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<P>Does the Securities and Exchange Commission have a press pass yet? It seems to be bringing us all our news lately. On the day of the deadline for companies to certify their financial statements with the SEC, the business press squirmed and waited for the next Enron or WorldCom. (We might eat these words tomorrow, but we doubt it.) In an unrelated confession, IBM gave the commission its latest layoff numbers.</P><P>
IBM talked about pink slips during its second-quarter earnings report, but with a vagueness worthy of your daily horoscope. ("Capricorn: Career changes may be on their way...") Only after "months of surreptitious layoff notices" did the company admit that it's cutting more than 15,600 jobs, said the AP. That's about 5% of its workforce, and a lot more than pundits expected. An IBM spokesperson told the Wall Street Journal the higher number was due to "rebalancing" and more employees than
expected taking voluntary layoffs. </P><P>
Sorry, we're still back on "rebalancing." Did IBM "rightsize" last quarter, too?</P><P>
IBM's news was still trickling out Wednesday morning, but some details were available. About 1,400 workers got cut from IBM's microelectronics unit, and most of the rest were from IT services and consulting. (That ought to make IBM's new employees from PricewaterhouseCoopers feel all warm and fuzzy inside.) Look for news updates from cities that will see the cuts, such as Austin and Raleigh. </P><P>
OK, none of this is good. Two years into the tech slump, we're still tired of seeing people get sacked. But was it really so bad that IBM only revealed it because of new accounting regulations? Nah, Big Blue was always known for "stealth layoffs," as CNN put it, but current corporate scrutiny forced it to 'fess up for once. Until now, IBM would acknowledge the latest layoffs if reporters called and asked, but wouldn't give specifics. Yeesh. - Jen Muehlbauer</P><P>
IBM Cut 5% of Staff in Period, Double the Expected Number<br>
IBM to Cut Over 15,000 Employees (AP)<br>
IBM confirms 15,600 job cuts (Reuters)<br>
IBM puts job cuts at 15,600, with fewer than 50 in this state<br>
<P>Synergy always was a fuzzy concept. Now Vivendi Universal's top man has slammed the lid on it. The French company announced today that it's ready to peddle $9.8 billion in assets to rustle up some cash. First up on the block? Synergy-less U.S. book publisher Houghton Mifflin. </P><P>
It's unclear whether new chairman Jean-Rene Fourtou has genuine turnaround muscle, or whether he and Vivendi's board are simply following the winds of post-merger fashion. But when you owe $18.7 billion, you get real practical, real fast. The Guardian reported that Vivendi's share price sank 5% on Tuesday when investors got the willies about the company's impending announcement on its financial health. But the company had positive news to report: It's making money. Revenue in the first half was
up 13%, higher than analysts' estimates of a 7.7% boost. </P><P>
Details are scant on the breadth of Fourtou's restructuring efforts, with more information expected at the next board meeting on September 25, according to reporters. Houghton Mifflin, acquired a year ago for $1.7 billion, and a vague explanation that included the "Curious George" character, were the only properties named for sale so far. The Guardian speculated that Vivendi will also sell its U.S. video games business and possibly its stake in the French mobile phone company SFR, a debatable
sale because of the cash it generates, according to the newspaper. </P><P>
Meanwhile, Fourtou's predecessor, Jean-Marie Messier, continues to advocate empire-building. The New York Post said its sources say Messier hopes his former employer will feel generous enough to let him continue to reside in his $17 million Manhattan abode. And Bloomberg reported earlier this week that an unrepentant Messier is penning a memoir as he vacations in the Mediterranean. The working title? "How I Was Betrayed."  - Deborah Asbrand </P><P>
Vivendi to Sell Publisher Houghton Mifflin (Reuters)<br>
Vivendi to Sell $9.8 Billion In Assets, Including Houghton<br>
Ousted Messier Aims To Score $17m Vivendi Pad<br>
Ex-Chief of Vivendi Plans Tell-All Book (Bloomberg)<br>
<P>A Top AOL Manager Has Left Company<br>
Amtrak halts all high-speed service after finding cracks<br>
AOL lets resigning exec keep stock options <br>
Lucent licensing deal with Winstar focus of probe (AP)<br>
Study Says Net Could Benefit Music Firms<br>
Severance claims by Enron former execs anger ex-workers<br>
Princeton removes dean after Yale Web site flap (AP)<br>
Frisbee golf creator dies, may land on someone's roof (SF Chronicle)<br>
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