Our Common Good

“When a highly respected financial consultant, hired by Hostess, determined earlier this year that the company’s business plan to exit bankruptcy was guaranteed to fail because it left the company with unsustainable debt levels, our members knew that the massive wage and benefit concessions the company was demanding would go straight to Wall Street investors and not back into the company.

“Our members were aware that while the company was descending into bankruptcy and demanding deep concessions, the top 10 executives of the company were rewarding themselves with lavish compensation increases, with the then CEO receiving a 300 percent increase.

“Our members decided they were not going to take any more abuse from a company they have given so much to for so many years. They decided that they were not going to agree to another round of outrageous wage and benefit cuts and give up their pension only to see yet another management team fail and Wall Street vulture capitalists and ‘restructuring specialists’ walk away with untold millions of dollars.

  1. pavlovsstepson reblogged this from reagan-was-a-horrible-president
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  4. hope-for-a-better-asexual-future reblogged this from qbits
  5. introvertedart reblogged this from silas216 and added:
    And this is why Hostess failed.
  6. popelizbet reblogged this from blue-author
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  9. forcedranting reblogged this from fuckyeahmarxismleninism and added:
    Well, I guess they got what they wanted. No wage or benefit cuts for anyone! Oh, wait…..
  10. monsieurbombardier reblogged this from evelark
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  12. other-stuff reblogged this from silas216 and added:
    It is so demeaning to run a failing business, seriously who would take that on without at least a 300% raise. Sometimes...
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  20. slephoto reblogged this from truth-has-a-liberal-bias and added:
    Wow. I wonder what’d happen if more workers would see things like this happening & scuttle the deals so the VCVs don’t...
  21. peteschult reblogged this from fuckyeahmarxismleninism and added:
    For those tempted to buy management’s lies about excessive union “demands.”
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