Joe Steel
Class Warrior
The closing of the Hostess plants in Cincinnati, Seattle and St. Louis appears to be an object lesson in the evils of vulture capitalism.
Hostess is owned by Ripplewood Holdings, a vulture capital firm, and two hedge funds, Silver Point Capital and Monarch Alternative Capital. As is typical for such parasites, they have loaded the company with debt and are slashing employment and benefits to maintain their profits.
According the union's fact sheet, Hostess has demanded a bankruptcy court allow:
These outrages must be stopped. The Hostess workers are standing strong against predatory capitalism for the rights of all American worker. They deserve every patriotic American's full support.
Hostess is owned by Ripplewood Holdings, a vulture capital firm, and two hedge funds, Silver Point Capital and Monarch Alternative Capital. As is typical for such parasites, they have loaded the company with debt and are slashing employment and benefits to maintain their profits.
According the union's fact sheet, Hostess has demanded a bankruptcy court allow:
An immediate 8% wage reduction;
The shift of at least 20% more health care costs onto its employees;
Elimination of the employees W-1 (retiree medigap insurance) and P-Plan (a pension supplement used to pay health and funeral costs);
Closure of additional plants (10-12), refusing to tell the union which plants are profitable, which plants will be closed, why, etc.
Elimination of the eight-hour work day.
"Outside of court, Hostess unilaterally stopped paying its pension obligations (that is its hourly contributions to the workers pension funds), in violation of federal labor law.
These outrages must be stopped. The Hostess workers are standing strong against predatory capitalism for the rights of all American worker. They deserve every patriotic American's full support.