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Author Topic: Non-routine News  (Read 14049 times)

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  • Administrator
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IBM sells loss generating Vermont plant to Ayrabs! LOL!
« Reply #30 on: October 20, 2014, 03:48:11 pm »
IBM Paying Globalfoundries $1.5 Billion to Take Unit in Retreat From Chips


IBM's Big Blues »

“IBM has always taken the long view of its business strategy  ;), continuously reinventing   ,” Tom Rosamilia, IBM’s senior vice president of the systems and technology group and integrated supply chain, said in a blog post today, calling the deal “one more step in the company’s reinvention.” 

The cash portion paid to Globalfoundries will be partially offset by $200 million of working capital. IBM’s third-quarter charge will account for the cash payment and a $2.4 billion non-cash writedown on the business.

After months of on-again, off-again talks, IBM Chief Executive Officer Ginni Rometty... Read More

Retaining Jobs Agelbert NOTE: See EMPTY PROMISES (LEGAL Predatory Limited Liability employee shafting for translation...) 

Globalfoundries will acquire and operate manufacturing facilities in East Fishkill, New York, and Essex Junction, Vermont, and also add IBM’s commercial microelectronics business. The company said it plans to provide jobs for all IBM employees , aside from a group that will remain with IBM. 

The 10-year partnership and exchange of thousand of patents will allow Globalfoundries to access key chipmaking technology and guarantee supply  ;) ;D of chips that IBM needs for its systems, like mainframe computers and its Watson data-analytics technology.

Related: IBM Plunges as CEO Abandons 2015 Earnings Forecast
Read the full bit of innocent sounding predatory Capitalist Puffery at link below.


Another Agelbert NOTE: Tell me chillun', why does a stock PLUNGE when the IBM conscience free (see NAZI partners in business in WWII) predatory capitalist, employee shafting piggery strategy (Vee must make ze profits for ze shareholders!  )  announces that they are offloading LOSING operations? ???  No, it's not because of the lowered earnings per share, NOPE, NOPE, NOPE, don't be a DOPE.  ;D

Here's the way this SICK EMPLOYEE SHAFTING stuff works:

1) Corporation is losing money and wants to shut down a plant.

2) Politicians say corporations can't do dat because there is an employment crisis in the USA and it will look "un-American". ESPECIALLY since they want to sell the plant to rich Ayrab despots who don't give three hoots about human rights or employee  benefits.

3) Corporation makes a "deal" with politicians (so they won't make a fuss) to keep quiet while they announce the sale of the plant(s) to the "Silicon Valley" (good PR!)  based GlobalFoundries along with lots of crocodile tears about lost earnings in the media. The fact that GlobalFoundries is owned by Abu Dhabi is the fine print not be "overly and irrationally" emphasized in the press releases. LOL!

4) About 6 months to a year from now massive layoffs occur in said plants. IBM don't own em' so, it ain't dere problem. Mens Rea in the STRATEGY to sell, maybe?  YEP! Of course the lawyers will, CORRECTLY, claim it's ALL LEGAL and MENS REA is for the criminal code so, even if it could be proved, it's NO BIG DEAL.  ;D

5) Towns with these plants go into a depression. In Vermont's case, Essex Junction is IT for the whole state as far as the economy. The only thing bigger is health care. Vermont will take a massive hit.   :P

6) THE IRONY IS SO THICK YOU CAN CUT IT WITH A KNIFE! Vermonters are xenophobic right down to their microscopic DNA!. They don't even want New Yorkers livin' heah; never mind having AYRABS OWN the pride and joy of Essex Junction! Can you say schadenfreude?   

Vermonters claim to support democracy (especially the kind we export to the Ayrabs in explosive packages... ;)) while taking care to keep their town meetings very 'democratic' (as long as you are the right - see very long list starting with COLOR). NOW the plant in Essex Junction belongs to an UNDEMOCRATIC, autocratic, RICH country which is intolerant of human rights and anything else that threatens oligarchic rule.  :o

 Will Vermonters QUIT in protest? I don't think so. All that money made from supporting WAR in the Ayrab world is about to turn into a lesson in what not to do when your country wants to wage wars for profit. What goes around, comes around.  :P

7) The media in places like Vermont will do everything they can to LIE about how "democratric" and "nice" the government of Abu Dhabi is.   

But I admit, it will be fun to watch Vermonters pretend they aren't fit to be tied by this "betrayal" of BIG BLUE. So how come the stock took a hit today when IBM is going to make big bucks in the long run from this (at the expense of Vermonters and New Yorkers!)?    BECAUSE one hell of a lot of Vermonters and New Yorkers OWN IBM stock and are NOT happy campers! 

Believe what you will. The 7 parts of this CRIMINAL (but LEGAL) Corporate two step are now nauseatingly common in the USA.   They grow ever more clever (with the aid of the Fascist handmaiden, the COURT SYSTEM and the conscience free LAWYERS that run it) in, with malice and aforethought, finding ways to legally pay slave wages to employees. Have a nice day.
A man is usually more careful of his money than of his principles.

The only prize much cared for by the powerful is power.

Beware how you take away hope from any human being.
Oliver Wendell Holmes Jr.

« Last Edit: October 20, 2014, 06:39:03 pm by AGelbert »
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23


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