That Dean Metropoulos fellow is one hell of a magician!
He made those pesky Hostess unions disappear just like that! Then with another wave of his magic wand he shrunk the pay packets of the remaining workers by half.
But wait, he's not done yet; for his next trick he's gonna shrink the Twinkie itself!
Is nothing sacred?
Showing posts with label Hostess bankruptcy. Show all posts
Showing posts with label Hostess bankruptcy. Show all posts
Tuesday, July 23, 2013
Tuesday, July 9, 2013
Good news for Twinkie technicians!
The Wall Street Journal has a story about how former Hostess employees are all bitter about having their former $33,000 a year (plus benefits) jobs back at $22,000 a year (no benefits).
Hey, lighten up folks; there is a silver lining! Here's a chart straight from the USDA web site on income cut-offs for food stamps:
Hey, lighten up folks; there is a silver lining! Here's a chart straight from the USDA web site on income cut-offs for food stamps:
Household size
|
Gross monthly income
(130 percent of poverty) |
Net monthly income
(100 percent of poverty) |
|---|---|---|
1
| $1,211 | $ 931 |
2
| 1,640 | 1,261 |
3
| 2,069 | 1,591 |
4
| 2,498 | 1,921 |
5
| 2,927 | 2,251 |
6
| 3,356 | 2,581 |
7
| 3,785 | 2,911 |
8
| 4,214 | 3,241 |
Each additional member
| +429 | +330 |
Looks to me like most of you are going to qualify! Isn't that great!
You gotta love it... not only do you get to make Twinkies again, but you'll get food stamps to boot!
God bless America!
Sunday, November 18, 2012
Forbes feels the love for unions
How gratifying to see one of America's iconic business sites publish something that doesn't feature the usual knee-jerk anti-labor bias. Of course, maybe Adam Hartung inadvertently slipped this one past his editors and we'll next see his byline at the Daily Worker.
By now the story of Hostess' demise is well trod territory. It's been brought to my attention that I've been wrong to pin the blame on hedge fund shitbags. I'm not so sure. Maybe Ripplewood is going to take a haircut on this one, but apparently two bond funds hold all or most of the secured debt.
That means the sharpies who bought the debt at pennies on the dollar back around the time of the original Hostess bankruptcy are going to be sitting pretty as they get paid out in full, while thousands of pensioners will be up Shit Creek without a paddle.
Not to mention that in the course of the last eight years a clique of insiders in the executive suite rewarded themselves with outlandish raises and bonuses while demanding draconian givebacks from the workers and "managing" a venerable company into the ground.
There may be examples extant of hedge funds making a useful contribution to the society at large, but for the most part they are predators who are all too willing to destroy the common good so long as their investors and their management can make a killing.
That's why we need a 100% tax on non-productive economic activity.
By now the story of Hostess' demise is well trod territory. It's been brought to my attention that I've been wrong to pin the blame on hedge fund shitbags. I'm not so sure. Maybe Ripplewood is going to take a haircut on this one, but apparently two bond funds hold all or most of the secured debt.
That means the sharpies who bought the debt at pennies on the dollar back around the time of the original Hostess bankruptcy are going to be sitting pretty as they get paid out in full, while thousands of pensioners will be up Shit Creek without a paddle.
Not to mention that in the course of the last eight years a clique of insiders in the executive suite rewarded themselves with outlandish raises and bonuses while demanding draconian givebacks from the workers and "managing" a venerable company into the ground.
There may be examples extant of hedge funds making a useful contribution to the society at large, but for the most part they are predators who are all too willing to destroy the common good so long as their investors and their management can make a killing.
That's why we need a 100% tax on non-productive economic activity.
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