Hostess execs give each other 300% raises before declaring bankruptcy, blaming unions
Twinkies – we can all safely say – are pretty damn terrible for you. Coincidentally, so are the financial practices of the execs of Hostess, the company that makes them. From the Sacramento Bee:
[Union] members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.
Fox News (duh) has been quick to cast the blame onto the unions themselves (double duh), leaving out the fact that the multi-million dollar C-suite raises are a direct cause of the unions striking on November 9th, apparently over pension plans.
While many on the right are blaming unions, this once again comes down to human beings taking advantage of other human beings just to line their pockets. 18,000 jobs are about to be lost because of the mismanagement of 17 or so Hostess executives and board members.