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To: ild who wrote (240738)	5/15/2003 7:28:22 AM
From: Earlie	Respond to of 436258

Ild: There are some nice little nuggets in his speech (which reference some points I have made in the past). Now how come he didn't talk about IBM's staggering debt levels, their computer lease "bubble" (especially given the massive disparity between the "residual values" carried on the books and the actual, virtually nil, value of same evidenced in the used computer markets), their shrinking back log of service contract signings and above all else, their pension fund alligator. (g) Of course one should not expect him to talk about the company's cratered balance sheet. Best, Earlie