Monday, August 31, 2015

Um, about that mean union that killed the Hostess Twinkie....

Um, about that mean union that killed the Hostess Twinkie....

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Michael Bourgault (left) and Michael Ducharme, members of the Bakery Union, picketed in Northeast Phila. (Clem Murray / Staff Photographer)
Michael Bourgault (left) and Michael Ducharme, members of the Bakery Union, picketed in Northeast Phila. (Clem Murray / Staff Photographer)

Actually, the real killer was Colonel Moneybags in the boardroom with a money siphon:

Hostess Brands Inc. said it used wages that were supposed to help fund employee pensions for the company's operations as it sank toward bankruptcy.

It isn't clear how many of the Irving, Texas, company's workers were affected by the move or how much money never wound up in their pension plans as promised.

After the company said in August 2011 that it would stop making pension contributions, the foregone wages weren't put toward the pension. Nor were they restored.

The maker of Twinkies, Ho-Hos and Wonder Bread filed for bankruptcy protection in January and shut down last month following a strike by one of the unions representing Hostess workers. A judge is overseeing the sale of company assets.

Gregory Rayburn, Hostess's chief executive officer, said in an interview it is "terrible" that employee wages earmarked for the pension were steered elsewhere by the company.

But I'm sure it's still the union's fault? Somehow. Am I right?

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Will Bunch
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