Teamsters Outraged Over Hostess Execs Pumping Up Their Pay Prior To Bankruptcy Filing- 04/06/12

[Omaha Steve]

http://www.laborradio.org/Channels/Story.aspx?ID=1682392

By Doug Cunningham

The Teamsters union is expressing outrage over news that executives at Hostess Brands may have manipulated their pay, lining their pockets ahead of a bankruptcy filing while demanding workers’ pay be slashed. The Wall Street Journal reported that unsecured creditors want an investigation into executive pay that skyrocketed in an apparent effort to dodge the bankruptcy code’s compensation requirements. Ken Hall, general Secretary-Treasurer of the Teamsters, says that story “suggests that management broke the law, looted the company and then told workers to suck it up and sacrifice.”

[MichiganVote]

1. Workers have been making many concessions to this company for the last decade.

[SomethingFishy]

2. Nothing new here.. JC Penny cutting 9000 jobs while the

temporary CEO who worked all of 2 months got a 53 million payout.

[socialindependocrat]

3. There really should be a law..

that says that in a failed company that no member of management deserves a bonus for a failed company and that any bonus money given out will be tagged back on to the total worth of the company when figuring the final worth of the company.

This is just a big "boys club" where, once you make the grade you are protected from loss of income and given a golden handshake.

In the company I used to work for the directors would leave the company (or retire) and start working for one of the company's distributors the next week. They leave one job and get a lob a week later at equal or greater salary. Think of how this would play out if it worked the same for the rank and file!!! -BLIS-

[DCKit]

4. Wow. Who could have seen THAT coming? nt

[Quantess]

5. K & R