7.6 Million Dollar Pay Increases while filing for bankrupcy...

[1monster]

Meanwhile, it's all the Union's fault that Hostess is closing.

[LARED]

1. Do you have a link for that? nt

[1monster]

7. Here are two, not specifically mentioning $7.6 million, but referring to a series of

pay raises for execs including a 300% raise for the CEO just before declaring bankrupcy.

http://thinkprogress.org/economy/2012/11/16/1203151/why-unions-dont-shoulder-the-blame-for-hostesss-downfall/

http://www.sacbee.com/2012/11/13/4983174/hostess-continues-pattern-of-misinformation.html#storylink=cpy

[Lucinda]

10. TY for the links!

[dipsydoodle]

2. Have you got a link to that ?

Other than Facebook.

[1monster]

3. Not at the moment. I did read something about it early today, but can't remember where.

I'll see if I can find it.

[1monster]

8. See post #7.

[dipsydoodle]

12. Thanks

.

[proud2BlibKansan]

4. here

http://www.politicususa.com/romney-vulture-capitalist-style-management-killed-hostess-unions.html

[dipsydoodle]

5. Can't see any reference to $7.6 million there

Only references to lower amounts over a period of 8 years.

[proud2BlibKansan]

6. Do the math. Those bonuses add up.

Hostess’s failure was compounded by having six CEO’s in 8 years who had no experience in the bread or cake baking industry, and despite their financial woes, the company’s CEO got a 300% salary increase from $750,000 to $2,250,000, and other top executives received raises worth hundreds-of-thousands of dollars; all while the company was struggling.

[1monster]

9. One and a half million of that figure went to the CEO as a 300% pay raise just before

Hostess filed for bankrupcy.

[exboyfil]

11. What I want to know is how much in

management fees were also pulled out by the white knight in the first bankruptcy. That is the standard Bain model.