Posted by Brian Marks on 31 July 2001 at 13:24:23:
In Reply to: Pensions and creative accounting posted by Press reader on 30 July 2001 at 15:31:09:
: QUOTE
: First of all, how the IBM Company accounts for its
relationship
: with the Pension Fund is nothing to do with and has no impact
on,
: the Pension Fund itself.
: UNQUOTE
Wrong, because there is a connection via the executives who are obsessed with
the accountancy results and are also making choices that affect the Pension
Fund. Is there anyone (apart from David Newman) who believes that the reduction
in benefits that our US colleagues have suffered would have occurred if the
accountancy rules were such that the effect did not show on the profit figures
(and Gerstner's bonus)?