In Reply to: Re: IBM Vapour Profits from Pensions posted by Pearly Gates on 08 April 2004 at 12:13:33:
Well, I don't claim to understand IBM's accounts (professional accountants have called them obscure), but presumably the vapour profits are influenced by the IBM US pension fund (a lot bigger than the IBM UK funds) not being in deficit. IBM Corp stuck cash and IBM shares into it to make it actuarially not in deficit. Link below is to a Wall Street Journal that says something about why.
(Not with trustee hat on)