I haven't even said the worst of my analysis. If I make an NPV calculation assuming the 5-year average interest rates will be 1%, IBM is currently far overvalued, essentially 100%, mostly because of too much debt compared to assets. In a firesale, IBM wouldn't fetch half it's market cap.
You can tell by the short interest in IBM that I'm not the only one who thinks so.
In fact, that's the only real quality I would ascribe to Ms. Rometty : investors in IBM should be panicking, and they're not. Since she's the main point of contact between the board and the company, she probably should get some credit for that. But in a way it's the worst kind of compliment : she has been able to push something that's either a lie or mindless optimism on a lot of investors.
As for the content of what you've said, if it's true, then it's quite terrifying! But it hardly seems unusual [0].
[0] http://www.theguardian.com/business/2016/mar/04/bp-chief-exe...