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Hostess to seek approval for executive bonuses


KID

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JamesMusslewhite

http://www.bizjourna...s-used-for.html

 

 

Hostess: Money for pensions used for company operations

 

Irving-based Hostess Brands Inc. used wages that should have gone to fund employee pensions for its own operations as it continued to flounder deeper into bankrupcty, the Wall Street Journal reported.

The newspaper reported that the maker of Twinkies and Wonder Bread said in 2011 that it would stop making pension contributions and that the foregone wages were not applied to the pension fund or restored to workers' checks.

In an interview, Hostess CEO Greg Rayburn told the Journal that the actions occurred before he came on board in Marchand that he learned about it shortly before the company shut down in November and received permission from the U.S. Bankruptcy court to liquidate.

Rayburn told the Journal that he thought it was "terrible" that the company steered money intended for employee pensions to its operations. The Journal said it's not clear how many workers were affected or how much money was used for operations.

Well the workers will not have to worry about that happening again....

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Back in the 1930's a lot of people moved even though they had no money. Have you ever heard of the dust bowl? If people want something bad enough, they will do what they have to to get it. Of course,

CEO Pay Grew 127 Times Faster Than Worker Pay Over Last 30 Years: Study     Sucks to be the little guy these days....

Having been on both sides of the fence, and been highly paid at times, in general, executive pay is EXCESSIVE.   I have no objection to high pay for anyone, IF, and only if, it is based upon results

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It is a result of lax bankruptcy laws. The company has been through a few and each time different owners have picked over the carcass before moving on.

 

There is no moral peril in a bankruptcy, it is just used as a hiccup, and then things go on as usual.

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