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Salaries of the union bosses who killed Hostess

 
 
gungasnake
 
  0  
Reply Thu 22 Nov, 2012 07:46 am
@Setanta,
Here's what the thing actually sounds like...

GRANTED I did not make any sort of a thorough study of this one prior to posting the article, but the claim I made is not wrong.

It sounds like, given the behavior of management, the actual workers might have been justified in killing the company out of pure considerations of self respect and dealt with finding other ways to earn money; nonetheless that should have been THEIR choice, and not a decision of union bosses making much more than they make and, apparently at least, having no skin in the gamre.
parados
 
  4  
Reply Fri 23 Nov, 2012 07:34 am
@gungasnake,
Gosh.... gunga...
How stupid are you? Only the workers get to vote on whether to accept a contract or not. Union bosses do not get to force members to reject a contract against those members wishes.


http://online.wsj.com/article/SB10000872396390444023704577652162935470448.html
0 Replies
 
Setanta
 
  1  
Reply Fri 23 Nov, 2012 10:54 am
@gungasnake,
You are a loon (and you're cheating again on your claim to have me "on ignore"). As Parados has already pointed out, union management don't make these decisions, although they might advise the membership. You also ignore that when Interstate Bakeries filled for bankruptcy protection in 2004, the union membership voted to make wage and benefit concessions in exchange for equity. They were acting in good faith and all you have is the brain-dead Reagan anti-union mantra. Now they've been royally screwed, because they didn't get the pay and benefits they conceded in 2004, and their equity is now worth sh*t.

It really would be refreshing to see evidence sometime that you had done some thinking for yourself rather than just puking up the reactionary party line.
0 Replies
 
Pamela Rosa
 
  -1  
Reply Fri 23 Nov, 2012 01:03 pm
Quote:
Hostess Closes Shop: Some Blame Unions, Some Blame Management

November 21, 2012

By Michael Malpass

Hostess Brands Inc. announced Tuesday that it is shutting down all operations and selling all assets after mediation between the company and the Bakery, Confectionary, Tobacco and Grain Millers Union (BCTGM) failed. The company’s second-largest union, BCTGM, went on strike on Nov. 9 after U.S. Bankruptcy Judge Robert Drain imposed concessions that were opposed by 92 percent of the union’s members. Blaming the strike, Hostess closed three plants on Nov. 12, and closed its remaining 33 plants on Nov. 16.

Blame for the death of Hostess is being thrown in both directions. Some point to the Baker’s Union, whose strike is undeniably the most direct cause of the company’s closure. The union’s proximity to the scene of the crime made it the most obvious culprit for some. Judge Drain suggested as much when he said on Nov. 19 at a hearing in White Plaines, New York, that there are “serious questions as to the logic behind the decision to strike.” Other, more union-minded individuals blame the private equity firm, Ripplewood Holdings, which took control of Hostess after the company filed for Chapter 11 bankruptcy in 2009. Robert Drain, the president of the A.F.L-C.I.O., said: “What’s happening with Hostess Brands is a microcosm of what’s wrong with America, as Bain-style Wall Street vultures make themselves rich by making America poor.” He added: “Crony capitalism and consistently poor management drove Hostess into the ground, but its workers are paying the price.”

While Mr. Trumka may be right that the deeper cause of Hostess’ troubles was poor management, this management was not headed by the archetypal “Bain-style Wall Street Vultures.” As the New York Times reported, Ripplewood was founded by Timothy C. Collins, a major Democratic donor and, at least nominally, a friend of unions. However, despite the founder’s political leanings, Ripplewood still increased management’s compensations while at the same time cutting employee compensation. As the BCTGM pointed out, the company’s new CEO earned $2,550,000, up from the previous CEO’s salary of $750,000.

As a result of Hostess’ liquidation, 18,500 people will lose their jobs and the company will be forced to sell popular brands like Drakes® and Dolly Madison®, which make iconic cake products such as Twinkies®, CupCakes, Ding Dongs®, Ho Ho’s®, Sno Balls® and Donettes®, and bread brands such as Wonder®, Nature’s Pride®, Merita®, Home Pride®, Butternut®, and Beefsteak®.
http://www.argylejournal.com/content/news-content/hostess-closes-shop-some-blame-unions-some-blame-management/

Tim Collins (financier)
http://en.wikipedia.org/wiki/Tim_Collins_(financier)
0 Replies
 
davemay8236
 
  1  
Reply Fri 13 May, 2016 01:22 pm
@djjd62,
Now Nabisco/Mondelez CEO Irene Rosenfeld makes $28Million a year (after working for the company all but 2 years?) and has created herself a $35million pension AND "the Company" can't afford to rectify a $128Million shortfall in the BCTGM pension plan? Really "Corporate America" is sickening!!! Come on Bernie Sanders!!! Bring this kind of trash to the forefront of American Politics and you will push Hillary out of the running and trump Trump.
0 Replies
 
 

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