The corporate screw job at Twinkie-makers, Hostess, continues

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In the midst of bankruptcy – the company is giving its unionized workers one final offer to accept reduced pension benefits before a bankruptcy court throws out the union’s collective bargaining agreements. The company wants its workers to accept a pensions contributions cut from $103 million to just $25 million – and accept new workplace rules that could pave the way for layoffs.

The Teamsters union representing the workers rejected the offer. Last year – Hostess looted its dwindling cash reserves and gave its eight top executives an 80% pay raise as the company was headed toward bankruptcy – and now Hostess wants its workers to suffer the consequences. Something to think about next time you consider purchasing a Twinkie.

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buy bimbo!

chilidog
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Jul. 31, 2007 4:01 pm

On a serious note, perhaps we should require that compensation of top management be deferred for some period of time, and put into some sort of trust account and comply with ERISA to avoid crap like this in the future.

chilidog
Joined:
Jul. 31, 2007 4:01 pm

The crooks are becoming brazen because they know they can get away with it. Nobody prosecutes criminals that are way bigger than them so the smaller crooks see that as permission to take whatever they can. When Al Capone reigned in Chicago everyone from the mayor to the lowliest flatfoot cop was on the take. In real terms it's no different today, only the scope has increased from being city-wide to being nation-wide and international. Like that simple fool Clinton liked to codify it; it's the system, stupid. OWS should pick that up and be more direct in calling the crooks crooks so that a real understanding of the nature of criminal capitalist rule will awaken a sense of morality trampled upon in the general population that is increasingly feeling the squeeze that the criminal capitalists are intentionally using to wring out the U.S. in these end times.

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When Eric Holder eventually steps down as Attorney General, he will leave behind a complicated legacy, some of it tragic, like his decision not to prosecute Wall Street after the financial crisis, and his all-out war on whistleblowers like Edward Snowden.

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