Washington Post: The Story Of IBM-Endicott
The tale of what’s happened to Endicott in the three decades since IBM began to dismantle its operations at the company’s birthplace is front page news in the nation’s capital.
Tuesday’s Washington Post recounts the story with the headline: “Company town’s decline reflects new mantra: Shareholders first.”
The account by Jia Lynn Yang explores the dramatic changes that have occurred since Armonk-based IBM eliminated thousands of workers at what had been the company’s sprawling North Street manufacturing complex.
The story points out that as Endicott and the surrounding region struggle with the effects of IBM’s downsizing, the company’s stock is soaring.
The piece observes that if someone bought 1,000 shares of IBM stock for $16,000 in 1980, their investment now be worth more than $400,000.
The story drives home the changes in the way businesses are run. Company executives once may have paid some attention to the interests in the communities where their workers lived. Now, the article observes, U.S. firms post record profits while “workers face high unemployment and stagnant wages.”