I came across this article on Yahoo! about a week or so ago (and am finally getting around to remembering to post this) that just plain outraged me. We have all heard about Hostess closing its doors for good - meaning the Twinkie will not survive the end of the world because it quite simply won't be there for it. Unless it survives in someone's pantry. Out of the reach of children. (And for the record, I don't believe the world will end on 12/21/12, but it's been a fun joke. Thanks Mayans.)
"A federal bankruptcy judge has approved bonuses for executives of
Hostess, the maker of Twinkies, who stay on as the company is broken up
and sold off."
What on earth was this judge thinking? Those executives made WAY more than enough money - they don't need any stinking bonuses. Those bonuses should be given to the 18,000 workers they've put out into the cold.
"On Thursday, as part of a plan to liquidate the company and lay off
18,000 workers, a federal judge in White Plains, N.Y., approved paying
19 Hostess executives bonuses totaling $1.8 million. Hostess has said it
has interest from at least 110 firms who want to buy pieces of the
operation."
A company who has gone bankrupt is giving out over 1 million dollars in bonuses. To the same people who wanted to slash worker pay and benefits - and not for the first time, either. I'm failing (miserably) to see the logic in that. I'm also failing to see how that's right.
I think the only other thing that will survive is the cockroach.
"The decision comes as the company, known for its iconic snack cakes like
Ho Hos and Ding Dongs, says it doesn't have enough cash on hand to pay
retirement benefits to some former employees.
The bonuses do not include pay for CEO Gregory Rayburn, who was brought
on as a restructuring expert earlier this year, according to The
Associated Press. Rayburn is being paid $125,000 a month.
Former employees are outraged over the bonuses handed out to high ups."
Why? Oh, it's to keep them happy while the company is sold off bit by bit. Wouldn't want executives of a bankrupt company to go find new work any time soon. Oh and "restructuring expert"? Well he just restructured the Twinkie in to bankruptcy. Nice one Greg, nice one. You get a bonus for going bankrupt. I'm curious how that works? And how could you accept bonuses knowing what a douche-nozzle you look like?
"The bakers union went on strike Nov. 9, when the company imposed a
contract that would cut workers' wages by 8 percent. The Bakery,
Confectionery, Tobacco Workers and Grain Millers International Union
(BCTGM) said the contract would also cut benefits by 27 to 32 percent."
Explain this to me: How could Hostess executives even think that something like that would be okay? The economy sucks, costs are rising, and people can already barely afford the gas to get to work. And yet people blame the union. Sure unions aren't needed like they were when they were formed. Times have changed. Laws have changed. But I don't blame the union on this one. I blame the people who make a million or more in a year, not including bonuses.
I hope those executives are happy since they get to have their house, vacation homes in The Hamptons and Aspen, their yachts, private planes, and fancy sports cars. Never you mind about the people you screwed who now wonder how they're going to put food on the table, keep their homes and get another job in a sucky economy. Ya jackasses.
I take all this with a grain of salt, but there must be some truth to it. Even if it was just an idea, it's totally aggravating.
