HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Twinkie CEO Admits Compan...

Sat Dec 15, 2012, 07:51 AM

 

Twinkie CEO Admits Company Took Employees Pensions and Put It Toward Executive Pay

Twinkie CEO Admits Company Took Employees Pensions and Put It Toward Executive Pay..

Hostess company continues to screw over its workers.


December 11, 2012 |


Twinkie-maker Hostess continues to screw over its workers. The company is in the process of complete liquidation and 18,000 unionized workers are set to lose their jobs. More troubling – they could lose their pensions.

According to a report by the Wall Street Journal , Hostess’ CEO, Gregory Rayburn, essentially admitted that his company stole employee pension money and put it toward CEO and senior executive pay (aka “operations”). While this isn't technically illegal, it's another sleazy theft by Hostess executives - who've paid themselves handsomely while running their company into the ground. Just last month, a judge agreed to let Hostess executives suck another $1.8 million out of the bankrupt company to pay bonuses to CEOs.

If there's no way to recover the money for the Hostess pension plans for workers, then the Pension Benefit Guaranty Corp. will have to foot the bill to make sure workers get at least some of the retirement money they paid in.

Hostess shows us clearly what Bain-style predatory capitalism is all about: big bucks for the very few rich executives, layoffs and poverty for the workers and their communities.


http://www.alternet.org/corporate-accountability-and-workplace/twinkie-ceo-admits-company-took-employees-pensions-and-put-it

3 replies, 1100 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 3 replies Author Time Post
Reply Twinkie CEO Admits Company Took Employees Pensions and Put It Toward Executive Pay (Original post)
FreakinDJ Dec 2012 OP
Zorra Dec 2012 #1
kelliekat44 Dec 2012 #2
bigdarryl Dec 2012 #3

Response to FreakinDJ (Original post)

Sat Dec 15, 2012, 09:06 AM

1. K&R nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to FreakinDJ (Original post)

Sat Dec 15, 2012, 09:16 AM

2. Can't these people be put in jail for gran larceny?

 

There ought to be laws that make it easy to jail CEO when they steal pension money. They shoot and kill shoplifters...but nothing happens to the CEO grifters and thieves.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to FreakinDJ (Original post)

Sat Dec 15, 2012, 09:18 AM

3. There isn't even a place in HELL for these people that how greedy they are

 

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread