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

[DaGoose]

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

 

[Lakhota]

Unbelievable! So, taxpayers will end up paying for their fraud. Much like taxpayers subsidizing Walmart.

 

[asterism]

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

 

[LeftCoastVoter]

hahah, i noticed the conservatives have avoided this thread like the plague.

 

[asterism]

hahah, i noticed the conservatives have avoided this thread like the plague.

Except for the part where I exposed the lie about taxpayers paying.

 

[Katzndogz]

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.

 

[Toronado3800]

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?

 

[DaGoose]

hahah, i noticed the conservatives have avoided this thread like the plague.

Except for the part where I exposed the lie about taxpayers paying.

Trust me....YOU'RE PAYING. And if you work and pay taxes then you're a taxpayer that's paying. The money doesn't appear out of thin air, my friend.

 

[Politico]

They did no such thing. Those were compensation packages that are needed to keep staff on.

 

[Lakhota]

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...?

 

[Nova78]

Unbelievable! So, taxpayers will end up paying for their fraud. Much like taxpayers subsidizing Walmart.

Yea,like taxpayers subsidizing billions in Obama green fraud.....

 

[Lakhota]

Unbelievable! So, taxpayers will end up paying for their fraud. Much like taxpayers subsidizing Walmart.

Yea,like taxpayers subsidizing billions in Obama green fraud.....

Where's your "credible" proof, Sparky...?