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To: ild who wrote (143520)	1/13/2002 10:28:55 PM
From: Earlie	Read Replies (1) \| Respond to of 436258

Ild: I agree and that little rodent Gerstner has done just that in the past. When he sold the "global data network" (for $5.0 billion), somehow, he managed to reduce the company's SG and A for several quarters by offsetting the incoming cash payments. How he got away with this is beyond me, but he did. It will take considerable brass to do this in the current environment, but who knows. On another front, I expect to see the rating agencies become a bit agitated. IBM's debt load doesn't look so bad when one reads the 10-Qs, primarily because much of its borrowing activity takes place through its financial arm. One has to read the stuff carefully to understand the scene, but the rating folks know these ropes and are feeling the heat emanating from the burgeoning class action suits. So far, they have not been high profile targets, but the increasing losses posted at bond trading desks makes any laxness on their part an opportunity for enterprising legal predators. I have heard rumours about IBM being a concern for them. Best, Earlie