Even if the hedge FUNDS lost money, you can bet that the hedge fund MANAGERS made their fee. That happens first, before any other expenses kick in. And the taxpayers come in to bail out the raided pension fund.
“Hostess” has been trying to blame the unions for a long time, and these products are made on one of the most automated production lines in the world! They just like the Bain management model.
After declaring bankruptcy in 2009 for 415 million, the executives at Hostess increased their salaries by 35 – 80%. Current executive pay is over 1 million dollars for senior executives. The judge was initially going to permit the company to go into bankruptcy until executives requested funds to pay bonuses to executives in order to “help with closing down the company.” That inane request apparently caused the judge to reconsider and send the parties involved to mediation. The union that caused the “final decision” by executives was the bakers union. The treamster union had already settled with managment. That said, Hostess makes very unhealthy and sadly, boring, products. As a child, I loved hostess cupcakes, but as I type this, I cannot recall the last time I had a hostess product. Did have a moon pie two months ago.I don’t mind the idea of hostess closing, but seeing it close while executives enrich themselves after looting the pension funds is obscene. And realizing that snack foods are evolving into healthier and tastier products while this company does nothing to evolve and improve for the betterment of owners, stockholders and staff is baffling.I am glad so many “white knights” are showing interest in this company, i think it has potential it has yet to realize. Now if only the people who have counted on this company will make the sacrifices and efforts needed to make it viable.Respectfully,C.
CEO receives triple salary increase, other execs get increased pay and bonus….now lets cut workers pay, raid their pension and sell off the assets…typical Romney plan…glad Alcaraz finally is on the right side of an issue.
As mentioned, Fructose is sugar. Also not mentioned is that corn syrup is sugar. High fructose corn syrup truly means “sugar enhanced with sweetened sugar”. Try to find pre-packaged food without it. This is why diabetes is the number 2 cause of blindness in the US (after accident).
Why don’t the union reps just buy out the company and start making their own money? Oh thats right, the copany is not making money. The inelectual tards can not see this.
Hostess just gave its management team another $1,800,000 and fired 15,000 workers…..………………………………………“The bonuses do not include pay for CEO Gregory Rayburn, who was brought on as a restructuring expert earlier this year. Rayburn is being paid $125,000 a month.
Hostess was given interim approval for its wind-down last week, which gave the company the legal protection to immediately fire 15,000 union workers. The company said the terminations were necessary to free up workers to apply for unemployment benefits. About 3,200 employees are being retained to help in winding down operations, including 237 employees at the corporate level."……………………………“In court Thursday, an attorney for Hostess noted that the company is no longer able to pay retiree benefits, which come to about $1.1 million a month. Hostess stopped contributing to its union pension plans more than a year ago.
Toward the end of the hearing, a man who said he’d worked for Hostess for 34 years stood to give his objections to the wind-down plan, saying creditors shouldn’t be paid when the company hasn’t been making its contributions to workers’ pension funds.
“I have traveled pretty far to get here,” he said, noting that many of his co-workers didn’t know how to get to the hearing and speak for themselves. “I just wanted to be heard.”…………………………………..http://www.ktul.com/story/20214978/hostess-to-seek-approval-for-executive-bonuses
CasualBrowser over 11 years ago
This comic seems about right: http://voices.yahoo.com/blame-execs-not-unions-hostess-closing-11882098.html-Good job Mr. Alcaraz.
Odon Premium Member over 11 years ago
“Sugar, sugar…”
ARodney over 11 years ago
Even if the hedge FUNDS lost money, you can bet that the hedge fund MANAGERS made their fee. That happens first, before any other expenses kick in. And the taxpayers come in to bail out the raided pension fund.
cjr53 over 11 years ago
Don’t forget the changing eating habits of Americans and theinability of managemen to adapt to the changes.
dannysixpack over 11 years ago
twinkees have no sugar in them. high fructose corn syrup, cellulose (wood chips) and perfume.
unfit for human consumption in most countries of the world, but they have a great shelf life.
