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Twinkie CEO Admits Company Took Employees Pensions and Put It Toward Executive Pay
12-13-2012, 07:08 PM #1
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
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.

http://tipggita32.wordpress.com/2012/12/...utive-pay/

Another low in corporate behavior. The execs destroyed the jobs, stole the pensions and blamed the workers. Typical.
12-13-2012, 08:04 PM #2
Kreeper Griobhtha
Posts:10,849 Threads:655 Joined:Feb 2011
gaah.gif

Politicians hide themselves away
They only started the war
Why should they go out to fight?
They leave that role to poor
12-13-2012, 09:53 PM #3
Octo Mother Superior
Posts:43,361 Threads:1,482 Joined:Feb 2011
Shameless! sad2.gif
12-13-2012, 10:30 PM #4
DaJavoo If looks could kilt
Posts:1,865 Threads:45 Joined:Mar 2011
Honesty counts for little these days ~ but they have a shred of that left, sans the decency part. They are just taking their marbles and going home.

Not that I hi-5 their behaviour ~ but I do recognize that business is business and they read the tea leaves well ~ the screws via Obamacare and regulation after regulation are taking the profit out of business. Hostess is more or less just one of the most recognizeable at the front of the pack of corporations making "business decisions" while they still can get out with a parachute.

Soon, there will be more forced closings, regardless the "decency" of the business owners. In this economic environment and the increasing load of government control guarantees it. Thing is, they will be jumping with nothing to arrest the fall...just like the little guys.

It's gonna suck the biggun ~ and there's not a chance of improvving things until after it all implodes.



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