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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: orkrious who wrote (208291)12/7/2002 6:47:42 PM
From: reaper  Read Replies (2) of 436258
 
ork, that article is precisely correct

see my post from a few days ago...

Message 18301653

thanks to the bizareness of pension accounting this is what happens.

of course, if you focus on CASH FLOW instead of accrual accounting you realize that IBM is spending $3 billion in CASH to generate a replacement $300mm or so in accrual 'earnings' (i.e. not cash but an accounting entry) and you see it for the scam that it is.

but then again since when has IBM been about accounting accurately reflecting the state of the business??

Cheers
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