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NY State Comptroller sends letter on behalf of laid-off IBM employees
Jan. 31, 2001: H. Carl McCall, Comptroller of New York State,
has sent a letter to Lou Gerstner, CEO of IBM, requesting that IBM consider
rehiring those employees that IBM laid off a few years ago in New York
State. Here is an excerpt from the letter:
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"As Comptoller of New York State, I serve as sole trustee
of the state's $120 billion Common Retirement Fund", stated
Mr. McCall in the letter. "The fund holds more than 5.3 million
shares of IBM Corp. common stock. On behalf of the 880,000 active
and retired members of the Fund, I am concerned that the portfolio
companies recruit and retain employees who will contribute to long-term
economic performance.
I understand IBM is undergoing a $2.5 billion expansion at its
East Fishkill, NY Microelectronics division and plans to hire 1,000
new employees at this facility. I further understand that NY State
has extended a total of $475 million in tax incentives to support
this expansion.
It is my hope that your recruitment for new employees will include
employees that were downsized in the early 1990's... A focused effort
to rehire former employees is likely to yield resounding benefits
for IBM."
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Last April, NY State voted all of its retirement fund shares
in IBM in favor of our Stockholder Resolution to give pension choice and
the old medical plan to all employees.
Thankyou, Mr. McCall.
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