IBM’s Gain Is Cause of Employees’ Pain
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On the one hand, I felt great that IBM had a great quarter, “IBM Profit Report Stirs Optimism” (April 16).
In the past this has always meant a company was growing. Growth not only meant more sales, but more jobs. Not so today. It turns out that the opposite is true.
The article points out that the profit improvement was due to a “rigorous cost-cutting program,” by eliminating 29,000 jobs last year. And we are looking forward to cutting another 20,000 jobs this year.
Now isn’t that wonderful? I’m sure it is great for the stockholders, but what about those who no longer have work? How callous, how cold, can someone like Peter Labe of Labe & Co. be, when he says, “They’ve done an absolutely outstanding job on the cost side. It should dispel excessive fears.”
Once again we are witness to the total disregard of people when it comes to profits. As my father used to say, “Business is business.”
BENNY WASSERMAN
La Palma
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