Hostess Out Of Business (31)
gininitaly: People are eating healthier which has probably had Hostess in trouble for quite awhile
People are NOT eating healthier. The first paragraph of this link makes it very clear ...
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Well then I guess it's just more corporate shenanigans keeping the already rich richer and the worker bees out on their cans.
How do you say 'Twinkie' in Chinese?
How do you say 'Twinkie' in Chinese?
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gininitaly: People are eating healthier which has probably had Hostess in trouble for quite awhile, then again:
"BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.
Certainly, the company agreed to an out-sized pension debt, but the decision to pay executives more while scorning employee contracts during a bankruptcy reflects a lack of good managerial judgement."
It also follows a trend of rising CEO pay in times of economic difficulty. At the manufacturing company Caterpillar, for example, they froze workers’ pay while boosting their CEO’s pay to $17 million. And at Citigroup, CEO Vikram Pandit received $6.7 million for crashing his company, walking off with $260 million after the business lost 88 percent of its value.
If the flood waters are rising... take what's left of the money and run.... there are always many reasons why things get to the point they do, to blame just the unions is pretty short sighted. But management did make sure they got their life rafts in order before jumping ship.
"BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.
Certainly, the company agreed to an out-sized pension debt, but the decision to pay executives more while scorning employee contracts during a bankruptcy reflects a lack of good managerial judgement."
It also follows a trend of rising CEO pay in times of economic difficulty. At the manufacturing company Caterpillar, for example, they froze workers’ pay while boosting their CEO’s pay to $17 million. And at Citigroup, CEO Vikram Pandit received $6.7 million for crashing his company, walking off with $260 million after the business lost 88 percent of its value.
If the flood waters are rising... take what's left of the money and run.... there are always many reasons why things get to the point they do, to blame just the unions is pretty short sighted. But management did make sure they got their life rafts in order before jumping ship.
The unacceptable face of ??????
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the way of corporations -
Move retirement benefits into account, declare bankrupt and go out of business, layoff workers and avoid paying for longtime employee dedication and loyalty
open up company under new name, hire non union employees, business as usual, all employees are new so there is no retirement to worry about yet - better yet make them buy into their own retirement plans.
Sell the nation a "poor little me company" idea as if they were such a good company and people cared for their product. ......
Move retirement benefits into account, declare bankrupt and go out of business, layoff workers and avoid paying for longtime employee dedication and loyalty
open up company under new name, hire non union employees, business as usual, all employees are new so there is no retirement to worry about yet - better yet make them buy into their own retirement plans.
Sell the nation a "poor little me company" idea as if they were such a good company and people cared for their product. ......
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JeanKimberley: the way of corporations -
Move retirement benefits into account, declare bankrupt and go out of business, layoff workers and avoid paying for longtime employee dedication and loyalty
open up company under new name, hire non union employees, business as usual, all employees are new so there is no retirement to worry about yet - better yet make them buy into their own retirement plans.
Sell the nation a "poor little me company" idea as if they were such a good company and people cared for their product. ......
Move retirement benefits into account, declare bankrupt and go out of business, layoff workers and avoid paying for longtime employee dedication and loyalty
open up company under new name, hire non union employees, business as usual, all employees are new so there is no retirement to worry about yet - better yet make them buy into their own retirement plans.
Sell the nation a "poor little me company" idea as if they were such a good company and people cared for their product. ......
Actually, Hostess products sold extremely well, judging by the hue and cry across the nation about the demise of Hostess. In fact, it's expected that the popularity of Hostess products will raise the price of buying Hostess somewhat. It's called "good will,", and good will is expensive to buy. The latest news is that Bimbo, a very large Mexico-based bakery company, is very interested in buying Hostess to expand their line.
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gininitaly: People are eating healthier which has probably had Hostess in trouble for quite awhile, then again:
"BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.
Certainly, the company agreed to an out-sized pension debt, but the decision to pay executives more while scorning employee contracts during a bankruptcy reflects a lack of good managerial judgement."
It also follows a trend of rising CEO pay in times of economic difficulty. At the manufacturing company Caterpillar, for example, they froze workers’ pay while boosting their CEO’s pay to $17 million. And at Citigroup, CEO Vikram Pandit received $6.7 million for crashing his company, walking off with $260 million after the business lost 88 percent of its value.
