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SK in CV.
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November 18, 2012 at 9:42 PM #754892November 19, 2012 at 2:22 PM #754915
CoronitaParticipantHang on…Suddenly, things are back to arbitration..Gee…There’s some hope yet!!!
http://finance.yahoo.com/news/hostess-liquidation-too-sweet-managers-191817329.html
November 21, 2012 at 6:57 PM #755093CoronitaParticipantOh well…
http://finance.yahoo.com/news/twinkies-bakers-theyd-rather-lose-020904983.html
“I really can’t afford to not be working, but this is not worth it. I’d rather go work somewhere else or draw unemployment,” said Johnson, a worker at Hostess for 23 years.”
I don’t get it. Can someone explain? $0 is better than some $ ?
I mean, I’ve been in situations in which I considered being underpaid..But wouldn’t one first find a job and then quit?
November 21, 2012 at 7:27 PM #755096SK in CV
Participant[quote=flu]Oh well…
http://finance.yahoo.com/news/twinkies-bakers-theyd-rather-lose-020904983.html
“I really can’t afford to not be working, but this is not worth it. I’d rather go work somewhere else or draw unemployment,” said Johnson, a worker at Hostess for 23 years.”
I don’t get it. Can someone explain? $0 is better than some $ ?
I mean, I’ve been in situations in which I considered being underpaid..But wouldn’t one first find a job and then quit?[/quote]
It’s a double edged sword. It’s hard searching for a job when you’re working. Particularly in blue collar jobs where time off for interviews at other employers is frowned upon.
The employees were asked to take signficant pay cuts stretching out over the next 4 or 5 years, with some of them ending up making just a little over minimum wage. As one of them wrote…I like the job I have…not the one they’ve offered.
We’ve all been excited about new jobs with hope, expectations or even promises of raises down the line. Promises of making less every year after they’ve already suffered some pretty severe cuts, not so much. It makes sense to me.
November 22, 2012 at 10:14 AM #755119CardiffBaseball
Participant[quote=UCGal]My best friend and I have done blind taste tests PROVING that ding dongs in the foil wrappers (the ones sold in boxes) taste better than ding dongs sold in the 2 packs. This taste test was done 25-30 years ago. May need to update the results.
Just saying.
Note to self – a box of ding dongs, foil wrapped, might make a good funny christmas gift for her.[/quote]
All healthy eating paleo or low-carb or vegetarian stuff aside…
That foil wrapped HoHo was straight from the Gods of shelf-life chemical based confections.
November 23, 2012 at 8:03 AM #755144CoronitaParticipantLol…
Taxpayers might be on the hook for twinkie’s pension afterall 🙂
NEW YORK (TheStreet) — The liquidation filing of Hostess Brands — the maker of consumer fattening favorites such as Ho Hos and Twinkies – also means that Americans may soon gorge themselves on the company’s massive pension liabilities.Hostess’ liquidation — just like the recent bankruptcies of well known companies like Friendly Ice Cream and Eddie Bauer — raises the prospect that sophisticated private equity and distressed debt hedge fund investors are using courts to cast off unwanted pension obligations on U.S. taxpayers and put a losing investment back on the track.
Consider that also on Friday, the Pension Benefit Guaranty Corporation disclosed that its U.S. pension plan insurance deficit grew to a record $34 billion this year, the biggest shortfall in the federal agency’s history. PBGC guarantees employee pension plans after a company goes belly up, securing the retirement of roughly 43 million U.S. workers.
While PBGC doesn’t take government money directly – it’s funded by way of insurance premiums and portfolio returns – the agency’s head said on Friday that a growing deficit raises the prospect of taxpayer support.
ouch.
Bend over everyone. It’s not gonna just be the rich paying more taxes…lol….
November 23, 2012 at 2:15 PM #755160CA renter
Participant[quote=flu]Lol…
Taxpayers might be on the hook for twinkie’s pension afterall 🙂
NEW YORK (TheStreet) — The liquidation filing of Hostess Brands — the maker of consumer fattening favorites such as Ho Hos and Twinkies – also means that Americans may soon gorge themselves on the company’s massive pension liabilities.Hostess’ liquidation — just like the recent bankruptcies of well known companies like Friendly Ice Cream and Eddie Bauer — raises the prospect that sophisticated private equity and distressed debt hedge fund investors are using courts to cast off unwanted pension obligations on U.S. taxpayers and put a losing investment back on the track.
Consider that also on Friday, the Pension Benefit Guaranty Corporation disclosed that its U.S. pension plan insurance deficit grew to a record $34 billion this year, the biggest shortfall in the federal agency’s history. PBGC guarantees employee pension plans after a company goes belly up, securing the retirement of roughly 43 million U.S. workers.
While PBGC doesn’t take government money directly – it’s funded by way of insurance premiums and portfolio returns – the agency’s head said on Friday that a growing deficit raises the prospect of taxpayer support.
ouch.
Bend over everyone. It’s not gonna just be the rich paying more taxes…lol….[/quote]
Yep, it’s all the fault of labor. Damned working people trying to make a living should just suck it up and take all the cuts being demanded of them by “the rich” so the capitalists can profit more, and more, and more… The rich don’t have enough wealth!
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“The gap between the top 1% and everyone else hasn’t been this bad since the Roaring Twenties”http://www.businessinsider.com/15-charts-about-wealth-and-inequality-in-america-2010-4?op=1
November 23, 2012 at 4:08 PM #755167UCGal
Participantmy understanding is that one of the issues of the strike was that hostess brands stopped funding the pension in August 2011, despite union contracts requiring the. too.
The size of the near $1 billion union pension claim is likely, in part, because Hostess’s hedge fund owners stopped contributing to the company’s pension plan in August 2011, as a result of bitter labor negotiations and deteriorating finances.
Hard to put the blame of the pension problems 100% on the workers….
November 23, 2012 at 4:48 PM #755168CoronitaParticipant[quote=UCGal]my understanding is that one of the issues of the strike was that hostess brands stopped funding the pension in August 2011, despite union contracts requiring the. too.
The size of the near $1 billion union pension claim is likely, in part, because Hostess’s hedge fund owners stopped contributing to the company’s pension plan in August 2011, as a result of bitter labor negotiations and deteriorating finances.
Hard to put the blame of the pension problems 100% on the workers….[/quote]
No one’s blaming the workers on the pension problems. But it is kinda interesting how problems with a private pension ends up being a public problem…
November 23, 2012 at 6:14 PM #755174Participant[quote=UCGal]my understanding is that one of the issues of the strike was that hostess brands stopped funding the pension in August 2011, despite union contracts requiring the. too.
The size of the near $1 billion union pension claim is likely, in part, because Hostess’s hedge fund owners stopped contributing to the company’s pension plan in August 2011, as a result of bitter labor negotiations and deteriorating finances.
Hard to put the blame of the pension problems 100% on the workers….[/quote]
Worse than just not funding the pensions, they continued to deduct employee contributions from their paychecks to their own pensions, and rather than transferring that money that was deducted to the pension plan, they kept it. Essentially forcing the employees to loan the company over $150 million.
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