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...
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Permalink Reply by mystery on
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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!!!!!!!
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