Dtroutma over 11 years ago
“Hostess” has been trying to blame the unions for a long time, and these products are made on one of the most automated production lines in the world! They just like the Bain management model.
hippogriff over 11 years ago
dannjysixpack: Fructose is sugar. The -tose suffix means a kind of sugar.
chazandru over 11 years ago
After declaring bankruptcy in 2009 for 415 million, the executives at Hostess increased their salaries by 35 – 80%. Current executive pay is over 1 million dollars for senior executives. The judge was initially going to permit the company to go into bankruptcy until executives requested funds to pay bonuses to executives in order to “help with closing down the company.” That inane request apparently caused the judge to reconsider and send the parties involved to mediation. The union that caused the “final decision” by executives was the bakers union. The treamster union had already settled with managment. That said, Hostess makes very unhealthy and sadly, boring, products. As a child, I loved hostess cupcakes, but as I type this, I cannot recall the last time I had a hostess product. Did have a moon pie two months ago.I don’t mind the idea of hostess closing, but seeing it close while executives enrich themselves after looting the pension funds is obscene. And realizing that snack foods are evolving into healthier and tastier products while this company does nothing to evolve and improve for the betterment of owners, stockholders and staff is baffling.I am glad so many “white knights” are showing interest in this company, i think it has potential it has yet to realize. Now if only the people who have counted on this company will make the sacrifices and efforts needed to make it viable.Respectfully,C.
hancel over 11 years ago
CEO receives triple salary increase, other execs get increased pay and bonus….now lets cut workers pay, raid their pension and sell off the assets…typical Romney plan…glad Alcaraz finally is on the right side of an issue.
I Play One On TV over 11 years ago
@dannysixpack:
As mentioned, Fructose is sugar. Also not mentioned is that corn syrup is sugar. High fructose corn syrup truly means “sugar enhanced with sweetened sugar”. Try to find pre-packaged food without it. This is why diabetes is the number 2 cause of blindness in the US (after accident).
runar over 11 years ago
Ima doesn’t have opinions – Ima only has ideology.
laurajah Premium Member over 11 years ago
I strongly disagree. The union is responsible for Hostess closing, not hedge funds.
wolfhoundblues1 over 11 years ago
Why don’t the union reps just buy out the company and start making their own money? Oh thats right, the copany is not making money. The inelectual tards can not see this.
Donaldo Premium Member over 11 years ago
good riddance to that junk food
kamwick over 11 years ago
I’m beginning to think that Ima is actually a liberal using satire and irony…
feverjr Premium Member over 11 years ago
Update 11/30/12………………………………………
Hostess just gave its management team another $1,800,000 and fired 15,000 workers…..………………………………………“The bonuses do not include pay for CEO Gregory Rayburn, who was brought on as a restructuring expert earlier this year. Rayburn is being paid $125,000 a month.
Hostess was given interim approval for its wind-down last week, which gave the company the legal protection to immediately fire 15,000 union workers. The company said the terminations were necessary to free up workers to apply for unemployment benefits. About 3,200 employees are being retained to help in winding down operations, including 237 employees at the corporate level."……………………………“In court Thursday, an attorney for Hostess noted that the company is no longer able to pay retiree benefits, which come to about $1.1 million a month. Hostess stopped contributing to its union pension plans more than a year ago.
Toward the end of the hearing, a man who said he’d worked for Hostess for 34 years stood to give his objections to the wind-down plan, saying creditors shouldn’t be paid when the company hasn’t been making its contributions to workers’ pension funds.
“I have traveled pretty far to get here,” he said, noting that many of his co-workers didn’t know how to get to the hearing and speak for themselves. “I just wanted to be heard.”…………………………………..http://www.ktul.com/story/20214978/hostess-to-seek-approval-for-executive-bonuses