IBM’s latest "big bet"

Ever notice how every year or two IBM comes up with some big huge promise about some big huge way they’re going to generate big huge growth? Yesterday they told analysts they’re going to double their EPS by 2010. See here. This time the plan involves buybacks and screwing pensioners. And, um, they’re going to take on debt to buy back the shares. I think they call that taking out loans to produce earnings. Well, it beats trying to sell computers. What amazes me is that nobody ever holds IBM to any of this stuff. Remember this story from 2004 when Fortune reported IBM had a big plan to grow to $150 billion in revenues by taking over HR departments for their customers? Ahem. And yet these frigtards in the press just keep reporting whatever IBM tells them.