If the flood waters are rising... take what's left of the money and run.... there are always many reasons why things get to the point they do, to blame just the unions is pretty short sighted. But management did make sure they got their life rafts in order before jumping ship.
"BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.
Certainly, the company agreed to an out-sized pension debt, but the decision to pay executives more while scorning employee contracts during a bankruptcy reflects a lack of good managerial judgement."
It also follows a trend of rising CEO pay in times of economic difficulty. At the manufacturing company Caterpillar, for example, they froze workers’ pay while boosting their CEO’s pay to $17 million. And at Citigroup, CEO Vikram Pandit received $6.7 million for crashing his company, walking off with $260 million after the business lost 88 percent of its value.
If the flood waters are rising... take what's left of the money and run.... there are always many reasons why things get to the point they do, to blame just the unions is pretty short sighted. But management did make sure they got their life rafts in order before jumping ship.
Right on Gin.
The economic ship is sinking.
The captains are stealing the lifeboats and all the provisions.
The employees will be left with their union cards.
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RayfromUSA: Right on Gin.
The economic ship is sinking.
The captains are stealing the lifeboats and all the provisions.
The employees will be left with their union cards.
well,the Unionbosses will at least hold their Money for them!The economic ship is sinking.
The captains are stealing the lifeboats and all the provisions.
The employees will be left with their union cards.
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HuggerMan4U: Actually, Hostess products sold extremely well, judging by the hue and cry across the nation about the demise of Hostess. In fact, it's expected that the popularity of Hostess products will raise the price of buying Hostess somewhat. It's called "good will,", and good will is expensive to buy. The latest news is that Bimbo, a very large Mexico-based bakery company, is very interested in buying Hostess to expand their line.
Perhaps. But if they do, you can bet that it will only be on the condition that employees accept reduced pay scales and other sacrifices.
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Conrad73: well,the Union bosses will at least hold their Money for them!
Right. Jimmy Hoffa's in charge of that.
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gininitaly: People are eating healthier which has probably had Hostess in trouble for quite awhile, then again:
"BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.
Certainly, the company agreed to an out-sized pension debt, but the decision to pay executives more while scorning employee contracts during a bankruptcy reflects a lack of good managerial judgement."
It also follows a trend of rising CEO pay in times of economic difficulty. At the manufacturing company Caterpillar, for example, they froze workers’ pay while boosting their CEO’s pay to $17 million. And at Citigroup, CEO Vikram Pandit received $6.7 million for crashing his company, walking off with $260 million after the business lost 88 percent of its value.
If the flood waters are rising... take what's left of the money and run.... there are always many reasons why things get to the point they do, to blame just the unions is pretty short sighted. But management did make sure they got their life rafts in order before jumping ship.
"BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.
Certainly, the company agreed to an out-sized pension debt, but the decision to pay executives more while scorning employee contracts during a bankruptcy reflects a lack of good managerial judgement."
It also follows a trend of rising CEO pay in times of economic difficulty. At the manufacturing company Caterpillar, for example, they froze workers’ pay while boosting their CEO’s pay to $17 million. And at Citigroup, CEO Vikram Pandit received $6.7 million for crashing his company, walking off with $260 million after the business lost 88 percent of its value.
If the flood waters are rising... take what's left of the money and run.... there are always many reasons why things get to the point they do, to blame just the unions is pretty short sighted. But management did make sure they got their life rafts in order before jumping ship.
It was Chuck Prince who crashed Citigroup not Vickram Pandit. Pandit inherited the mess and was put in place as CEO to wind-down and or sell off poor performing assets. Citigroup returned to profitability under his watch and he worked for a salary of $1.00 per year during that time of transformation.
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"BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.
Certainly, the company agreed to an out-sized pension debt, but the decision to pay executives more while scorning employee contracts during a bankruptcy reflects a lack of good managerial judgement."
It also follows a trend of rising CEO pay in times of economic difficulty. At the manufacturing company Caterpillar, for example, they froze workers’ pay while boosting their CEO’s pay to $17 million. And at Citigroup, CEO Vikram Pandit received $6.7 million for crashing his company, walking off with $260 million after the business lost 88 percent of its value.
If the flood waters are rising... take what's left of the money and run.... there are always many reasons why things get to the point they do, to blame just the unions is pretty short sighted.