There goes the Twinkies

“One fish... Two fish... ”

Level 8

Since: Jan 11

Opportunity is everywhere

#43 Nov 17, 2012
picker2 wrote:
<quoted text>Could it be that Michelle put them out of business with her healthy plan? But heaven forbid Obama go against a union since it was a big part of his election strategy. Funny how he had a meeting with union leaders who helped get him elected before he had a meeting with the members of Congress that are going to decide the fate of the budget. Part of his plan of the squeaky hinge syndrome. Strange when the wheels are falling off of the wagon he goes to Gates and Buffet for advice before instead of going to his so called economics pros.
Michelle Obama put them out of business??!

Take a deep breath, and come back to reality. The top executives of Hostess ran the company into the ground:

http://americablog.com/2012/11/hostess-twinki...

At the same time he's filing for bankruptcy protection for Hostess, the CEO scores himself a 300% raise to bring his annual salary to $2.55 million. Wow ... only in corporate America can such sheer incompetency reap such financial reward!

This company was gutted over the past 8 years, with executives pulling out as much as they could for themselves while ignoring capital investment and product development needs. There was no real effort made to save Hostess, because the intention was to bleed it dry and then sell-off the brands.
picker2

Beckley, WV

#44 Nov 17, 2012
Natalie_ wrote:
<quoted text>
Michelle Obama put them out of business??!
Take a deep breath, and come back to reality. The top executives of Hostess ran the company into the ground:
http://americablog.com/2012/11/hostess-twinki...
At the same time he's filing for bankruptcy protection for Hostess, the CEO scores himself a 300% raise to bring his annual salary to $2.55 million. Wow ... only in corporate America can such sheer incompetency reap such financial reward!
This company was gutted over the past 8 years, with executives pulling out as much as they could for themselves while ignoring capital investment and product development needs. There was no real effort made to save Hostess, because the intention was to bleed it dry and then sell-off the brands.
You will have to get credit for the Michelle comment since it hadn't crossed my mind until you said that Hostess products were exactly the type of foods that health care providers were trying to get us away from so I just used my 7th grade math to put 2+2= Michelle's healthy and extremely tasty school lunches for kids. Also these so called healthy and unappealing meals that our kids are having served to them in schools, don't have to be as such. I have been eating healthy for years and I find many foods that I prepare myself are very delicious because I have a choice of what I eat and not some tasteless piece of meat and a few wilted vegetables these kids are eating. Healthy food doesn't have to be loaded with sodium to make it not taste bland but it is how it is prepared that makes it tasty. I don't have any kids in school but I have talked to several friends that have gone back to packing their kids lunches because they won't eat the school food. They could change their menu and the way it is cooked to make it better. It doesn't have to taste bad to be healthy.

“One fish... Two fish... ”

Level 8

Since: Jan 11

Opportunity is everywhere

#45 Nov 18, 2012
picker2 wrote:
<quoted text>You will have to get credit for the Michelle comment since it hadn't crossed my mind until you said that Hostess products were exactly the type of foods that health care providers were trying to get us away from so I just used my 7th grade math to put 2+2= Michelle's healthy and extremely tasty school lunches for kids. Also these so called healthy and unappealing meals that our kids are having served to them in schools, don't have to be as such. I have been eating healthy for years and I find many foods that I prepare myself are very delicious because I have a choice of what I eat and not some tasteless piece of meat and a few wilted vegetables these kids are eating. Healthy food doesn't have to be loaded with sodium to make it not taste bland but it is how it is prepared that makes it tasty. I don't have any kids in school but I have talked to several friends that have gone back to packing their kids lunches because they won't eat the school food. They could change their menu and the way it is cooked to make it better. It doesn't have to taste bad to be healthy.
If you look at the history of Hostess, they first experienced financial problems as far back as 2000 when low carbohydrate diets really got serious. The initial bankruptcy filing was in 2004, at which time Hostess executives blamed their problems on Americans shifting away from high-sugar products. That was years before Michelle Obama became First Lady.

