R.I.P. Ding Dong, Twinkie, Sno Ball, etc.

[ebacon]

Here are managment's and unions' statements on the situation.

Management: http://www.hostessbrands.com/Closing.aspx

Union: http://bctgm.org/

[ebacon]

I forgot all about the pies.

During college they were common breakfast fare for me.

[Oerets]

Once again a corporation managers use the business as an ATM machine. Then try and spin it as the Unions fault once the money is gone.

No matter how much the workers would of gave back the same thing was going to happen. Just the pr**ks at the top running the show would of received more satisfaction in pulling the strings a little longer. Making the lowly serfs dance to a tune, laughing all way to the bank!




Barney

[bobabode]

Find some ex pat French(GASP) bakers for bread and you'll never go back. C'est Cie Bon in my neighborhood.

[ebacon]

Here is the bakers union statement mirrored on the AFL-CIO web site:

http://www.aflcio.org/Blog/Corporate...-in-the-Making

[bobabode]

Sounds like they were Bained.

[finnbow]

I think it has more to do with them making products people no longer want. Thankfully, the American palate has advanced a bit since Hostess first introduced these fat pills.

[bobabode]

“Hostess failed because its six management teams over the last eight years were unable to make it a profitable, successful business enterprise. Despite a commitment from the company after the first bankruptcy that the resources derived from the workers’ concessions would be plowed back into the company, this never materialized. Management refused to invest in modernizing its bakeries or devote necessary resources to advertising and marketing, product development and new technology. Business plan after business plan failed, leaving the company ever deeper in debt.
“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 ten executives of the company were rewarding themselves with lavish compensation increases, with the then CEO receiving a 300 percent increase." From AFL CIO link EBacon provided

Looks like Bained to me.

[ebacon]

Originally Posted by finnbow

I think it has more to do with them making products people no longer want. Thankfully, the American palate has advanced a bit since Hostess first introduced these fat pills.

The union statement says that product development was one of the areas where management failed.

Chrysler went through the same problem when Bob Eaton took over during the 1990s. He was a bean counter, not a product guy. Each time that we had to make a decision on whether to tool a new product his knees would give out and he would pull the plug on the program. A few years later Chrysler was still building the same cars as it was when Iacocca retired and it was no longer competitive. That's when it started to die out and Daimler bought it.

Bob Eaton the weasel walked away from deal with something like $90M in his pockets. He is living lavishly down in Florida as an award for selling out. What a pud.

Let's see if Bob Eaton has written any books about his so-called leadership. Hmmm. Nope. The bean counting bastard probably can't even put a sentence together.

How about books by Lee Iacocca. Yup.

Where Have All the Leaders Gone (Written during the Bush administration )
Talking Straight


I wonder if Mitt Romney wrote any books. Hmmm. Oh lookey, he deed, he deed! Wonder whut da puddy twat wote!

Here is one that bashes Obama.
No Apology - A Case for American Greatness
Dat's all der is fom da Womney!

As if we need a book that argues in favor of greatness. What a dumbass.

Neocons are an embarrassment to the nation.

[wgrr]

Hostess was sold to two hedge funds and a private equity firm. Some say a vulture capitalist firm was also involved. The first thing they did was drive down wages and benefits for the workers. This triggered the strike. The union is now busted and we are on the hook for their pensions. I would be less than surprised if they go back into full production after the bankruptcy using non-union workers working for poverty wages.

This crap has got to stop. It may not be illegal but it is highly unethical. I can't imagine what goes through the amoral, narcissistic minds of people like Romney. They care about nothing but themselves.

BTW, you don't have to be a lawyer to handle bankruptcies. You do have to know what you are doing though.