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Author: TerryMcK Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 9254  
Subject: TMF on IBM White lies !!!! Date: 4/15/2003 11:08 AM
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Now TMF (or at least TMF....Edible)has joined the ranks of IBM whiners with their article on "IBM's Little White Lies".

I'm not sure what people expect nor what will satisfy the IBM whiners club. Over the (recent) years, they have found one item or another to complain about.

They complain about the top line, but if the top line improves they complain about how it was done. They complain about the bottom line, but if IBM cuts expenses or resources, they complain it's not real. They complain about the pension fund, but if IBM admits it has a shortfall and a plan to fix it they keep beating on how the fund was used. They complain about how the numbers are skewed due to mergers, acquisitions, or sales, but IBM has always been in the business of buying or selling business units based on their business models. They complain the numbers are inflated or deflated due to currency issues. Well, folks IBM can only report what they do. Oh, but they may have the number in parenthesis so it's not the real truth.

These folks all need to move on to other stocks. For some reason they can't accept the fact that IBM is what it is. But on the other hand they feel compelled to tear at IBM. IBM did not write the accounting rules, IBM did not set the currency rates in Eurpoe or Asia, IBM is not going to stop buying or selling business units to improve their business. So you are never going to see an A+B=C financial report; live with it.

For more years than any other company I can think of they were under a microscope and the eye of Judge Edelstein with his consent decree. If anything, their business was hampered by the judge with his vendetta. If Microsoft (the darling) had the same judicial mentality they never would have escaped.

If you care to read the TMF carping, see below.

http://www.fool.com/News/mft/2003/mft03041502.htm

Terry
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