On Jan 23, 2006, at 8:36 AM, Bob Shannon wrote:
Last week I saw that IBM is selling off *some* of their building
downtown for condo's
You didn't say where. IBM sold its Cottle Road facility in San Jose. I
can't imagine how much it sold for, but given the value of property in
Silicon Valley, and given the potential cost of cleanup after 50 years
of disk manufacturing, they probably made out pretty well. I
believe the
employees moved to SVL.
This was in Chicago, sorry for the omission, but another person said
similar things about Milwaukee.
IBM announced earlier this month that it plans to freeze pension
benefits and put workers into a 401(k) plan
Defined benefit plans are endangered. If you have one, consider
yourself
lucky. If you don't, good luck getting one. Even with the
conversion to
401K, IBM's benefits are competitive with most US companies. This is
reality in 2006. Look at the pension obligations for GM and Ford to
understand why this change is commonplace.
Bob Shannon
Rocket Software
-
Bob,
They will probably get away with it because of politics. I will leave
it at that.
Quite a few *good* people have left IBM over the last 10-15 years.
Most won't give reasons but the few who do talk do not give pretty
pictures of what is happening inside IBM. I won't go on a rant about
IBM but quite a few people have noticed the shift and don't care for it.
Ed
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