Murphy's Law

At International Business Machines last year, they thought everything that could go wrong for the computer company did. Market share fell in every single product line; the once unshakable firm was forced to revoke a 78-year policy against involuntary layoffs; and it recorded losses of $3 billion. This year isn't shaping up any better. Standard & Poor's stripped IBM of its prized triple-A credit ranking, lowering it three notches to double-A-minus. That will adversely affect some $19 billion worth of senior debt. Last March, Moody's Investors Service downgraded IBM's debt rating.


Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!