July 23, 2001

IBM shows its age

Author: JT Smith

Commentary from The Industry Standard: "IBM has been looking like a hero. The
granddaddy of technology companies,
once dismissed as too senile to "get" the
Net, has survived to fight another day,
reporting gains in its earnings that Net
companies see only in their dreams. But on
closer examination, some investors wonder
if IBM is doing the dreaming... It's not Gerstner's retirement that's
worrying some on Wall Street - it's IBM's
use of proceeds from the retirement program
for its thousands of current and former
employees. Critics say IBM is using
pension funds to artificially prop up
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