(Closed) Hostess Twinkies CEO tripled salary to $2.5m while preparing to file bankruptcy

posted 6 years ago in Legal
Post # 3
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

Yeah, aren’t CEOs just special treats? Ugh.

Post # 5
Member
3175 posts
Sugar bee

This is such a disgusting example of why companies and Wall Street need government regulation. I can’t stand this crap. The people at the top of companies should not be able to break unions and vote to increase their pay unless they are increasing the worth and benefits of the whole company, not just increasing their pay and the pay of the shareholders or board members. This is why unions are essential.

Post # 7
Member
3175 posts
Sugar bee

@AlwaysSunny:  How is the average person supposed to be aware of this when it is so easy for the companies to change their names, consolidate with other companies to hide their practices and who is actually making the decisions and where the money is going? I try to “vote with my money” but I have a hard time knowing more than what information is blatantly available for the public to know.

Most people lack the education and experience to differentiate the legalese that surrounds such information that is needed to make informed decisions. The government may have “tried” in the past, but the problem that arises is the revolving door between industry and political decision making authorities. Additionally, poor business practices tend to lower the cost of the product…how is a parent supposed to make decisions to support an ethical company when it means they can’t pay their bills or feed their family?

Post # 9
Member
6359 posts
Bee Keeper

Isn’t that always the way?

The richest always get richer, no matter what the economy is for us little people.

Government regulation needs to be protected from lobbyists and their money, so that it can function. Right now it’s a joke. We need to get money out of politics in general.

Post # 10
Member
2433 posts
Buzzing bee
  • Wedding: June 2009

I feel terrible for all of the families who have lost a steady income due to Hostess going out of business. 

I worked part-time for Borders (book seller) when they went out of business in 2010. It was absolutely heartbreaking to see single parents who worked there scared over how they would find a new job quickly, with adequate benefits to provide for their families.

Borders also went out of business due to mis-management of money, and poor business decisions. They expanded the business more quickly than revenue to support, and they purchased very expensive storefronts that the revenue from those specific stores couldn’t support. For example, my location was projected to bring in 5 million in revenue annually (as the downtown location was very expensive), but we only generated an average of 1 million annually. And, similar to Hostess, they blamed the employees for not pushing products and reward cards, instead of their mis-management and poor planning. 

Sad. 

Post # 11
Member
1158 posts
Bumble bee
  • Wedding: April 2013

Geez,that’s sad.I see the CEO’s made sure that they were taken care of.How selfish.

Post # 13
Member
7403 posts
Busy Beekeeper

sThis why I can’t stand when politicans try to villify people on welfare as whats wrong with the economy, when in reality its corporate welfare that needs to be stopped

Post # 14
Member
2433 posts
Buzzing bee
  • Wedding: June 2009

@AlwaysSunny:  Oh yes, thanks for the concern though. It was a part-time job, so I was able to find something else fairly quickly. I felt worse for the full-time employees with kids who were suddenly without a source of income. 

 

Post # 15
Member
7902 posts
Bumble Beekeeper
  • Wedding: March 2012 - Pelican Grand Beach Resort

I keep seeing this story and it keeps pissing me off… especially since the big-business-friendly, anti-regulation fear machine keeps blaming the workers. 

Post # 16
Member
1093 posts
Bumble bee
  • Wedding: October 2011

*In the MOST sarcastic tone*

“If the company didn’t file for bankruptsy how else were they suppose to pay for the salary increases”?

The topic ‘Hostess Twinkies CEO tripled salary to $2.5m while preparing to file bankruptcy’ is closed to new replies.

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