Twinkie CEO Admits Taking Employee Pensions for Executive Pay

[Blowback]

Twinkie-maker Hostess continues to screw over its workers. The company is in the process of complete liquidation and 18,000 unionized workers are set to lose their jobs. More troubling – they could lose their pensions.

According to a report by the Wall Street Journal, Hostess’ CEO, Gregory Rayburn, essentially admitted that his company stole employee pension money and put it toward CEO and senior executive pay (aka “operations”). While this isn't technically illegal, it's another sleazy theft by Hostess executives - who've paid themselves handsomely while running their company into the ground. Just last month, a judge agreed to let Hostess executives suck another $1.8 million out of the bankrupt company to pay bonuses to CEOs. 

Read More...
http://www.infosalvo.com/money/twinkie-ceo-admits-taking-employee-pensions-for-executive-pay/

[chris jones]

 Ya just have to wonder where the justice is, not to long though. Follow the money trail!

[John_Back_From_The_Club_O]

Just remember Hostess union workers.

That guy residing in the White House your union heads all told you to vote for?  Yeah, you remember him?  He just wants to tell you... "You didn't put a dime into that pension... someone did that for you." 

So, when the CEO get away scott free with your pensions.  Just remember that you fools voted for the guy that says.. "you didn't have a pension to begin with."

[chris jones]

Unions didn't simply appear one day out of the blue. The working man and his family suffered fighting for their rights. A fair wage adequate to feed their family, job safety, a united voice and a tad of dignity.
 The slick OLE elitists detest UNIONS, they would do anything to to undermine the uniting of the common man.
They won, industrialists were forced to recognize their laborers. The only problem is some were infiltrated by organized crime (mafia), why, like anything else power and money.

[John_Back_From_The_Club_O]

Yes,
You can thank the old timer unions that we're truly organic for the eight hour workday and weekend off.

That was a 'revolution' and ONLY in a free America could you have that happen BUT that ship has long sailed away.

[Valerius]

http://en.wikipedia.org/wiki/Employee_Retirement_Income_Security_Act