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The judge will determine the pensio poayout and such as mandate under bankrupsy laws.That's really how it works.The componay basically could survive in a declining market for their goods and being near the bottom in slaes.Just about every store now has stroe brands sellig same type products. Stil its likely that it willbenefit a Cadaian compnay who has th manufacturig right to make mnay f their products such as Twinkes.Survival of the fittest imarket palce.
Doesn't the pension revert to the Feds who will not payout the pensions in full
On the one hand, workers traded "less money" for "no money." Dumb, certainly.
But, they made big concessions the last time Hostess went bankrupt in 2004, already. The company is in an un-winable debt situation due to that bankruptcy, and has no path to solvency. It looks like Hostess executives have been taking steps to up their own compensation lately as well, which puts the whole thing in question.
So on the one hand, dumb union, now you have NO job, immediately.
But on the other hand, at some point, you have to put your foot down instead of agreeing to cut after cut (wages, healthcare, pension) so that Hostess can continue to tread water, compensating higher ups and boosting stock for the inevitable sale… all while paying bakers as little as possible.
So… and I am not generally pro-union… I can see both sides' arguments.
Now Hostess gets to blame the big bad Unions, but at the end of the day, no amount of concessions and job cuts was going to save this company.
Given that the majority of people seem to be happy to blame the unions I guess Hostess execs picked the right scapegoat. Shame that folks won't look behind the headlines and see the whole picture.
So why did they need a "scapegoat?"
They didn't require permission to shut down the company.
No more stockholders to please.
What is the alternative? You don't work and still get your unemployment and food stamps and whatever other goodies the government will provide. When there is no incentive to work folks will choose to not work. Welcome to the transformation of America provided by the democrat party.
Yep. We should all be willing to work for slave wages without benefits. We should be happy that the extremely wealthy executives of our company allow us to work so that we will not starve. That is the Republican vision.
I think the Salon article posted by Ovacatto sounds about right. These were middle class jobs 20 years ago. They had made concessions and gone to low middle class (the guy in the article says $35,000. They were looking at more concessions, and barely better than Walmart work. But still having to presumably pay $50-75 per month in union dues
And likely this was very demanding physical work. I knew a guy who worked in a bakery, and he said it was a tough gig.
Now they will get their 99 weeks of unemployment and probably be eligible for one of the 47 federal job retraining programs that Romney said he wanted to revamp.
I bet this was a rational calculation, not a case of worker suicide.
Yep. We should all be willing to work for slave wages without benefits. We should be happy that the extremely wealthy executives of our company allow us to work so that we will not starve. That is the Republican vision.
Who is talking about the executives. These folks decided they'd rather not work than work. You people and your hatred of anyone who makes more money than you are beyond ridiculous.
Yep. We should all be willing to work for slave wages without benefits. We should be happy that the extremely wealthy executives of our company allow us to work so that we will not starve. That is the Republican vision.
How much do you pay your employees and do you provide them benefits?
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