Generally, its become an expectation for First Ladies to adopt a cause. Whether Michelle's campaign to end child obesity is any more worthwhile than Laura Bush's campaign to end child illiteracy is debatable. However the results are pretty much the same--America still has many fat kids who can't read a book.
nemesis

Layland, WV

#46 Nov 18, 2012
Now a Mexican company wants to buy Twinkies. They might as well, everything else has gone South of the border. Wonder if the Chinese are interested too? There's no mention that the CEO gave himself a 300% raise as the Company was floundering.
picker2

Beckley, WV

#47 Nov 18, 2012
nemesis wrote:
Now a Mexican company wants to buy Twinkies. They might as well, everything else has gone South of the border. Wonder if the Chinese are interested too? There's no mention that the CEO gave himself a 300% raise as the Company was floundering.
Do you hear that giant sucking sound?

“One fish... Two fish... ”

Level 8

Since: Jan 11

Opportunity is everywhere

#48 Nov 18, 2012
nemesis wrote:
Now a Mexican company wants to buy Twinkies. They might as well, everything else has gone South of the border. Wonder if the Chinese are interested too? There's no mention that the CEO gave himself a 300% raise as the Company was floundering.
Correction was later posted, because they had conflated the salary of Driscoll rather than Rayburn. It was 80%. CNN/Fortune reported:

"Even as it played the numbers game, Hostess had to face chaos in the corner office at the worst possible time. Driscoll, the CEO, departed suddenly and without explanation in March. It may have been that the Teamsters no longer felt it could trust him. In early February, Hostess had asked the bankruptcy judge to approve a sweet new employment deal for Driscoll. Its terms guaranteed him a base annual salary of $1.5 million, plus cash incentives and “long-term incentive” compensation of up to $2 million. If Hostess liquidated or Driscoll were fired without cause, he’d still get severance pay of $1.95 million as long as he honored a noncompete agreement.

When the Teamsters saw the court motion, Ken Hall, the union’s secretary-treasurer and No. 2 man, was irate. So much, he thought, for what he described as Driscoll’s “happy talk” about “shared sacrifice.”

The board replaced Driscoll with Greg Rayburn, a restructuring expert Hostess had hired as a consultant only nine days earlier. Rayburn was a serial turnaround specialist who had worked with such high-profile distressed businesses as WorldCom, Muzak Holdings, and New York City Off-Track Betting. He became Hostess’s sixth CEO in a decade. Within a month of taking over, Rayburn had to preside over a public-relations fiasco. Some unsecured creditors had informed the court that last summer — as the company was crumbling — four top Hostess executives received raises of up to 80%.(Driscoll had also received a pay raise back then.) The Teamsters saw this as more management shenanigans.“Looting” is how Hall described it in TV interviews.

Rayburn announced that the pay of the four top executives would go down to $1 for the year, but that their full salaries would be reinstated no later than Jan. 1. Hostess pays Rayburn $125,000 a month, according to court filings."
1 post removed

“One fish... Two fish... ”

Level 8

Since: Jan 11

Opportunity is everywhere

#50 Nov 18, 2012
http://www.indeed.com/salary/Bimbo-Bakeries.h...

Sorry, correct link to Grupo Bimbo salary site.
:)
1 post removed

“One fish... Two fish... ”

Level 8

Since: Jan 11

Opportunity is everywhere

#52 Nov 18, 2012
captialist pig wrote:
<quoted text>
Your comments bring up a point that I have been making for years. The federal government wants to stick its nose into every aspect of my business, yet they refuse to stop the incestious relationships in American Corporate Board Rooms. All these people sit on each others boards and hand out these big salaries that often have more to do with connections than competence.
I agree.

It goes beyond SEC corporations, look at the compensation paid to executives for non-profit corporations, especially ones that receive substantial taxpayer funding support:

http://philanthropy.com/blogs/philanthropytod...

