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From guterman@mediaunspun.imakenews.net  Wed Aug 14 14:38:59 2002

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.
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
Sorry, we're still back on "rebalancing." Did IBM "rightsize"
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
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
IBM Cut 5% of Staff in Period, Double the Expected Number
IBM puts job cuts at 15,600, with fewer than 50 in this state
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
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%
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,
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."  -
Vivendi to Sell Publisher Houghton Mifflin (Reuters)
Vivendi to Sell $9.8 Billion In Assets, Including Houghton
Ousted Messier Aims To Score $17m Vivendi Pad
Ex-Chief of Vivendi Plans Tell-All Book (Bloomberg)
Amtrak halts all high-speed service after finding cracks
AOL lets resigning exec keep stock options
Lucent licensing deal with Winstar focus of probe (AP)
Study Says Net Could Benefit Music Firms
Severance claims by Enron former execs anger ex-workers
Princeton removes dean after Yale Web site flap (AP)
Frisbee golf creator dies, may land on someone's roof (SF