Wall Street? Couldn't raise capital? Maybe IBM could have used some of the $110 billion dollars they spent on buying back shares to, I don't know, build a real business? IBM could potentially have built what is now AWS but what did they do instead? Share buybacks. What do they have to show for that?
IBM has been essentially a financial engineering machine for many years, with their ridiculous 5-year EPS targets and all the rest of it. While I was there they even removed plants, copiers, coffee machines, televisions, pads, pencils, pens and everything else in sight to "save" money.
The "leadership" of IBM drove the company in to the ground, period.