Business Insider details “How workers and management both caused the demise of Hostess,” and while there certainly plenty of blame to go around, executives will get golden parachutes and the workers get diddly.
You’ll probably not be surprised to learn that Hostess is privately owned by hedge funds. I’m guessing the hedge fundies have paid themselves munificent fees for their arduous work in plundering a company. The company hasn’t paid into employees pension funds in months and wanted a 8% pay cut and to cut benefits by more than 25%.
Who wouldn’t go on strike against that?
Besides, and hold on for this shocker, Hostess appears to be making shit up.
The recent claim by Hostess CEO Greg Rayburn that our strike is the reason for the closure of the three bakeries is simply not true. That statement is a continuation of a disturbing pattern by the company of issuing public statements that are erroneous at best and disingenuous at worst.
Our members rejected the company’s outrageous proposal by 92 percent in September. Rejection came from every corner of the country. They were being asked to vote on a proposal with massive concessions, knowing that their plant could very well be one of those to be closed.
Our members are on strike because they have had enough. They are not willing to take draconian wage and benefit cuts on top of the significant concessions they made in 2004 and give up their pension so that the Wall Street vulture capitalists in control of this company can walk away with millions of dollars.