Say Goodbye to Twinkies and Wonderbread

[tk13]

More fun with Twinkies.

Hostess Workers' Pension Money Diverted For Other Uses: Report

Hostess Brands acknowledged for the first time in a news report Monday that the company diverted workers' pension money for other company uses.

The bankrupt baker told The Wall Street Journal that money taken out of workers' paychecks, intended for their retirement funds, was used for company operations instead. Hostess, which was under different management at the time the diversions began in August 2011, said it does not know how much money it took.

"It's not a good situation to have," Hostess CEO Gregory Rayburn told the WSJ.

"Whatever the circumstances were, whatever those decisions were, I wasn't there," Rayburn added. As the founder and owner of Kobi Partners, a restructuring advisory firm, Rayburn was appointed acting CEO in March 2012.

Hostess Brands, which filed for bankruptcy for a second time in January, started liquidating its operations in November after the bakers' union refused to take another pay cut and went on strike. The liquidation will leave about 18,000 workers without jobs.

http://www.huffingtonpost.com/2012/1...n_2271868.html

[BigRedChief]

Originally Posted by tk13

More fun with Twinkies.



http://www.huffingtonpost.com/2012/1...n_2271868.html

This is just BS. When this first happened it was all about greedy unions. And now all this shit about management playing fast and loose with the law, money and ethics is coming out.

Someone should go to jail.

[Psyko Tek]

Originally Posted by BigRedChief

This is just BS. When this first happened it was all about greedy unions. And now all this shit about management playing fast and loose with the law, money and ethics is coming out.

Someone should go to jail.

ha
nobody in a suit goes to jail