Hostess Blames Union For Bankruptcy After Tripling CEO’s Pay

Discussion in 'Politics' started by nitroz, Nov 16, 2012.

  1. nitroz
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    nitroz INDEPENDENTly ruthless

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    Hostess Blames Union For Bankruptcy After Tripling CEO's Pay | ThinkProgress

    Today, Hostess Brands inc. — the company famed for its sickly sweet desert snacks like Twinkies and Sno Balls — announced they’d be shuttering after more than eighty years of production.

    But while headlines have been quick to blame unions for the downfall of the company there’s actually more to the story: While the company was filing for bankruptcy, for the second time, earlier this year, it actually tripled its CEO’s pay, and increased other executives’ compensation by as much as 80 percent.

    At the time, creditors warned that the decision signaled an attempt to “sidestep” bankruptcy rules, potentially as a means for trying to keep the executive at a failing company. The Confectionery, Tobacco Workers & Grain Millers International Union pointed this out in their written reaction to the news that the business is closing:

    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.

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  2. brawny1
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    brawny1 Member

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    Well, one thing for sure, 18,000 employees are dependant on your tax dollar.
     
  3. nitroz
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    nitroz INDEPENDENTly ruthless

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    After the CEO and Management's fuckup and pay increase for themselves.
     
  4. SniperFire
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    SniperFire Senior Member

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    They should have been paid much, much more to deal with such union filth.
     
  5. BallsBrunswick
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    BallsBrunswick Fair and Balanced

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    It's hitting Seattle pretty hard as Hostess had a large factory here. Not sure really what to think about this.
     
  6. nitroz
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    nitroz INDEPENDENTly ruthless

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    Yeah. First amendment rights are such a bad thing.
     
  7. CrusaderFrank
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    CrusaderFrank Diamond Member

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    He should have fired all the union workers
     
  8. brawny1
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    brawny1 Member

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    Just out of curiosity Nitroz, how much are the union BA's and OR's making? Can you post some figures for showing what they suck off employees?
     
  9. nitroz
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    nitroz INDEPENDENTly ruthless

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    none of it is online. if you find it, please be my guest and post it.
     
  10. BallsBrunswick
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    BallsBrunswick Fair and Balanced

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    Why the strong hate for Unions? I have some pretty negative feelings about Unions as well. But theoretically they're good things.
     

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