"If you dig just a little deeper, however, you’ll see it for what it is: proof that IBM continues to set the standard for overpaying its CEO for mediocre performance.
As we observed last year and the year before, Rometty’s tenure has been one marked by running as fast as the company can to fall behind. Year after year, investors hear almost identical assurances from IBM executives that the company is making great strides in redirecting itself that just aren’t yet reflected in financial results.
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IBM’s 13-member board, not including Rometty, comprises 10 current or former corporate CEOs or chairmen. As we observed last year (employing an image cribbed from George Orwell), these directors collect more than $250,000 each for doing not much more than gripping their board seats with prehensile bottoms. "
http://www.latimes.com/business/hiltzik/la-fi-hiltzik-rometty-20170224-story.html
And the band played on. . .