Can't have your twinkie and eat it too

[James]

Originally Posted by DJW

The same thing happened here at Magna. The unions refused concessions and now the massive plant remains empty, the employees long since moved on to something and somewhere else.

Did the CEO and CFO, board of directors and all of the other top game players who make millions per year refuse concessions?

I don't know for sure but I'd bet they all walked away with millions.

[jam436]

Hostess' Management

2003 - Hostess begins closing production plants and other units.

2004 - Hostess first enters bankruptcy after a failed restructuring. Bakery, Confectionery, Tobacco Workers an Grain Millers (BCTGM) workers agree to wage and benefit concessions, saving the company a reported $110 million - money that was NOT reinvested in the business.
Instead, it was merely siphoned off, Bain style.

2009 - Hostess emerges from bankruptcy, controlled by a private equity firm and two hedge funds. Company's debt continues to grow, sales decrease.

2011 - Floundering, company again demands concessions from BCTGM workers. Workers refuse.

2012 - Hostess files for bankruptcy for the second time, damands huge givebacks, stops paying pension obligations.
Union files complaints with the National Labor Relations Board.
BCTGM workers stand up to Bain-style crony capitalism and strike.
Hostess announces liquidation.

Since 2004 - Company has closed 21 plants, killed thousands of jobs and remains nonviable.
Since 2002 - Hostess has had six CEO's; none turned the company around, although the last one did receive a 300% raise last year.

Yep. All the union's fault...

[spdrcr137]

hey the union did a great job standing up, one question. Do the union leaders lose their jobs?

[autoworker]

The bad trend with many unions is that the leaders represent themselves not the members and use the institution as a means for their personal gain.The irony is that many ceo's operate the same way.

Us regular working schmucks,company or union,are the ones that pay the price.It then trickles its way throughout the nation.

[DJW]

Originally Posted by Lefty

No management union deal could save Hostess. Steel is still a viable product. The demand for the likes of twinkies, snoballs, and wonder bread has diminished considerably. This reality has no effect on ideological rants however.


Sent from my iPhone using MO Free

I think that's true...heaven forbid our kids should be knocking down Suzy-Qs and Yahoos...like we did. We'll have to see if whomever buys the name can turn it into a socially acceptable product.

Originally Posted by James

Did the CEO and CFO, board of directors and all of the other top game players who make millions per year refuse concessions?

I don't know for sure but I'd bet they all walked away with millions.

Entirely possible. Either way..the doors are closed.

Originally Posted by spdrcr137

hey the union did a great job standing up, one question. Do the union leaders lose their jobs?

Probably not.

[FXDRYDR]

5000 unionistas dragged down the company and 13,500 non union workers. The head unionistas remain employed. Nuff said.

[vindex1963]

Looks like a company out of Mexico is going to get a sweet deal.

[1bdBagr]

Originally Posted by vindex1963

Looks like a company out of Mexico is going to get a sweet deal.

Before i even saw that news I knew Bimbo was going to get in on the deal....they already own quite a few premium name brand bakeries. Coming soon: Twinkies, Hecho en Mexico....
I hope the CEO and the other high priced execs, along with the union honchos realize that a percentage (in this case, a smaller %) of something is or was better than 100% of nothing. Union played chicken with jobs and came up snake eyes, Management sure showed them...
Tim

[James]

Screw the union workers. Baking is a womans job and women don't deserve to be paid to bake cupcakes.

Anybody else want to comment about what a fair hourly wage for a baker should be? I see a lot of finger pointing at the union. From what I've read so far is only 30 percent of their employees were in a union. Nobody here ever hear of a company locking out union workers and hiring replacements? I say Hostess is out of business because of people like Romney. The fat cats will make millions liquidating this company. And still, you'll be able to go to a store and buy the exact same product...maybe under a different name.

[Waffen]

Originally Posted by James

Screw the union workers. Baking is a womans job and women don't deserve to be paid to bake cupcakes.

We're not supposed to bring women into the discussion..

[James]

Originally Posted by Waffen

We're not supposed to bring women into the discussion..

OMG...first race and now women? What can we talk about? Nascar?

[Lefty]

Originally Posted by James

OMG...first race and now women? What can we talk about? Nascar?

Anything but NASCAR, please . . . .

[NJ Rider]

Originally Posted by jam436

Hostess' Management

2003 - Hostess begins closing production plants and other units.

2004 - Hostess first enters bankruptcy after a failed restructuring. Bakery, Confectionery, Tobacco Workers an Grain Millers (BCTGM) workers agree to wage and benefit concessions, saving the company a reported $110 million - money that was NOT reinvested in the business.
Instead, it was merely siphoned off, Bain style.

2009 - Hostess emerges from bankruptcy, controlled by a private equity firm and two hedge funds. Company's debt continues to grow, sales decrease.

2011 - Floundering, company again demands concessions from BCTGM workers. Workers refuse.

2012 - Hostess files for bankruptcy for the second time, damands huge givebacks, stops paying pension obligations.
Union files complaints with the National Labor Relations Board.
BCTGM workers stand up to Bain-style crony capitalism and strike.
Hostess announces liquidation.

Since 2004 - Company has closed 21 plants, killed thousands of jobs and remains nonviable.
Since 2002 - Hostess has had six CEO's; none turned the company around, although the last one did receive a 300% raise last year.

Yep. All the union's fault...

Let's not forget that in 2011 (after emerging from bankruptcy) the top management voted themselves a 80% pay raise. They rescinded it after everyone started screaming.
I wonder if the management company got their hands on the pension funds?

[Lefty]

Interesting article that I'm sure will be vilified by both right and left wing nuts. . . . .

http://www.stltoday.com/business/col...782e68568.html

[DJW]

Originally Posted by Lefty

Interesting article that I'm sure will be vilified by both right and left wing nuts. . . . .

http://www.stltoday.com/business/col...782e68568.html

Excellent link. The fact is both sides played chicken, and everybody lost.

Some people are trying to assign white or black hats to the strikers in this saga, but neither variety of head wear really fits.

These aren’t noble workers who “have bravely taken a stand against the corporate race to the bottom,” as AFL-CIO President Richard Trumka said in a statement. Nor are they ungrateful louts who deserved to lose their jobs, as some right-wing commentators have implied.

They’re simply human beings who got caught in a conflict and couldn’t find a way out. For that failing, labor and management must share the blame.