Joe,
I don't know whether you have read this article yet or not, but the details fully explain what Obama and the Occupy crowd just don't understand. In this new normal the employees might have to choose between an 8% paycut or a 100% paycut. Business 101-the business must make a profit to stay in business. The Hostess employees have chosen to take a 100% paycut. The details of this http://www.wptv.com/dpp/news/national/hostess-bankruptcy-twinkies-maker-hostess-brands-to-go-into-liquidation-files-for-bankruptcy
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
12 comments:
Thanks Obama...Unreal.
Should have taken the 8% cut. You blinked and played the poker game and lost. Let this be a lesson to the labor unions. When you play with fire you will get burned. Sorry hostess but this is exactly what we need right now for the democrats to see unfold.
9 out of 10 people in this country have no idea of the real world and the way it works. Instead of educating themselves and taking clues from bankrupt European countries they would rather watch useless TV shows.
They will wake up when they realize their pension funds are broke-done-finished. And they will only have themselves to blame for being so damm dumb.
The stock market is falsely propped up as was the overinflated housing market of a few years ago.
Politicians and pension fund trustees and union officials are lying to you when they say all is well. It's not. Only a fool would believe someone entrusted with their money without personally checking it out themselves. I bet 99% of gov't employees out there don't even know where their money is invested for their pensions.
It is unfortunate for all involved but when a company says they are just flat out of money, that if concessions aren't made, the company will close, don't insist on raises. So you make a little less or stay the same, or lose your job, doesn't seem like a tough choice. The company was already in Chapter 11, did the unions think they were flush?
Did anyone really think that they would vote for the 8% pay reduction? Look at the emplyees of Dresser right here in Salisbury. Profit has become a dirty word in this country. If a business makes ANY money at all they are labeled as being greedy and evil. What happened to my country?
Yes, all of Obama and his supporters are dumb because one union decided to fight a broke company.
Thank you for your generalization! It really helps at times like these.
Yeah... Obama and his flunkies...if it wasn't for them, Dresser would still be in business in Salisbury.
yeah, and Campbell soup, they would still be here. And Bayliner too. Obama and his flunkies closed them all!
Wait. What? Oh. my bad. that was before. Sorry.
This is a very complicated subject. But since you guys just want to focus on the business making a profit...
Two large hedge funds came in and bought Hostess' debt for pennies on the dollar. And that is their legal right to do such a thing to take over the company.
They are attempting to balk on the underfunded pension liabilities, while they still have plenty of cash.
The poor people that work there are pawns, and they have been failed by Hostess, and also by their unions. The underfunded pension liabilities have been a structural problem for a really long time. Both parties to these transactions have shown themselves to be totally incompetent, if not outright corrupt. Management got away with throwing out too much profit to shareholders, while the unions negotiated retirement benefits that any idiot could see were being grossly underfunded.
Let this be a warning to ANYBODY with a defined benefit pension plan (including social security). They are all underfunded, and the reality is that people have been taking your wages for years, and giving you empty promises in return. Unless you outright own the retirement money (like an IRA or a 401k that you rolled out of, into your own plan), you shouldn't expect to get anything. Powerful interests benefit way too much by shafting you and taking your money.
Just proves that union people are stupid ...... It's like hitting yourself with a hammer knowing its gonna hurt ... But you keep on doing it..... Way to go morons
No kidding, of course what you mentioned was before Obama 11:27. It's the same ideology behind Dresser, Campbell's and now Hostess-the same ideology Obama possesses. Get it now??
"Yes, all of Obama and his supporters are dumb because one union decided to fight a broke company."
Not at all, 11:16. There are a whole host of reasons that Obama and his minions are idiots - it can't be tied to the fate of a single company.
You know, I haven't had a Twinkie since high school, and they were GREAT back then. so upon hearing this news, I bought the "Last Twinkies" this past week. They really sucks in taste and texture. Hard, tough, and not as sweet. Like a "diet" model. (I'm 58 yo)
Thanks, Unions, for destroying a good product.
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