Thread regarding IBM layoffs

The Devastation of American Families Left in the Wake of IBM's Departure from Broome County, NY

Entire article too long to fully quote so just excerpting the relevant parts.
The shameful legacy of Big Blue's abandonment of hard-working American families in favor of off-shoring to 3rd-world s-holes is perfectly encapsulated here.

https://www.wsj.com/economy/earning-more-worse-shape-poverty-overwhelms-families-eab13800

By: Dan Frosch
Aug. 4, 2025 9:00 pm ET
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Situated about 70 miles south of Syracuse, with a population of roughly 196,000, Broome County has had high child poverty rates over the past decade. It wasn’t always this way.

IBM was born here, when three of the earliest information processing companies merged in 1911 and established headquarters in the village of Endicott amid neighborhoods of Italian immigrants who worked in a local shoe factory.

With a sprawling campus near the Susquehanna River, IBM provided generations with manufacturing jobs and financial stability. The company’s presence in Broome County began waning in the 1990s, as it moved production elsewhere and laid off workers. The company sold its campus in 2002, while continuing to lease some of the buildings. That ended in 2023, and demolition of the company’s gray, hulking office buildings in Endicott—long vacant—began on Dec. 31.

“IBM’s closing threw the local economy into a depression,” said Komla Dzigbede, who chairs the Public Administration and Policy department at Binghamton University, part of the New York state school system. “In many ways, it has never fully recovered.”
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| 1701 views | | 10 replies (last August 18) | Reply
Post ID: @OP+1k1yg5d9p

10 replies (most recent on top)

@OP

Regrettable involuntary attrition but required in today's corporate climate. You see, those at the very top cannot receive ever-increasing obscene returns without totally crushing lower classes.

Nothing personal. Just the way it has to be.

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Post ID: @22j+1k1yg5d9p

@z8

IBM is like Jurassic Park, no dinosaur is safe…

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Post ID: @zp+1k1yg5d9p

A Krishna said: “At IBM, no dinosaur is safe….”

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Post ID: @z8+1k1yg5d9p

Manufacturing left Endicott before Arvind Krishna showed up.

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Post ID: @y3+1k1yg5d9p

TJ Watson would spin in his grave seeing the company in today's situation. Very sad that IBM, once upon a time it meant something great, now not so relevant anymore. I experienced days it was great, and worked with many awesome people, then the recent 2 CEOs just drove it down.

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Post ID: @qb+1k1yg5d9p

THIS IS HOW THEY THINK:

Comment from user (link below):

"Pawan Goled - 6 hours ago
other sides trumps advisors are advising him to ban H1b visa, Lol on the American leadership! America will be a dead end for sure if it happens."

https://www.msn.com/en-in/money/news/another-indian-american-shakes-up-silicon-valley-meet-shyam-sankar-palantir-s-cto-powering-company-s-meteoric-rise/ar-AA1JXdGj?cvid=1d6136b8928344da92206c71f3d3710a&ei=49#comments

They really think they are the ones that are making Silicon Valley....

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Post ID: @cd+1k1yg5d9p

@by

Sam ( + c). O_M_G.

Still, doesn't quite answer the questions from post @bd.

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Post ID: @c0+1k1yg5d9p

@bd

IBM shares never reached the $300 level but AK has been doing his best to destroy the company and looting the assets for his 2026 bonus He has tried to do away with the 401K plan and instituted the RBA which is a poor replacement for any employee's long term future.

And even some of the funds in the 401K have limitations when you transfer money between them. IBM employees and readers should be aware of a recent 401K Investment policy change which was sent out. Now you cannot transfer money between the Income Interest Fund which gives you a lame 2.68% interest (!) for 1 year and the Vanguard Cash Reserves Federal Money Market Fund which gives an interest rate of 4.69% for 1 year. The Vanguard Cash Reserve Fund was only put into the IBM 401K in Feb. 2025, no doubt because of complaints that the Interest Income fund was a total scam; it gave you even less interest than if you put it in a CD in your bank in the US. IBM gave the reason for the lower interest rate as safety ! Well, a CD is certainly safe and FDIC insured too up to $250K. The inability to transfer to get a higher interest rate for 90-day equity wash period sounds like a load of junk. IBM is holding onto your money while they get higher interest at their bank. It's a big pool of money - probably hundreds of millions of dollars from all the 401K investors. So how does this help anyone save for retirement if you have a large sum to money you want to grow for retirement but you are forced to invest in a lower interest vehicle? Maybe folks need to get legal advice about this 90 day wash period, and maybe go after IBM since the change came from IBM (or is Fidelity Investments involved here also ??). IMHO, AK and his fellow executives are nothing but a bunch of thieves.

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Post ID: @by+1k1yg5d9p

@OP

I may be naive, but I have a few honest questions:

AK doing all of this destruction as a mandate, as a demand or everyone else is keeping a blind eye as long as results are there? I guess I'm trying to figure out the intention, and who is in it?

It is so obvious that AK is doing a very bad job, but it's hard to believe that nobody can see it? Almost 6 years and nobody figured it out yet?

He was betting for someone else to win the election, that's for sure... it may have helped him go over $300 and an easier road to moving it all to ban-ga-ban-ga-lo-re.

Sorry for bring naive, but I have a hard time understanding why destroying an iconic American company may be cool or OK to anyone....

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Post ID: @bd+1k1yg5d9p

The WSJ article is pay walled so you cannot read it if you are able to post it in. Yes IBM founder Thomas J Watson Sr is looking down from heaven wondering what the he-l happened to his IBM. He is a rags to riches story with many setbacks and challenges in his life including being about the #3 man at NCR and getting fired by a cantankerous CEO John Patterson who fired him and then put his desk outside and put it on fire for everyone to see. It was things like that which helped Watson create IBM with the 3 Basic Beliefs about "taking care of his men" that biscuit man Lou Gerstner G Man "put on fire" 4-1-93. Watson was born in upstate NY and always was loyal to it including Broome County. Clearing a big reason why Arvind was made CEO was to outsource 80% of IBM to India according to the wisdom of McKinsey (where G Man worked) where any job that could possibly be done from India should be done in India or Costa Rica, or Bulgaria or Philippines, or any of the other offshore low cost labor places IBM think's is it's future.

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Post ID: @aa+1k1yg5d9p

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