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Old 11-19-2012, 03:21 PM   #111 (permalink)
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Originally Posted by howiedodat View Post
"Today, Hostess Brands inc. — the company famed for its sickly sweet desert snacks like Twinkies and Sno Balls — announced they’d be shuttering after more than eighty years of production.

But while headlines have been quick to blame unions for the downfall of the company there’s actually more to the story: While the company was filing for bankruptcy, for the second time, earlier this year, it actually tripled its CEO’s pay, and increased other executives’ compensation by as much as 80 percent.

At the time, creditors warned that the decision signaled an attempt to “sidestep” bankruptcy rules, potentially as a means for trying to keep the executive at a failing company. The Confectionery, Tobacco Workers & Grain Millers International Union pointed this out in their written reaction to the news that the business is closing:
BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.

Certainly, the company agreed to an out-sized pension debt, but the decision to pay executives more while scorning employee contracts during a bankruptcy reflects a lack of good managerial judgement.

It also follows a trend of rising CEO pay in times of economic difficulty. At the manufacturing company Caterpillar, for example, they froze workers’ pay while boosting their CEO’s pay to $17 million. And at Citigroup, CEO Vikram Pandit received $6.7 millionfor crashing his company, walking off with $260 million after the business lost 88 percent of its value."

Yeah, ALWAYS those dam Union employees gouging the employer. Wake up and smell what your shovelin.
Latest edition of "The Street" puts a lot of the blame on the private equity owners' declaring bankruptcy to get out from under the employee pension fund into which they have not been making payments for some time. Of course, you and I will be stuck picking up the pension shortfall since the Pension Benefit Guaranty Fund is short about $34B (it is suppose to be funded by insurance on corporations).

The article further states that this is a fairly common practice for private equity funds: buy a company, take out their fees through debt, declare bankruptcy to void out pension and union contracts, restructure and keep the company running making more profit sans the debt. Examples include Friendly's Ice Cream, Eddie Bauer and parts supplier Delphi Automotive (DPG), which remain large investments of hedge funds and private equity firms after the the companies declared bankruptcy and voided pension obligations.

Unfortunately, some news organizations are too lazy to dig deeper into stories or spin stories to conform to worldview of their segment of the population.
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Old 11-19-2012, 03:57 PM   #112 (permalink)
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Having been scolded by IBALEE in the past, I want to make this apolitical.

I think this issue really shows how divided our country currently is. Pro Union/Liberal = the greedy executives are lighting their cigars with $100s while the common man starves. Pro Business/Conservative = the greedy union leadership only cares about their slush fund and cares less about the business or their own members. Both sides believe that if you do not see it my way you are too stupid to figure it out.

We need to find a way to bring all of us in from the extremes, to somewhere near the middle so we can at least see the other's point of view. If someone doesn't figure out how to do this soon, our country is in bigger trouble than we all realize. We have structural problems in our economy, and society, that need fixing to remain sustainable.

China will surpass us in GDP in the next decade. Latin America's middle-class has grown fifty percent in the past decade. If we wish to remain relevant in the world economy we need to come together, not pull apart.
...that's the hard part.
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Old 11-19-2012, 04:23 PM   #113 (permalink)
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http://home.peoplepc.com/psp/newssto...2-e784178cdb4f

I haven't seen where anyone posted this. It is the judges ruling that both sides go to mediation as the union struck with out objections to the company's offers.

More than meets the eye every day this goes forward.
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Old 11-19-2012, 04:32 PM   #114 (permalink)
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There are none so blind as they who will not see.

We should just be grateful for whatever scraps the vultures deign to leave us after they destroy the company, right?


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Yes, until you find another job. OR simply become a martyr for the union cause which will leave you by an empty barrel of burning wooden pallets at the curb side of a closed plant in Winter.

Bottom line: When they call you on your threat to walk out it is game over. So the scraps will keep you alive long enough to find something else.
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Old 11-19-2012, 04:36 PM   #115 (permalink)
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Originally Posted by HAP View Post
http://home.peoplepc.com/psp/newssto...2-e784178cdb4f

I haven't seen where anyone posted this. It is the judges ruling that both sides go to mediation as the union struck with out objections to the company's offers.

More than meets the eye every day this goes forward.
It is very plain to see that the Bakers Union has dragged the company to liquidation with their strike. Even the Teamsters wanted a secret vote of the Bakers Union employees.
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Old 11-19-2012, 04:50 PM   #116 (permalink)
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Management at Hostess also ignored opportunities to create new products that reflected changing consumer tastes ( launching "healthier" whole grain products for example ), and it's attempts to streamline costs by centralizing it's bakeries led to product changes that had a bad effect on taste and texture. What management was good at was obtaining huge financing deals with huge amounts of leveraged debt that they never intended on actually being able to pay back. As had been pointed out, this is a how to in Vulture Capitalism.

Joe, I couldn't help but think how much this part of your post reminds me of Congress and our national debt!

Again, ALL of us need to pull in the same direction if we have ANY chance of being relevant 25 years from now. I hope we can for all of our children's sake.
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Old 11-19-2012, 05:07 PM   #117 (permalink)
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http://www.foxnews.com/us/2012/11/19...ntcmp=trending

Never ending saga gets even more convoluted.
http://www.foxnews.com/us/2012/11/18...ntcmp=trending

Could save a few jobs.
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Old 11-19-2012, 05:27 PM   #118 (permalink)
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[URL]
Never ending saga gets even more convoluted.
http://www.foxnews.com/us/2012/11/18...ntcmp=trending

Could save a few jobs.
Interesting. Bimbo will take over Hostess and grab Twinkies as part of the deal.


Ha! That is oddly similiar to me wanting to grab this bimbo hostess's twinkies.

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Old 11-19-2012, 05:29 PM   #119 (permalink)
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It is very plain to see that the Bakers Union has dragged the company to liquidation with their strike. Even the Teamsters wanted a secret vote of the Bakers Union employees.
How did you interpret that from the article you cited?
My guess is that the union didn't file an objection since they knew management was already not negotiating in good faith. Does it make sense to put in new spark plugs and an air filter when you can hear the rods clanking on the crankshaft?

Management's goal is often to break the union. Management's goal is sometimes to dissolve or dismantle the company. While the union may have extracting the most lucrative deal possible for the members or it's leaders, it isn't to it's benefit to destroy the company.
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Old 11-19-2012, 07:22 PM   #120 (permalink)
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Originally Posted by HAP View Post
The origin of those links could explain a distortion of political views too.

Why would any reasonable person even look at Fox "News"
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