No surprise, really. An article in the Abqjournal about Hostess\u2019 bankruptcy blames the union 100% and makes NO mention of recent HUGE increases in executive compensation. The apparently incompetent CEO walks with a small fortune. <\/p>\n
ABQJournal Online \u00bb Workers\u2019 Strike Proves Fatal to Hostess<\/a> <\/p>\n By Journal Staff<\/a> on Fri, Nov 16, 2012<\/p>\n Hostess Brands Inc. says it\u2019s going out of business \u2013 and eliminating 18,500 jobs \u2013 after striking workers across the country crippled its ability to make its Twinkies, Ding Dongs and other snacks. <\/p>\n The move will also result in the closure of a contract Albuquerque distributing company, putting 27 local drivers, merchandisers and other employees out of work. <\/p>\n<\/blockquote>\n ABQJournal Online \u00bb Workers\u2019 Strike Proves Fatal to Hostess<\/a><\/p>\n Hostess Blames Union For Bankruptcy After Tripling CEO’s Pay | ThinkProgress<\/a> <\/p>\n while headlines have been quick to blame unions for the downfall of the company there\u2019s actually more to the story: While the company was filing for bankruptcy, for the second time, earlier this year, it actually tripled its CEO\u2019s pay, and increased other executives\u2019 compensation by as much as 80 percent.<\/font> <\/p>\n At the time, creditors warned that the decision signaled an attempt to \u201csidestep<\/a>\u201d bankruptcy rules, potentially as a means for trying to keep the executive at a failing company. The Confectionery, Tobacco Workers & Grain Millers International Union pointed this out<\/a> in their written reaction to the news that the business is closing: <\/p>\n BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises<\/font><\/strong>. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.<\/font> <\/p>\n<\/blockquote>\n<\/blockquote>\n Hostess Blames Union For Bankruptcy After Tripling CEO’s Pay | ThinkProgress<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" No surprise, really. An article in the Abqjournal about Hostess\u2019 bankruptcy blames the union 100% and makes NO mention of recent HUGE increases in executive compensation. The apparently incompetent CEO walks with a small fortune. ABQJournal Online \u00bb Workers\u2019 Strike Proves Fatal to Hostess By Journal Staff on Fri, Nov 16, 2012 Hostess Brands Inc. … Continue reading Conservative Abqjournal hides the facts about Hostess Brands, Inc<\/span> \n
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