Hostess rips off workers pension

[blastoff]

So, has anyone here ever run a company with a union work force? Responsible for meeting a payroll? How about representing a company during contract negotiations? Apparently there are several here that have extensive business experience and all the answers, bring it on.

What is lower than management stealing pension funds?

How about a Treasury Secretary named Geithner terminating the pensions of about 20k former Delphi workers?

 

[LogikAndReazon]

They kept the doors open. That was stupid. They should gave gone out of business then and canned all their asses.

I guess I'm not surprised the obvious didn't occur to you.



Here's a better idea: FIRE THE INCOMPETENT CEOs



How bad is upper management when they run a major American brand like Twinkie into the ground? I mean, you'd have to be the worst businessmen in history to destroy this brand...

And they wanted a bonus!!

Celebrate Ignorance !!!!!!!!! LOL

 

[g5000]

They should hire Elizabeth Warren for their defense.

A rep to the first person who explains why I said that.

.

Warren represented LTV Steel in 1995, when she was a Harvard Law professor, aiding the bankrupt company’s bid to overturn a court ruling forcing it to pay its former employees and dependents $140 million in retirement benefits.

Miner: Elizabeth Warren’s biz ‘hypocritical’ - BostonHerald.com

We have a winner!

.

 

[Trajan]

So, has anyone here ever run a company with a union work force? Responsible for meeting a payroll? How about representing a company during contract negotiations? Apparently there are several here that have extensive business experience and all the answers, bring it on.

So what went wrong at Hostess?

well lets start with the teamsters-

their contract would not allow their workers to do more than one very select and territorial job/task even when efficable to do so.

Example- each product, either breaded goods/ sugared goods as in bread or Twinkies , even if they were going to be delivered to the same store on the very same day, could NOT ride together on the same truck, NOR could they be loaded or unloaded by the same worker.


Try that one on for size

 

[Trajan]

I guess I'm not surprised the obvious didn't occur to you.



Here's a better idea: FIRE THE INCOMPETENT CEOs



How bad is upper management when they run a major American brand like Twinkie into the ground? I mean, you'd have to be the worst businessmen in history to destroy this brand...

And they wanted a bonus!!

AIG got bonuses, even after obama made a big deal of it:lol:


and while you are ruminating on that go check on the pension balances of SEIU's unions.....

And you like this practice?

outta meds again?

 

[Soggy in NOLA]

By Bonnie Kavoussi

Hostess Brands acknowledged for the first time in a news report Monday that the company diverted workers' pension money for other company uses.

The bankrupt baker told The Wall Street Journal that money taken out of workers' paychecks, intended for their retirement funds, was used for company operations instead. Hostess, which was under different management at the time the diversions began in August 2011, said it does not know how much money it took.

"It's not a good situation to have," Hostess CEO Gregory Rayburn told the WSJ.

"Whatever the circumstances were, whatever those decisions were, I wasn't there," Rayburn added. As the founder and owner of Kobi Partners, a restructuring advisory firm, Rayburn was appointed acting CEO in March 2012.

Hostess Brands, which filed for bankruptcy for a second time in January, started liquidating its operations in November after the bakers' union refused to take another pay cut and went on strike. The liquidation will leave about 18,000 workers without jobs.

More: Hostess Workers' Pension Money Diverted For Other Uses: Report

You're beloved Federal Gubmint does this every fucking day of the year... and yet you're all in on that one and can't wait for more.

 

[DiamondDave]

The corporations are free to make good or bad choices at the executive level, just as they are at the lowest worker level... and if the lower level workers are unhappy with how the outlook appears to be, they are free to gain employment somewhere else... if the stockholders are unhappy with the compensation packages of the company leadership, they are free to sell and invest somewhere else...

But unlike hazelnutbag would like to believe.. the workers cannot fire the CEOs, nor should they be able to unless those workers are the majority stockholders, or running the board