retirements and that is just not RIGHT!