Twinkie CEO Admits Company Took Employees Pensions and Put It Toward Executive Pay
Twinkie-maker Hostess continues to screw over its workers. The company is in the process of complete liquidation and 18,000 unionized workers are set to lose their jobs. More troubling – they could lose their pensions.
According to a report by the Wall Street Journal , Hostess’ CEO, Gregory Rayburn, essentially admitted that his company stole employee pension money and put it toward CEO and senior executive pay (aka “operations”). While this isn't technically illegal, it's another sleazy theft by Hostess executives - who've paid themselves handsomely while running their company into the ground. Just last month, a judge agreed to let Hostess executives suck another $1.8 million out of the bankrupt company to pay bonuses to CEOs.
If there's no way to recover the money for the Hostess pension plans for workers, then we the taxpayers - through the Pension Benefit Guaranty Corp. - will have to foot the bill to make sure workers get the retirement money they paid in.
Hostess shows us clearly what Bain-style predatory capitalism is all about: big bucks for the very few rich executives, layoffs and poverty for the workers and their communities.
Continue reading at: http://www.alternet.org/corporate-accountability-and-workplace/twin...
Replies to This Discussion
-
Permalink Reply by Misteri on
-
I was sad when I first heard Twinkies were closing their doors. Nostalgia only, never ate them, grew up with them on the self in every store i went in.
Then I was amazed at how it seemed everyone came together and agreed on one thing, from all walks of life. People talked, strangers were nice to one another. Talked easily with each other.
Then I was astounded by how much Twinkies were selling for on Ebay, all the while people were being told they were selling off the recipes to the highest bidder. Twinkies would be resurrected.
Now we find out the people who gave us the Twinkies also gave us the shaft!!!!
What is it gonna take for the people to realize we are being manipulated emotionally and economically ?!?!?
I agree CH whole heartedly!!!!!!!
"Destroying the New World Order"
THANK YOU FOR SUPPORTING THE SITE!
Latest Activity
- Top News
- Everything
Mossad: we create a pretend world, we are a global production company... the world is our stage
60 Minutes interviews alleged Mossad agent"we create a pretend world, we are a global production company......the world is our stage."_______________________...
The Alvin II Encounter: Was There A Living Dinosaur Involved?
The year is 1965 in the Caribbean islands at a 5-thousand-foot depth in the dark Atlantic waters.…See More
All In The Family | Mike Meets Archie For The First Time | The Norman Lear Effect
Gloria (Sally Struthers) has a new boyfriend called Michael (Rob Reiner) and she is very excited to introduce him to her parents (Carroll O'Connor and Jean S...
entitlement
Congress makes Social Security that we paid in our whole lives into to some government giveaway and…
Death Threats for Assisting ICE?
An Idaho Bar Helped ICE And Faced This Sick Backlash From DemocratsDecember 10, 20254 minute read…See More
'They’re Waiting for Us to Die': Area 51 Veterans Plead for Trump’s Help | Elizabeth Vargas Reports
Congress quietly killed the one fix that could have helped America’s “Area 51 veterans” prove where they served — and get the care they say they’ve earned.WA...
"Hope you enjoyed your thanksgiving day. I've often thought it'll good if I could send…"
I joined Facebook after 5 years of suspension!!! It went as expected.
"Thats a mighty attempt lionhearted. The true art of perseverance so thumbs up!"
© 2025 Created by truth.
Powered by
