BadDog40
Well-Known Member
The venture capitalist firm Ripplewood Holdings that took over Hostess and fleeced the company thanks you for your blind idiocy.
Bakers Union Forces Bankruptcy and 18500 Layoffs
- Thread starter Johnny Retro
- Start date
The venture capitalist firm Ripplewood Holdings that took over Hostess and fleeced the company thanks you for your blind idiocy.
BadDog40
Well-Known Member
The workers felt the company would be better off if these vulture capitalists sold it rather than continue to run it in the ground.
'Hostess has stressed that sacrifices were made across-the-board at the company, though workers may feel like they've given up far more than executives. As the Wall Street Journal reported, the company's four top executives agreed earlier this year to work for a salary of $1 until Hostess emerged from bankruptcy -- but only after enjoying raises of 75 to 80 percent in 2011, when the company had already hired restructuring lawyers.'
BadDog40
Well-Known Member
This is exactly how Romney and his ilks made their fortunes. Buy profitable companies like Hostess, borrow money against the company to pay their millions in 'management fees', and tell the workers to take a pay cut and if they don't shut the company down or relocate to China. All the while having the trailer park conservatives being their little anti-union foot soldiers. This country has become a goddamn joke.
Nice insult, but it proves nothing in your favor. Unions can be good, but they have been bought off and have no guts or foresight. Where are the other unions on strike in solidarity? There is none because they only care about themselves. I work in a union shop and see it for myself. The union in my shop thinks buying off dems is going to help. When dems or rep will never help the working man. We can already see the proof.
beanzz
Well-Known Member
They may hire them back, but their days as union employees with sick pay and sweet benefits, are over. Nobody in this day and age is going to hire back low grade workers who demand such things, they simply aren't worth it. I highly doubt the new owners will even open up shop in America as it's much easier to do it from Mexico with low pay and no ridiculous government regulations and unions to deal with.
As for the 18k employees...looks like it's Obama Phones for everyone. Yay.
ArcticGranite
Well-Known Member
United We Stand, divided we fall
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Saltrock
Active Member
Yeah look at mexico, now that is a place I want to live. Look at what they have, super poor and few very rich. Half built houses with re-bar sticking out. No government regulation and low pay sounds great to me. Maybe we should switch to that model. Sign me up.
Peace
Salt
squarepush3r
Well-Known Member
Winter Woman
Well-Known Member
It is so easy to forget how old that company was and how mismanaged. It is part of life the old die off and the younger, stronger take their place. Hostess rotted from within. Management and union greed did her in.
nitro harley
Well-Known Member
That was well said.......I belonged to a union back in the seventy's......and it was a nonproductive joke....the first week on the job and I got bitched out for working to hard.....I worked there for two years....And all I seen was people wanting to do a bare miminun amount of work.......then that company went out of business ten years later.....
I am self employed and don't have union workers........The work I do is rewarded by how hard you work....= more pay for the crew.......So my experience with union workers is not good......pretty much belly up from my point of view...............nitro..
hotrodharley
Well-Known Member
Here's an idea. Try buying at a local bakery. The small business owners will appreciate it. And it costs more for a reason.
You basically just expanded on what he said. Good job.
Dr Kynes
Well-Known Member
a pension program is a contract. if the contract cannot be fulfilled by the company, then the company is in default and MUST pay up or be forced to pay by the courts even if that means the company and it's shareholders go tits up.
i if decide i cant afford my car payments or my mortgage i cant simply say, sorry bro, the deal is off, but im keeping the car and the house.
the employees fulfilled their part of the contract, the company is now obliged to do what they promised. legally, morally and ethically.
the bankruptcy court is WRONG if they propose that the more powerful party (the employer) can simply change the contract at their own discretion.
canndo
Well-Known Member
Nope, the ACT of setting fire to anything you own such as a builing is called arson, regardless of your intent and subsequent action.
FOUR20 SWG
Active Member
The company tried to cut costs by reducing benefits and salary up to 30% for the workers.
All while giving raises to management.
Let me ask you this;
If your boss went to you and said "Hey, we need to save money so i'm cutting your pay by a 3rd and you no longer get dental. But i'm going to raise my own already ridiculously high salary.." what would you do? And don't give me that tired love-it-or-leave-it speech about finding a new job, because for alot of these people that is not an option. People who are already for the most part living paycheck-to-paycheck do not have the luxury of "taking time off" to look for work because they have to put food on the table.
There are plenty of examples of greedy, lazy, stupid people who work for unions i'm sure. Sitting there running off your personal experiences with them like that one guy did, does about as much good as trying to pick thorns off a cactus. And i'm also sure there are many many more examples of evil, coniving, profit whoring companies trying to fuck over their workforce and being stopped in their tracks because of regulations that were put in place in-part by people who have busted their asses on picketlines refusing to laydown and take it. You don't get to hear about those times so much because the people who pay for your news have a vested interest in making sure the cause of the unions' seem "radical and greedy".
Anyone who tries to deny a worker their pension at the end of the day is a crook. Plain and simple. Don't get caught up in the fancy New Jersey Mafioso Trashman schpeal that they want you to hear, these guys are not rich by anymeans and are not trying to buy goldrims for their Caddies. They want what's owed to them UNDER CONTRACT by management.
You don't let someone work their whole lives under the impression that all they're saving, striving, and struggling for is going to be rewarded in the end and then tell them "Hey pal, that's business!". That is an evil and warped way to conduct ones self and it should not be something we allow as consumers'.
Johnny Retro
Well-Known Member
Yes, obviously. Its called a contract renegotiation. Which was in attempt but obviously failed because of the unions. The companies revenues were declining substantially. Can a company continue to pay out it's pensions which were negotiated when revenues were much higher? No. Did the CEO's deserve a 300% raise? Fuck no. Did that bankrupt the company? No. Paying out some 15000 pensions which it could not pay did.
FOUR20 SWG
Active Member
Why should a company, who over the past 8 years has been declining, give raises to executives? Wouldn't it make sense to LOWER the peoples pay who sent the company into a freefall?
Or do they subscribe to Uncle Ronny monthly, which always has a running How-To section about profitraping your company into nonexistence?