When you dig further into the history of someone like Robert Archibald of the STL History Museum, it becomes even more apparent that corporation board members (publicly traded as well as non-profit) should be held accountable for the decisions being made regarding executive compensation and perks.

I have nothing against paying someone a fair salary for job performance, but there needs to be a public accounting of these compensation deals. These arrangements should be independently audited and opined upon.
captialist pig

Beckley, WV

#53 Nov 18, 2012
Natalie_ wrote:
<quoted text>
I agree.
It goes beyond SEC corporations, look at the compensation paid to executives for non-profit corporations, especially ones that receive substantial taxpayer funding support:
http://philanthropy.com/blogs/philanthropytod...
When you dig further into the history of someone like Robert Archibald of the STL History Museum, it becomes even more apparent that corporation board members (publicly traded as well as non-profit) should be held accountable for the decisions being made regarding executive compensation and perks.
I have nothing against paying someone a fair salary for job performance, but there needs to be a public accounting of these compensation deals. These arrangements should be independently audited and opined upon.
Oh absolutely, It is insane what the heads of some of these so called non profits are paid. Some of the salaries paid even to local no profits are much higher than the average person makes in southern wv. Actually a lot of them are higher than the average family income.

Score Keeper The Greatest

“Score Keeper Score Keeper”

Level 7

Since: Dec 11

SCORE KEEPER !!!!!!!

#54 Nov 18, 2012
Screw the Twinkies, I gots to have my pink snow balls!!!
Missy

Beckley, WV

#55 Nov 18, 2012
I will miss the snow balls
Missy

Beckley, WV

#56 Nov 18, 2012
I just heard that the guy that owns PBR is buying Hostess.

Bug Ridge
Level 1

Since: Feb 12

Location hidden

#57 Nov 18, 2012
Missy wrote:
I just heard that the guy that owns PBR is buying Hostess.
Warren Buffet most if not all of it, already owns big chunk, loves them Ho Hos.

Score Keeper The Greatest

“Score Keeper Score Keeper”

Level 7

Since: Dec 11

SCORE KEEPER !!!!!!!

#58 Nov 18, 2012
Bug Ridge wrote:
<quoted text>
Warren Buffet most if not all of it, already owns big chunk, loves them Ho Hos.
Will they rename them Lady of the Night snacks?

Bug Ridge
Level 1

Since: Feb 12

Location hidden

#59 Nov 18, 2012
Score Keeper The Greatest wrote:
<quoted text>Will they rename them Lady of the Night snacks?
LOL ...

Level 9

Since: Jan 08

Location hidden

#60 Nov 19, 2012
thats where greed gets ya. Employees keep wanting more days off, more vacation and more benefits. Someday all business will operate NO work No pay policy.

Since: Aug 12

Beckley, WV

#61 Nov 19, 2012
Wonder what would happen if all businesses closed? Words to ponder.

Level 9

Since: Jan 08

Location hidden

#62 Nov 20, 2012
Score Keeper The Greatest wrote:
Screw the Twinkies, I gots to have my pink snow balls!!!
LOL or the orange ones at Halloween and the green for St. Patricks day.
Level 3

Since: Nov 08

Beckley, WV

#63 Nov 20, 2012
Twinkies may be getting saved as we speak

Since: Aug 12

Beckley, WV

#64 Nov 20, 2012
might have to break tradition of not eating twinkies, heard about frying them today.......oh mylanta..........sounds like such a good bad thing to eat (he he)

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Beckley Discussions

Title Updated Last By Comments
News VA cuts ribbon on new clinic in Greenbrier County 1 hr Well 3
Create your own Forum (Jun '15) 1 hr Chris 4,195
The little State that couldn't 6 hr Robert 2
Sonic property 7 hr Corn dog 4
Abandoned mansion 8 hr john 2
Somebody please post. Rustburg poster waiting. 9 hr Mac 5
Monster in Law 14 hr Bartender 11

Beckley Jobs

More from around the web

Personal Finance

Beckley Mortgages