Hostess Union still doesn't get it (Video in link)

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re: Hostess Union still doesn't get it (Video in link)

Posted by MrCarton

on 2/5 at 8:32 pm to GFunk

quote:

Is there a problem with me doing so?

Not at all.

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Posted by GFunk

on 2/5 at 8:34 pm to ironsides

quote:
ironsides

quote:
Dude the pension plan were killing the firm. It's not as simple as current compensation. And don't come in here saying you're the facts guy when you're only telling half the story - half story =half truth.

So the execs taking the raises as they were asking their own employees to take a paycut...meaningless right? Not the right facts for the discussion.

This place is a fricking echo chamber. A bunch of preachers who also sing in the same choir. I'm glad we have this board though. It reminds why I'm never here.

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Posted by wickowick

on 2/5 at 8:41 pm to GFunk

They got pay cuts to keep them in their jobs. These people knew that the ship was sinking and the extra pay was needed to keep them from jumping ship and to try to save the business...

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Posted by MrCarton

on 2/5 at 8:43 pm to wickowick

quote:
Last effort to save the host.

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Posted by dante

on 2/5 at 8:47 pm to wickowick

I have not followed the Hostess story in great detail, but it does not surprise me that the union is trying to strong arm potential buyers already. Unions, in my opinion, lost there relevance a long time ago.

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Posted by Meauxjeaux

on 2/5 at 8:53 pm to GFunk

quote:
then the corporate staff gave themselves huge raises,

quote:
The bastards at Hostess in the Corporate Office bled the place dry and ran the company out of cash.

So how many people and how much did they raise themselves to run the company out of cash?

Can you give me numbers here?

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Posted by Meauxjeaux

on 2/5 at 8:58 pm to GFunk

quote:
36 Corporate positions got huge raises as rank and file employees took 10% across the board paycuts.

Sorry, I hadn't read this far into the thread.

So you inside source friend thinks 36 people gave themselves enough raises to drain the cashflow/reserves of a company with $2.8Billion in revenue?

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Posted by OldTigahFot

on 2/5 at 9:00 pm to Meauxjeaux

This whole story goes much deeper than is being discussed here. The article linked below is from August of 2013 and pretty much outlines everything that was going on. Long read but very interesting.

quote:
The critical issue in the bankruptcy is legacy pensions. Hostess has roughly $2 billion in unfunded pension liabilities to its various unions' workers -- the Teamsters but also the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (which has largely chosen not to contest what Hostess wants to do -- that is, to get out of much of that obligation). If the bankruptcy court lets Hostess off the pension hook -- which often happens in these cases -- it only moves the struggle outside the courthouse, and the ante goes up. For the Teamsters can then call a strike -- which its Hostess employees have already ratified by a 9-to-1 margin. If the court doesn't grant relief, Hostess can seek liquidation, which would mean that some creditors get some money, but equity would be gone for good, as would a lot of jobs. Either way, each side holds a nuclear warhead with which to annihilate the company.

LINK

Follow-up story on 11/16/12:
LINK

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Posted by RockyMtnTigerWDE

on 2/5 at 9:25 pm to GFunk

quote:
The Union wasn't ever the problem

Of course, they are always ready to do the right thing.

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Posted by Lsut81

on 2/5 at 9:34 pm to GFunk

quote:
All I'm doing is trying to bring you factual responses

Really? How about the real facts....

quote:
The Teamsters union has said it cannot endorse a “final offer” put forward by Hostess Brands, which includes an 8% pay cut in the first year of a five-year contract, but it will let members vote on the offer, considering that their jobs may be at stake if they do not come to an agreement.

But I thought they did their part and accepted a 10% pay cut???

LINK

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Posted by CITWTT

on 2/6 at 8:32 am to GFunk

quote:
This is first hand info from a Non-Union employee being relayed by a Republican Jindal Voter

So absolute BS that is known by the term gossip.

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Posted by Poodlebrain

on 2/6 at 1:14 pm to GFunk

So the company was in critical financial condition and union employees agreed to wage concessions to "save" their jobs. Their skills didn't make them attractive employees to other employers. Can your say the same about the 36 executives who got the so raises you claim bankrupted the company? Those executives probably could have bailed on Hostess, and if they had what were the chances of Hostess recovering? Distressed companies have to pay to keep key people from leaving for better opportunities. It pays to have skills other employers desire.

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Posted by Rickety Cricket

on 2/6 at 3:03 pm to wickowick

fricking union scum

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Posted by moneyg

on 2/6 at 3:23 pm to GFunk

quote:
So the execs taking the raises as they were asking their own employees to take a paycut...meaningless right?

Are you suggesting that it was those pay raises that put the company out of business?

That is absurd.

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Posted by CITWTT

on 2/6 at 3:27 pm to GFunk

Got a question for you to answer. How much baking do you think the bakers really do in a fully automated factory where 4,000 lbs of flour and the necessary extras , a mixer that would turn you into ground meat in three seconds. Go visit the Holsum bakery on Govt and look at all the labor intensive work of being a union baker entails. Whole Foods bakers know more and do more than those clowns.

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