Here is what ;came up on my Facebook on the Hostess bankruptcy:
Hostess is in bankruptcy for the second time since 2009 and a major factor in their inability to succeed is that over the past eight years, they were owned by Wall Street investors that were restructuring experts, managers from other non-baking food companies, and now a liquidation specialist. There was no plan for Hostess to succeed and it appears that was the objective all along.
Hostess’s failure was compounded by having six CEO’s in 8 years who had no experience in the bread or cake baking industry, and despite their financial woes, the company’s CEO got a 300% salary increase from $750,000 to $2,250,000, and other top executives received raises worth hundreds-of-thousands of dollars; all while the company was struggling. Instead of acknowledging the lack of competent leadership and exorbitant executive salaries as contributing to the company’s decision to close its doors, CEO Gregory Rayburn issued a statement saying, “We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike.” However, Rayburn and Hostess management claimed the strike would be responsible for closing plants even before there was a strike, and they had made plans to close plants whether or not workers accepted the Draconian wage and benefit cuts the company offered, or if they went on strike.
Hostess workers previously made numerous concessions to keep the company afloat, but they were not enough for the company’s management so they stopped making contractually-obligated contributions to employee’s pensions to save money. The employees stayed on the job until management offered a new contract cutting wages and benefits an extra 27 – 32 percent that prompted employees to strike and thus become scapegoats for Hostess’s demise. What Hostess failed to tell the public is that plans were in the works to close plants months before offering to slash workers’ wages. According to the company’s 1113 bankruptcy court filing earlier this year, they planned to close at least nine bakeries as part of its reorganization plan in addition to the three bakeries that were to be closed as a result of the company’s planned sale of its Merita division. In a November article, St. Louis Mayor Francis Slay said, “I was told months ago they were planning on closing the site in St. Louis, and there was no indication at that time it had anything to do with the strike the workers were waging.”
SOurce: http://www.politicususa.com/romney-vulture-capitalist-style-management-killed-hostess-unions.html
Money Matters - Part 13
Shame shame shame on the top execs and Ceos.
Sorry, but that is overtly political. Fact is a bankruptcy JUDGE was calling the shots since the first bankruptcy. A few thousand union bakers decided they would rather liquidate the company than continue under COURT ORDERED cuts. So instead 18,000 lose their job entirely. Yeah, that's fair. To me, that is the economic equivalent of a suicide bomber, plain and simple.
Jugde just ordered mediation for Hostess.
Mem - I did not mean that YOU were being overtly political with that post! Was referring to the article. ^_^
I really despise all these retailers opening on Thanksgiving. Despicable.
Annoys me, no reason to open on Thanksgiving
On a different note, how are gas prices doing in your areas? I paid $3.059 yesterday at Sam's, about 10¢ less than the average around here.
Part of email I received from jcp
Happy Thanksgiving!
This year, we're going to kick off the holiday shopping season with
the most exciting Black Friday in our history. And yes, we're going to
start our Black Friday--on Friday.
I know that some retailers are opening on Thanksgiving this year. But
spending Thanksgiving with family is one of America's greatest
traditions. Since jcp was founded on the Golden Rule, I'm proud to
honor this tradition by keeping our stores closed on this special day.
I hope our customers and employees all enjoy a wonderful holiday with
loved ones.
And when we open at 6:00am the following day, we'll be honoring
another great American tradition--Black Friday--with our one big sale
of the year.
And that's just the start. On Black Friday, we also launch our Merry
Christmas America campaign. We'll be giving away 80 million
commemorative buttons, 20 million of which will win a great gift.
Simply get a button at jcp, then visit jcp.com/christmas and enter the
code on your button to see if you've won. You'll get another
button-and another chance to win--every time you visit jcp during the
holiday season (while supplies last).
Will check tomorrow, d. Def way higher than that.
Wow - the number of announce layoffs in Nov is very scary.
Darius , 3 29 it had crept down over thelast few weeks
gas @ $3.33 here for now
Usually NJ is lower than DE but lately it has been higher. Saw $3.39 today in town.
Considering the gas shortage along the coast from "Sandy", I don't think those prices are too bad.
Watch - they will now use the Middle East turmoil to jack it up again even though no oil in Israel or Gaza.
Love how the Wash Post only 'realizes' this NOW.
http://www.washingtonpost.com/blogs/wonkblog/wp/2012/11/15/this-graph-should-scare-you/?hpid=z13
Paying $3.79 a gallon.
3.499 here
Secretary of Treasury wants to entirely eliminate debt ceiling. What can go wrong??! Don't we all call our credit card company and ask them to raise or even eliminate our credit limit entirely when we show we cannot pay down our balance? Aren't they so happy to help?? Twilight Zone.
Re: Twinkies and the bankrupty court judge: http://news.msn.com/us/hostess-liquidation-too-sweet-for-managers-court-says?ocid=ansnews11
Twinkies- Lets DUMP the senior managers and use all that money to keep the underlings working as long as they will. They probably know what to do just as well. What a load of carp. Didn't the senior managers earn big salaries before on the premise that they knew how to manage, and not go out of business.? Insane.
And yeah, you only have to talk to your neighbors to know the recovery is struggling.
Hang in there, Sherrie!
sherrie- the paycheck will perk you up when it comes!
Sherrie -
I am happy to have you hijack the thread with your work schedule because it is so much better than you not working and being worried and depressed! Go Sherrie, go! (Although, I do miss the pretty cups and saucers...)
On that note - I have today off to "cook".
Cooking for whom?
My girlfriend and me. We alternate houses and she does the turkey and hosts this year. Then we go to the movies. On Christmas we eat out (I already have a Groupon for a favorite Indian Restaurant in Downtown New Haven) and then we go to the movies.
Sounds better than sharing my TG with my half-sister, a love-hate relationship! She lives in the other half of this house and we have separate everything except the oven, and W/D.
The best part is that she is NOT going to make pumpkin pie with soy milk this year! Woo Hoo!
After doing this for a number of years we have lists of "never agains" like brussel sprouts, marshmallows on sweet potatoes, that stupid canned green bean, mushroom soup and fried onion ring casserole, etc.
One year she insisted that I hadn't cooked the turkey to a high enough temperature and I had to put it back in the oven. That was the famous Kalahari Turkey year. (She has promised never to tell me how to cook the turkey again.)
that is funny
LOL
Ummmm.... Methinks it was a little dry? Heehee.
I agree Sherrie, much better to hear you have a paycheck coming in. Very excited for you!
It's not burgers its not burgers its not burgers...
My homeowners insurance went from $ 884 in 2011 to $1089 in 2012 and $720 in 2013, Now I have to read the entire policy to see why it is so much lower. My house payment is set prior to the mortgage company getting the insurance bill - so last year they didn't raise the payment to cover the HUGE increase, so this year my payment is $80 a month more to cover last years increase and this years insurance at the $1089 - which is only $ 720. Anyone else thing I should change insurance companies?
Yep I'd switch
We have Erie with car and home both, one assumes some sort of 'better' deal. I doubt it can hurt to shop around.
Last time I shopped, one of them asked specifically if we had a trampoline. Remember all the hoo ha about trampolines?
Post a Reply to this Thread
More Northeast Gardening Threads
-
Peach trees in Massachusetts
started by mhead110
last post by mhead110Apr 12, 20250Apr 12, 2025