SUBSCRIBE | NEWSLETTERS | MAPS | VIDEOS | BLOGS | MARKETPLACE | CONTESTS
TRY BACKPACKER FREE!
SUBSCRIBE NOW and get
2 Free Issues and 3 Free Gifts!
Full Name:
Address 1:
Address 2:
City:
State:
Zip Code:
Email: (required)
If I like it and decide to continue, I'll pay just $12.00, and receive a full one-year subscription (9 issues in all), a 73% savings off the newsstand price! If for any reason I decide not to continue, I'll write "cancel" on the invoice and owe nothing.
Your subscription includes 3 FREE downloadable booklets.
Or click here to pay now and get 2 extra issues
Offer valid in US only.
Canadian Subscriptions | International Subscriptions
CLOSE WINDOW


» Welcome Guest
[ Log In :: Register ]

 

[ Track This Topic :: Email This Topic :: Print this topic ]

 reply to topic new topic new poll
Topic: Bankrupt Hostess to Give Execs Bonuses, Employees Lose Pension Too< Next Oldest | Next Newest >
 Post Number: 1
Bass Search for posts by this member.

Avatar



Group: Members
Posts: 1536
Joined: Sep. 2006
PostIcon Posted on: Dec. 01 2012, 6:47 am  Skip to the next post in this topic. Ignore posts   QUOTE
A federal bankruptcy judge has approved bonuses for executives of Hostess

Bankrupt Hostess To Give Bonuses to Executives
Offline
Top of Page Profile Contact Info 
 Post Number: 2
gunslinger Search for posts by this member.

Avatar



Group: Members
Posts: 6031
Joined: Mar. 2007
PostIcon Posted on: Dec. 01 2012, 7:16 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
What do you think was the Judges reason was for allowing the bonus?

--------------
For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.
Offline
Top of Page Profile Contact Info 
 Post Number: 3
Bass Search for posts by this member.

Avatar



Group: Members
Posts: 1536
Joined: Sep. 2006
PostIcon Posted on: Dec. 01 2012, 7:45 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
Today's job market is horrible for "executives" too - especially highly paid "executives" who have a record of driving their current employer into bankruptcy. So I do not buy the assertion that the bonuses are necessary to retain the highly paid Hostess "executives".

I think that the judge does not understand what he/she did.

Hostess suppliers and creditors will not collect money owed them because it has been awarded to the "executives" as bonuses. These suppliers will suffer a loss of money that will put their businesses in danger of failure. The underfunded pension plan will short employees because the money owed to them was awarded to the "executives" as bonuses.

What the judge did was stupid and will encourage "executives" at other companies to mismanage as the Hostess "executives" did.
Offline
Top of Page Profile Contact Info 
 Post Number: 4
muttpacker Search for posts by this member.

Avatar



Group: Members
Posts: 339
Joined: Nov. 2008
PostIcon Posted on: Dec. 01 2012, 9:21 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
I think it's fascinating that the current CEO of Hostess was more than willing to admit that it wasn't the labor sector that sank the company, rather the piss poor management of the company before he got there.  A veritable breath of fresh air to hear someone actually admit that management, not the unions, kill companies.  Management negotiates the contracts with the unions.  Management signs the contracts with the unions.  And management tends to blame the unions when all hell breaks loose as a result of bad management.

As a result of that knowledge, how can anyone have earned a bonus from a company ruined by their actions?  How does ANY executive of a defunct company deserve a bonus that no other rank of employee is entitled to?

Wanna know how the rich keep getting richer and the rest of us don't?...

--------------
Ignorant is temporary.  Stupid is permanent.  Choosing to be ignorant is stupid.
Offline
Top of Page Profile Contact Info 
 Post Number: 5
tomareutsuzo Search for posts by this member.

Avatar



Group: Members
Posts: 5
Joined: Nov. 2012
PostIcon Posted on: Dec. 01 2012, 12:17 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
So, it was bad management that drove the company under. Not a union that set rules in place making it so that drivers were not allowed to load their own trucks, forcing hostess to hire truck loaders. Truck drivers who carried Wonder Bread weren't allowed to load Hostess Twinkies forcing Hostess to hire more Truck drivers. Truck loaders who loaded Hostess Twinkies weren't allowed to load Wonder Bread forcing Hostess to hire more truck loaders. What further proves that it is the unions who forced Hostess under, is that other companies who don't have to put up with the union thugs rules are happy to pay a pretty penny to have rights to the Hostess Brand.

And what that judge was thinking, was it is his job to up hold the law. I'd be willing to bet, the judge didn't want to in this case, but still did anyway.
Offline
Top of Page Profile Contact Info 
 Post Number: 6
Hungry Jack Search for posts by this member.

Avatar



Group: Members
Posts: 1294
Joined: Nov. 2002
PostIcon Posted on: Dec. 01 2012, 4:07 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

(muttpacker @ Dec. 01 2012, 9:21 am)
QUOTE
I think it's fascinating that the current CEO of Hostess was more than willing to admit that it wasn't the labor sector that sank the company, rather the piss poor management of the company before he got there.  A veritable breath of fresh air to hear someone actually admit that management, not the unions, kill companies.  Management negotiates the contracts with the unions.  Management signs the contracts with the unions.  And management tends to blame the unions when all hell breaks loose as a result of bad management.

Precisely.

Unions do not do themselves any favors by focusing on job preservation (ie membership preservation) over rules that might enable company productivity-enhancing work flexibility, but ultimately the responsibility for any deal that management agrees to that harms the company falls squarely on management's lap.
Offline
Top of Page Profile Contact Info 
 Post Number: 7
BillBab Search for posts by this member.

Avatar



Group: Members
Posts: 4500
Joined: Sep. 2008
PostIcon Posted on: Dec. 02 2012, 8:55 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
Perhaps the bad management they speak of was the management that agreed to union contracts that bled the company dry.

The execs are being given bonuses so that they stick around to the end....rather than simply bailing....like the members of the bakers union did

The execs are getting paid for showing up

If the bakers had shown up they might also be getting paid

What is certain is that their strike was the last straw

--------------
"Asking liberals where wages and prices come from is like asking six-year-olds where babies come from."

Thomas Sowell
Offline
Top of Page Profile Contact Info 
 Post Number: 8
Land Rover Search for posts by this member.

Avatar



Group: Members
Posts: 6529
Joined: Sep. 2006
PostIcon Posted on: Dec. 02 2012, 12:23 pm Skip to the previous post in this topic.  Ignore posts   QUOTE
You ignore everything that doesn't agree with your internal narrative babb.
Offline
Top of Page Profile Contact Info 
7 replies since Dec. 01 2012, 6:47 am < Next Oldest | Next Newest >

[ Track This Topic :: Email This Topic :: Print this topic ]


  		reply to topic new topic new poll

» Quick Reply Bankrupt Hostess to Give Execs Bonuses
iB Code Buttons
You are posting as:

Do you wish to enable your signature for this post?
Do you wish to enable emoticons for this post?
Track this topic
View All Emoticons
View iB Code



Get 2 FREE Trial Issues and 3 FREE GIFTS
Survival Skills 101 • Eat Better
The Best Trails in America
YES! Please send me my FREE trial issues of Backpacker
and my 3 FREE downloadable booklets.
Full Name:
City:
Address 1:
Zip Code:
State:
Address 2:
Email (required):
Free trial offer valid for US subscribers only. Canadian subscriptions | International subscriptions