Slew Jumbo Caught In Lie Over Hostess CEO Raise

Posted in the Minneapolis Forum

Bridgework

Lincoln, NE

#1 Nov 19, 2012
http://management.fortune.cnn.com/2012/07/26/...

"Hostess filed a motion to give the CEO Brian Driscoll a raise package 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." Hall says he tracked Driscoll down by phone and told him, "If you don't withdraw this motion, these negotiations are done." Hostess withdrew the motion a few weeks later when Driscoll left -- the same Driscoll who, Hostess told the court in its motion, was "key" to "reestablishing" Hostess's "competitive position going forward." Abbott and Costello couldn't have made this stuff up if they'd gone to Wharton."

Stupid Slew Jumbo doesn't realize that the motion never was completed and the raise NEVER HAPPENED. Moronic Slew Jumbo doesn't realize that was for the FORMER CEO who left in MARCH. Liar Slew Jumbo also never mentioned that the top 4 executives at Hostess agreed in March to only be paid $1 for the remainder of 2012.
Bridgework

Minneapolis, MN

#2 Nov 19, 2012
Slew Jumbo has actually doubled down on dishonesty.

http://www.topix.com/forum/city/minneapolis-m...

He posts the requested increase, but ended his quote before the paragraph that says the CEO quit and the raise request was withdrawn.

http://www.topix.com/forum/city/minneapolis-m...

Slew Jumbo edits the quote to remove the mention of the CEO quiting and the raise request being withdrawn.

http://www.topix.com/forum/city/minneapolis-m...

He calls my source out of date, but uses in the above two posts.
Fred

Minneapolis, MN

#3 Nov 19, 2012
"Slew Jumbo Caught In Lie..."

Alert the media!

That's all this compensated troll does...well, except for personal attacks and insults.

“We have 545 traitors.”

Since: May 11

Parts Unknown

#4 Nov 19, 2012
I figured as much. Nobody ever posted a source of that salary story and it seemed like it came from some leftist unionista blogger or Trumka's guilty rant. Thanks for the post.

Slew couldn't be reached for comment- he spilled Red Bull on his pajamies so mommy took his internet away for a few hours.
Amused Slew

Seattle, WA

#5 Nov 19, 2012
http://thinkprogress.org/economy/2012/11/16/1...

Today, Hostess Brands inc.— the company famed for its sickly sweet dessert snacks like Twinkies and Sno Balls — announced they’d be shuttering after more than eighty years of production.

But while headlines have been quick to blame unions for the downfall of the company there’s actually more to the story: While the company was filing for bankruptcy, for the second time, earlier this year, it actually tripled its CEO’s pay, and increased other executives’ compensation by as much as 80 percent.

At the time, creditors warned that the decision signaled an attempt to “sidestep” bankruptcy rules, potentially as a means for trying to keep the executive at a failing company. The Confectionery, Tobacco Workers & Grain Millers International Union pointed this out in their written reaction to the news that the business is closing:

BCTGM 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.

Certainly, the company agreed to an out-sized pension debt, but the decision to pay executives more while scorning employee contracts during a bankruptcy reflects a lack of good managerial judgement.

It also follows a trend of rising CEO pay in times of economic difficulty. At the manufacturing company Caterpillar, for example, they froze workers’ pay while boosting their CEO’s pay to $17 million. And at Citigroup, CEO Vikram Pandit received $6.7 million for crashing his company, walking off with $260 million after the business lost 88 percent of its value.

“We have 545 traitors.”

Since: May 11

Parts Unknown

#6 Nov 20, 2012
You just quoted 'news' from a political activist, not a journalist, written on a partisan blog, not a news source. Garbage in, garbage out...

http://thinkprogress.org/about/...

ThinkProgress was voted “Best Liberal Blog” in the 2006 Weblog Awards and chosen as an Official Honoree in the 2009 and 2012 Webby awards. It was also named best blog of 2008 by The Sidney Hillman Foundation, receiving an award for journalism excellence. In 2009, ThinkProgress was named a “Gold Award Winner” by the International Academy of Visual Arts.

Judd Legum is Editor-in-Chief of ThinkProgress. Previously, Judd was the Research Director for the Hillary Clinton for President campaign.

Igor Volsky is the Deputy Editor of ThinkProgress.org . Igor is co-author of Howard Dean’s Prescription for Real Healthcare Reform

Annie-Rose Strasser is a Reporter/Blogger for ThinkProgress. Before joining American Progress, she worked for the community organizing non-profit Center for Community Change as a new media specialist. Previously, Annie-Rose served as a press assistant for Representative Debbie Wasserman Schultz. Annie-Rose holds a B.A. in English and Creative Writing from the George Washington University.
Bridgework

Lincoln, NE

#7 Nov 20, 2012
Blern wrote:
You just quoted 'news' from a political activist, not a journalist, written on a partisan blog, not a news source. Garbage in, garbage out...
http://thinkprogress.org/about/...
ThinkProgress was voted “Best Liberal Blog” in the 2006 Weblog Awards and chosen as an Official Honoree in the 2009 and 2012 Webby awards. It was also named best blog of 2008 by The Sidney Hillman Foundation, receiving an award for journalism excellence. In 2009, ThinkProgress was named a “Gold Award Winner” by the International Academy of Visual Arts.
Judd Legum is Editor-in-Chief of ThinkProgress. Previously, Judd was the Research Director for the Hillary Clinton for President campaign.
Igor Volsky is the Deputy Editor of ThinkProgress.org . Igor is co-author of Howard Dean’s Prescription for Real Healthcare Reform
Annie-Rose Strasser is a Reporter/Blogger for ThinkProgress. Before joining American Progress, she worked for the community organizing non-profit Center for Community Change as a new media specialist. Previously, Annie-Rose served as a press assistant for Representative Debbie Wasserman Schultz. Annie-Rose holds a B.A. in English and Creative Writing from the George Washington University.
It actually gets better. The thinkprogress.org article is quoting a union allegation, which the union got from a redacted complaint from a Hostess creditor.

