Quote:
Originally Posted by skip0358
Over the past eight years since the first Hostess bankruptcy, BCTGM members have watched as money from previous concessions that was supposed to go towards capital investment, product development, plant improvement and new equipment, was squandered in executive bonuses, payouts to Wall Street investors and payments to high-priced attorneys and consultants.
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.
Over the past 15 months, Hostess workers have seen the company unilaterally end contractually-obligated payments to their pension plan. Despite saving more than $160 million with this action, the company continues to fall deeper and deeper into debt. A mountain of debt and gross mismanagement by a string of failed CEO’s with no true experience in the wholesale baking business have left this company unable to compete or survive.
And it's always the workers or unions fault. Please !!!
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I get it and thanks for posting. We have a robber baron situation.
Easy for people in the baby boom generation to judge when they never had the situation these workers are in. Look further, this CEO has more compensation than all the workers put together!!! Not one contact with the workers was in good faith.
A company with suppose money problems doesn't give the CEO a 300 percent raise to 2,550,000!!!! The CEO made sure he put this company in bankruptcy. The CEO could have just increased his compensation 200% and saved the company. Closing this company will make this CEO even more money as he sells rights to the product.
Blame the worker who was saving this company money each year with their cut backs!!! Plain to see its the fault of the greedy who wanted this company to fail.
They see a worker as a peasant or a slave.