Jim, If IBM does more brilliant acquistions like Rolm at the top and their other silly buyouts, even Lotus, which is o.k., but they paid way too much, then they are just destroying shareholder assets even faster over time.
The Bankers Trust comments refer specifically to the IBM credit scam where they loan bad credits money to buy their hardware.
Increasing sales are a function of frontloading service revenues and backloading service expenses, the only way this scam co. can show any growth. The service expenses will eventually be even another one time writeoff.
Let's face it, Jim, IBM can flim flam investors faster than they can keep up. So far this time around, that has been a good thing for shareholders. The greater fool has always been out there willing to sucker in. But, as with other CEO's who are all fluff and no substance, this one will flop in due time. The only question is when it will crash, not whether or not it will crash.
MB |
