That's just as bad as the GM bankruptcy where the Delfi employees lost 40% of their pensions and bond holders lost money so the unions could get their money first.
In this case, it's the Hostess executives that got their money first.
I guess the CEO's of the companies that you posted all did well by the stockholders or the board of directors would not have approved those huge salaries and they would have replaced them.
The company reached an agreement with its biggest union, the International Brotherhood of Teamsters, on a contract that dramatically reduced pension contributions, as well as slashing wages and health benefits.
What did Management Give UP???
GIVE UP! ARE YOU KIDDING???
Management was FORCED to approve a plan that will allow it to pay $1.75 million in bonuses to 19 of its executives.
It's The Union's Fault!!!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
When the Union agreed to concessions to pay, pension and health benefits, the company sited "SHARED SACRIFICE"... and reportedly they used that phrase with a straight face!!!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Twinkies bakers say they'd rather lose jobs than take pay cuts By Carey Gillam and Martinne Geller | Reuters – 5 hrs ago
KANSAS CITY, Mo./NEW YORK (Reuters) - Enough is enough, say bakery workers at Hostess Brands Inc. After several years of costly concessions, the Bakery, Confectionery, Tobacco and Grain Millers Union (BCTGM) authorized a walk-out earlier this month after Hostess received bankruptcy court approval to implement a wage cut that was not included in its contract. With operations stalled, the company that makes Twinkies and other famous U.S. brands said last week that liquidating its business was the best way to preserve its dwindling cash. It won court approval on Wednesday to start winding down in a process expected to claim 15,000 jobs immediately and over 3,000 more after about four months. Interviews with more than a dozen workers showed there was little sign of regret from employees who voted for the strike. They said they would rather lose their jobs than put up with lower wages and poorer benefits. "They're just taking from us," said Kenneth Johnson, 46, of Missouri. He said he earned roughly $35,000 with overtime last year, down from about $45,000 five years ago. "I really can't afford to not be working, but this is not worth it. I'd rather go work somewhere else or draw unemployment," said Johnson, a worker at Hostess for 23 years...............................>>>>..........................>>>>.............http://news.yahoo.com/twinkies-bakers-theyd-rather-lose-jobs-pay-cuts-075558559--finance.html
then they cab get paid by the taxpayers for sitting home
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
In July of 2011 Hostess Employees received a letter from the company. It said that the $3+ per hour that we as a Union contribute to the pension was going to be 'borrowed' by the company until they could be profitable again. This money will never be paid back. The company filed for bankruptcy and the judge ruled that the $3+ per hour was a debt the company couldn't repay. The Union CONTINUED TO WORK despite this theft of our self-funded pension contributions for over a year. Employees consider this money stolen.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Interstate Bakeries in 1999 received a memo announced that Wonder had just had the most productive quarter in baking history. It stated that the health of the company and brand had never been better. A few weeks later we got the 'oops' letter. Turns out it was all an 'accounting' error and the company was failing miserably.
Conveniently though, CEO Charles Sullivan and the board managed to sell their stock before word got out about the bad news. No jail time of course. In fact, Sullivan was brought back as a consultant after his resignation.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Twinkie and Wonder Bread lovers in the U.S. can still head north of the border to stock up on the baked goods even with the bankruptcy of Hostess Brands Inc.
Saputo Inc. (SAP), Canada’s largest dairy processor, has the trademark and brand rights to Hostess CupCakes and Hostess Twinkies in the country and manufactures the products themselves, said Sandy Vassiadis, a spokeswoman for the company.
Saputo Inc., Canada’s largest dairy processor, has the trademark and brand rights to Hostess CupCakes and Hostess Twinkies in the country and manufactures the products themselves. Photographer: Daniel Acker/Bloomberg . “It’s totally separate,” she said, in an interview from Saputo’s headquarters near Montreal. “We own the rights in Canada so what’s happening in the U.S. doesn’t affect us.”
The same holds true for Wonder Bread, which in Canada is owned, manufactured and distributed by Toronto-based George Weston Ltd. (WN), Canada’s largest food manufacturer and majority owner of the Loblaw Cos. grocery chain.
“We own the brand in Canada so everything that’s happening south of the border has no effect in Canada,” said Geoff Wilson, the senior vice president of investor relations.
A strike forced Irving, Texas-based Hostess to shutter operations and dismiss more than 18,000 employees last week after changing diets in the U.S. led to years of sales decline.
PepsiCo Inc. (PEP) has its own Hostess brand in Canada, a line of potato chips sold at discount grocers. The potato chips aren’t affected by the U.S. filing and will continue to be sold in Canada, said Sheri Morgan, a spokeswoman for PepsiCo by phone from Toronto.
To contact the reporter on this story: Ari Altstedter in Toronto at aaltstedter@bloomberg.net
JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!!
Who Killed Hostess Brands and Twinkies? I’m sure you have, by now, heard the news. Hostess Brands, the company that gave us such remembered childhood treats as Twinkies, Ding Dongs, Devil Dogs and other baked foodstuffs that have fallen into disfavor in our more gourmand age, announced today that it would be closing for business, effective immediately.
More than a few observers say they know who to blame for the demise of the iconic company: the Bakery, Confectionary, Tobacco Workers and Grain Millers International union, which represents thousands of striking Hostess Brand workers who have refused to accept a new contract that would do everything from slash their salaries to their retirement benefits.
Time for a reality check.
Hostess has been sold at least three times since the 1980s, racking up debt and shedding profitable assets along the way with each successive merger. The company filed for bankruptcy in 2004, and again in 2011. Little thought was given to the line of products, which, frankly, began to seem a bit dated in the age of the gourmet cupcake. (100 calorie Twinkie Bites? When was the last time you entered Magnolia Bakery and asked about the calorie count?)
As if all this were not enough, Hostess Brands’ management gave themselves several raises, all the while complaining that the workers who actually produced the products that made the firm what money it did earn were grossly overpaid relative to the company’s increasingly dismal financial position.
Watch - Twinkies Talk: Hostess Isn’t Hopeless
So now an estimated 18,500 workers will join the nation’s unemployment rolls. But while Hostess Brands might soon become a forgotten name from the past, it’s unlikely such a fate awaits such signature products as Twinkies. Company executives have already asked for bankruptcy court permission to begin the process of selling off their famed product lines to other companies.
Finally, a personal note: A few years ago, my husband picked our children up from a playdate at a home where, he said, it seemed like more food was banned than allowed, there was no television, and it was all too politically correct in the way all too many middle class childhoods are today. My husband’s response? Before bringing the boys home, he stopped in at a local grocery and introduced our ecstatic children to fine products of Hostess Brands. “Yodels,” he told me, “never tasted so good.”
Addendum: Since this has come up in the comments, I need to remind everyone that Hostess Brands acquired Drake’s Cakes in one the many of the misbegotten mergers it was involved in.
JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!!
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