Um, about that mean union that killed the Hostess Twinkie....
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Um, about that mean union that killed the Hostess Twinkie....
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?
Comments (98)
That should tell you how bad it was that the management had to steal from pension funds just to keep the company going. If the union, which refused to believe the company's financial position, thought of someone other than itself, the company wouldn't have been so desperate.— Phillies2008WSChamps- It's remarkable to me how many people are so quick to bash unions for expecting a living wage and benefits for the rank-and-file workers, and then give a pass to corporate greed. I guess it doesn't matter that corporate executives continue to take millions from the company for their own salaries and bonuses, even though the business struggles financially.
So, keep it up union bashers. There's a $2/hr job in your grandchildren's future.— ProudKenso - This is an old, tired, and misleading argument. What the unions call a "living wage" is far more than that, especially when you add in benefits etc. The demands of several unions, including teachers unions, to get significant pay raises when most workers are having their salaries frozen or reduced in bad economic times symbolizes their greed and ignorance. Trying to extract blood from a stone that is in severe financial stress is just foolish.
And yes, some executives are just as greedy and corrupt.
but does this in any way excuse the unions from their actions? Is this an argument of "Hey, THEY'RE abusing the system! What's wrong with ME abusing the system"! Is this really the argument you want to make for unions? "Yeah, maybe I'm greedy! But,but...so are they!" ?— bartfr - "but does this in any way excuse the unions from their actions? Is this an argument of "Hey, THEY'RE abusing the system! What's wrong with ME abusing the system"! Is this really the argument you want to make for unions? "Yeah, maybe I'm greedy! But,but...so are they!" ?"
Exactly, the unions keep going around using that capitalist argument that everybody needs to look out for their own. They have read Atlas Shrugged too many times and now they are putting their own cares and concerns ahead of the company's and even co-workers livelihood. They need to adapt to this new economy where everybody sacrifices and waits patiently for their share.— AreaMan - "...The demands of several unions, including teachers unions, to get significant pay raises when most workers are having their salaries frozen or reduced in bad economic times symbolizes their greed and ignorance..."_____However, the real problem is management, or school boards, that cave to union demands. If you don't like the wages, benefits,...that union workers receive, don't blame the rank-and-file for demanding it - blame management for agreeing to give it. Management controls the 'purse strings'. Union workers only get what management has agreed to pay them through collective bargaining.
— snad264 - The union was well aware that Hostess was in a horrible position financially. In fact, they were surprised that the company hadn't already gone bankrupt. They knew the company wasn't bluffing.
The union already gave significant concessions -- in the form of $120 million out of its pension and in the form of pay cuts -- and it is incorrect for the anti-union folk to suggest the union was somehow selfish or naive in this.
Well, I suppose the union was naive in that they stuck around long enough to let the bosses secretly steal even more of their pension money. But I don't see how such an occurrence -- which the current Hostess CEO doesn't even try to defend -- reflects poorly on the union (as opposed to the looting executives).— jimmer12 - hey republicans, you destroy my union, you can count on me not paying back the loans I needed to get me through college. bet.
- Doesn't this comment really say it all? This is the mentality and character of unions and their supporters? No wonder we are in trouble. Classy! — bartfr
- A college education, and only a union twinkie maker....nice. — discobiscuit
- The fact that this person (allegedly) attended college speaks volumes about the quality of higher education. — Jack Klompus
- if the middle class continues to sit on its rear and watch american idol, these right wing kooks are going to destroy everything you enjoy. WAKE UP PEOPLE!
- psssst...high water....I got news for you...the folks watching AI are not just Repubs. And...you Dems/Libs have had control of the government for 4 yrs. with 4 more coming!...if things are being destroyed (and they ARE) it isn't the Repubs doing it! — bartfr
- republican stools like you are destroying this country. the american people just told you what they think of your "ideas."
- So nobody thinks that a company that has to raid the pension funds just to continue operating is in trouble? Seriously? That's a big red flag that something is seriously wrong and the company isn't healthy. If I were an employee I'd be less outraged over my pension and more worried that this was a sign the company was probably about to fold entirely. Of course, unions think about themselves first and the viability of the industry second.— Gilliam
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