WELL PLACED IN THE KNOW GUY,SENT THIS ALERT OUT CONCERNING IBM-THE MIDDLE CLASSIN AMERICA IS DEAD AND THE GLOBAL FINANCIAL CRISIS UNDERWAY AT "FULL CRASH SPEED"
I had a meet with a buddy of mine. He is a high level guy at IBM. I've sent
in previous alerts about IBM and some technology.
It has been my opinion for sometime that IBM will be filing for bankruptcy
soon. This could be within a year or so, maybe more. The timing is
something I can't be totally accurate on. So let me paint a picture.
- We have opened up 10 new office sites, each being multi-million dollar
sites. Five of these are shut down do to loss of revenue. This is massive.
They spent MILLIONS building these sites and their projects to deploy them
- In the last few weeks, whole teams of skilled, seasoned professionals
have been fired on the spot, to cut cost, even when their position is vital
to success of projects we are working on.
- Not long ago, a set of hardware failures happened at a given site. The
replacement had to be put on hold for a $200 part because nobody could sign
or had enough funds allocated to them for sign off.
- More than 100 projects have been canceled or delayed due to financial
issues. I estimate these projects to be budgeted at at least 100+ million
dollars. Big projects...
- People are being asked to change the hours they work on their time cards
to lower employment costs (illegal BTW).
- Third parties used to have a mechanism to sign for very urgent projects
before receiving payment. For example, if IBM sent out a project support
request to a third party, but IBM did not yet receive the funds from their
client, there was a contractual promise to pay. From what I know, IBM
always honored this. However, 3rd parties stopped allowing this due to the
amount of requests like this they were receiving.
If you work at IBM or have friends who work at IBM. Tell them to make
alternative plans ASAP. I don't care what position they are in. It is
better to be safe than sorry.
Jun 20, 2017