Yes, that's exactly the case for engineers/designers/project leaders ;-) Smart people have a choice and IBM is a poor choice for anyone with ambitions, beyond a steady paycheck.
I would say that if you want your own company you wouldn't work for any company because at the end of the day you are still working on someone else's product. Doesn't matter if it's Apple, MSFT for Acme Box corp.
However when you say "Smart people", are you saying that IBM's Watson, the latest Intel chip or the latest drug are create by stupid people because their company is not mentioned on HN.
IBM is a poor choice for anybody with ambition to work with latest cool web frameworks doing 'social-X'. If your ambition is in chip design, AI, massive data processing, quantum computing and more theoretical work, then IBM probably isn't too bad a place.
However when you say "Smart people", are you saying that IBM's Watson, the latest Intel chip or the latest drug are create by stupid people because their company is not mentioned on HN.