"Executive admits leaking inside data" by Bloomberg News | March 30, 2010
NEW YORK — Robert Moffat, former senior vice president at International Business Machines Corp., admitted he leaked inside information to Danielle Chiesi, a consultant for New Castle Funds LLC.....
Moffat is the 11th person to plead guilty in two overlapping insider-trading cases related to Galleon Group LLC and New Castle Funds....
Raj Rajaratnam, Galleon’s founder, and Chiesi allegedly used confidential tips to earn millions of dollars in illegal stock trades. They both deny wrongdoing....
Related: James Bond in Boston
See who is at the bottom of these things?
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Also see: Spies Not Like Us
Actually, they are a lot like us.
"2,400 lose IBM jobs, labor group says" by Bloomberg News | March 3, 2010
NEW YORK - International Business Machines Corp., the world’s largest computer-services provider, fired about 2,400 workers, mostly in the United States, according to an employee advocacy group.
The cuts this week occurred around the country and across several divisions, said Lee Conrad, national director of Alliance@IBM, which represents some employees....
“We’re getting reports from employees that they’re training the overseas replacements as they are getting cut,’’ Conrad said. IBM fired 10,400 people in the United States and Canada last year, he said.
Expenses for workforce reductions at IBM probably will be in the same range this year as in the past two years, according to a person familiar with the plans. Work has shifted overseas as the company coped with sales drops in three of the past four quarters....
“We continually remix our skills and structure to meet the changing needs of our clients,’’ Doug Shelton, a spokesman for Armonk, New York-based IBM, said Monday in an interview. He declined to comment further yesterday.
The cuts come less than two months after IBM said full-year profit will be at least $11 a share....
Probably more now.
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"Increased profits at IBM indicate spending rise" by Associated Press | April 20, 2010
NEW YORK — IBM Corp. said yesterday its first-quarter profit jumped 13 percent, and the technology company offered evidence that the recovery in corporate technology spending is picking up speed.
That was months ago. I didn't know crawling backward was picking up speed.
IBM said it earned $2.6 billion, or $1.97 per share, in the first three months of the year....
The improvement came not just from cost cutting, which IBM relied on much of last year to raise profits....
Somebody is getting screwed, Americans.
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And it's not just an IBM problem:
"HP called a victim in kickbacks case" by Associated Press | April 16, 2010
BERLIN — Three people who once worked for Hewlett-Packard Co. were arrested in an investigation of alleged kickbacks totaling $10.9 million surrounding a deal to sell equipment to Russian authorities, German prosecutors said yesterday.
The three, arrested in Germany and Switzerland in December, were later freed on bail, said Wolfgang Klein, a spokesman for prosecutors in Dresden. He did not give their nationalities or other details, but said at least two of them no longer work for HP....
German officials say a total of nine people are under investigation, but Hewlett-Packard itself is not being investigated and is believed to have been a victim....
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