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?
Do any of them have a job now?— Mirror- They wouldn't have had jobs anyway, but the management walked away with 80% raises. But, yeah, it is all the unions' fault. BS! — mike l
- I can't wait till Pennsylvania gets a "Right to Work" law like the one soon to be signed in Michigan. Then we'll see how many "loyal" union members really want to be a part of the locals. — cb54
- If I read this correctly, the money that was not put into the pension fund was after the August notice that no more would be put in. The way the article is laid out, it tries to insinuate that the entire pension plan was terminated. Actually, if they had any sense in the union they would have realized back then that the company was in trouble and tried to help it survive---especially by not striking. In my 82 years I have seen many companies go down the tubes because the people refused to believe that it could happen. At some point owners choose to stop sending good money after bad. Articles such as this are intellectually dishonest and misinform the very people who are hurt the worst by encouraging them to resent those who give them jobs. Kind of like the country which voted with resentment and envy(one of the capital sins)last month.— supernova
- According to Will, the company took pension funds and tried to save the company...bad! However, when unions take members dues and give it to Politicians without any approval...good! Funny double standard Will has. — cb54
- And yet the executives that killed the company got millions in bonuses...— Pelti
- Boy did the Teamsters get effed by the Bakers.— Mr. Smith
- Wow news columnist...that is a major league reach... some serious fact bending going on that column.— Gray Areas
- Serves them right.— PresidentSpock
- Just so you understand, the company redirected the employees money. To help you understand, it would be the same as if your company took your 6% 401(k) contribution and put it to operating the company instead.— cboath
- No -- there wasn't any employee contributions in the fund. It was strictly company money (earmarked for pensions, true, but it wasn't funded from employee pay). — battman21
- I call bull. The pension contribution is part of the salary compensation package for these people. It was not a free "gift" given by the company. Hostess was not allowed to do what it did with the pensioners money, no matter WHO made the contribution. — TheLowDown
- Great analogy, cboath! — TheLowDown
- Sounds a lot like what John Corzine did with depositors "segregated accounts" money that he blew.— Phishface
- Ready. Shoot. Aim. Shouldn't someone gather (all) the facts before reaching a conclusion. The article admits the situation is vague at best. Bottom line: Company said what it could afford, union declined the offer and company and jobs are gone.— Issac
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