Twinkie CEO Admits Company Took Employees Pensions and Put It Toward Executive Pay

And the hits just keep on coming!!

If there's no way to recover the money for the Hostess pension plans for workers, then we the taxpayers - through the Pension Benefit Guaranty Corp. - will have to foot the bill to make sure workers get the retirement money they paid in.

Twinkie CEO Admits Company Took Employees Pensions and Put It Toward Executive Pay | Alternet

The PBGC is not funded by general tax revenues. Its funds come from four sources: Insurance premiums paid by sponsors of defined benefit pension plans; ...

How PBGC Operates
 
The whole thing is pretty much a lie starting with the executives stole and ending with technically not illegal. What happened is out there someplace. Someplace else.
 
And the hits just keep on coming!!

If there's no way to recover the money for the Hostess pension plans for workers, then we the taxpayers - through the Pension Benefit Guaranty Corp. - will have to foot the bill to make sure workers get the retirement money they paid in.

Twinkie CEO Admits Company Took Employees Pensions and Put It Toward Executive Pay | Alternet

The PBGC is not funded by general tax revenues. Its funds come from four sources: Insurance premiums paid by sponsors of defined benefit pension plans; ...

How PBGC Operates

Sounds like an FDIC inspired plan.

Woukd it be fair to say:

Knowing the pension fund would be paid for out of the "emergency" program they took advantage of the system and did not fund it.

And of course now there is less left in that system and it is closer to being bailed out or everyone else's rates will go up. (really I dont know its balance sheet but hey, this cant help).

Was this a big government program coming to save the day?
 
They did no such thing. Those were compensation packages that are needed to keep staff on.
 
Sooo, NaziCons say Obamaphones cost the taxpayers even though they're paid for by private companies.

Then, they try to say that bailing out pension funds doesn't cost the taxpayers because PBGC is funded by insurance premiums.

Really...? Can you really have it both ways...?
 

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