Hostess Goes Bankrupt, CEOs Get Raises, Right ... - Madville Times

Conservatives are leaping at the Hostess liquidation as affirmation of their anti-union worldview. Organized labor is killing Twinkies and 18,500 jobs, thus shafting the little guy.

Hostess certainly didn't shaft the big guys who drove the company into the ground:

[Bakery, Confectionery, Tobacco Workers and Grain Millers International Union]?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 [press release, BCTGM union press release, 2012.11.13].

The union also notes that those well-fed CEOs have already unilaterally withheld $160 million in promised pension contributions over the past year while failing to right the company's fiscal ship. That mulct comes on top of the $100 million worth of concessions workers accepted during Hostess's first bankruptcy in 2004. Hmm... any Romney-Ryan/Rand readers want to construct a givers-and-takers narrative here?

Source: http://madvilletimes.com/2012/11/hostess-goes-bankrupt-ceos-get-raises-right-wing-says-unions-kill-twinkies/

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