They say the agreement took place in July 2011, and they pay increase took effect right around the January 2012 bankruptcy filing. Even if what they say happened was correct, the former CEO Brian Driscoll was said to have turned down part of the increase (so they don't even know the actual amount they are accusing him of receiving) and he left in March just two month after the supposed raise. As such he would not have received anywhere near what the union is claiming.

The best part is that they are claiming he received this raise in January 2012 (that he turned down a portion), but had Hostess put a motion to the judge to increase his pay again in February 2012?
it is called America

United States

#8 Nov 20, 2012
slew needs to understand business, and put down the cup cakes, if you don't like the way a company handles ITS business don't buy the product. American is a great success because of companies that HIRE people and they have to maintain a profit for all the STOCK HOLDERS, not the liberals that cry wolf.

__________
Amused Slew wrote:
http://thinkprogress.org/economy/2012/11/16/1...
Today, Hostess Brands inc.— the company famed for its sickly sweet dessert snacks like Twinkies and Sno Balls — announced they’d be shuttering after more than eighty years of production.
But while headlines have been quick to blame unions for the downfall of the company there’s actually more to the story: While the company was filing for bankruptcy, for the second time, earlier this year, it actually tripled its CEO’s pay, and increased other executives’ compensation by as much as 80 percent.
At the time, creditors warned that the decision signaled an attempt to “sidestep” bankruptcy rules, potentially as a means for trying to keep the executive at a failing company. The Confectionery, Tobacco Workers & Grain Millers International Union pointed this out in their written reaction to the news that the business is closing:
BCTGM 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.
Certainly, the company agreed to an out-sized pension debt, but the decision to pay executives more while scorning employee contracts during a bankruptcy reflects a lack of good managerial judgement.
It also follows a trend of rising CEO pay in times of economic difficulty. At the manufacturing company Caterpillar, for example, they froze workers’ pay while boosting their CEO’s pay to $17 million. And at Citigroup, CEO Vikram Pandit received $6.7 million for crashing his company, walking off with $260 million after the business lost 88 percent of its value.
Amused Slew

Seattle, WA

#9 Nov 20, 2012
Poor soapy dope, dream of something besides me, you're brain "bolts" are getting cross threaded....

Since: Sep 11

Rogers, MN

#10 Nov 20, 2012
What a powerful and insightful retort. You guys have all been put in your place now.
CRASSUS

Green Bay, WI

#11 Nov 20, 2012
No one cares how long it takes a turd to get to the sewage plant. No one cares about Slew.
Amused Slew

Seattle, WA

#12 Nov 20, 2012
Since crass wrote it, it must be either false bravado or pure stupidity... CHICKENHEARTED ~! LMAOROTFU~!
The Truth

Minneapolis, MN

#13 Nov 20, 2012
Bridgework wrote:
http://management.fortune.cnn. com/2012/07/26/hostess-twinkie s-bankrupt/
"Hostess filed a motion to give the CEO Brian Driscoll a raise package 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." Hall says he tracked Driscoll down by phone and told him, "If you don't withdraw this motion, these negotiations are done." Hostess withdrew the motion a few weeks later when Driscoll left -- the same Driscoll who, Hostess told the court in its motion, was "key" to "reestablishing" Hostess's "competitive position going forward." Abbott and Costello couldn't have made this stuff up if they'd gone to Wharton."
Stupid Slew Jumbo doesn't realize that the motion never was completed and the raise NEVER HAPPENED. Moronic Slew Jumbo doesn't realize that was for the FORMER CEO who left in MARCH. Liar Slew Jumbo also never mentioned that the top 4 executives at Hostess agreed in March to only be paid $1 for the remainder of 2012.
Slew Jumbo is the biggest liar on Topix.
Amused Slew

Seattle, WA

#15 Nov 20, 2012
Bridgework wrote:
http://management.fortune.cnn. com/2012/07/26/hostess-twinkie s-bankrupt/
"Hostess filed a motion to give the CEO Brian Driscoll a raise package 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." Hall says he tracked Driscoll down by phone and told him, "If you don't withdraw this motion, these negotiations are done." Hostess withdrew the motion a few weeks later when Driscoll left -- the same Driscoll who, Hostess told the court in its motion, was "key" to "reestablishing" Hostess's "competitive position going forward." Abbott and Costello couldn't have made this stuff up if they'd gone to Wharton."
Stupid Slew Jumbo doesn't realize that the motion never was completed and the raise NEVER HAPPENED. Moronic Slew Jumbo doesn't realize that was for the FORMER CEO who left in MARCH. Liar Slew Jumbo also never mentioned that the top 4 executives at Hostess agreed in March to only be paid $1 for the remainder of 2012.
When you get tired of being a Twinkie, try being a man, for a change. LMAOROTFU~ 1

“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

#16 Nov 21, 2012
it is called America wrote:
slew needs to understand business, and put down the cup cakes, if you don't like the way a company handles ITS business don't buy the product. American is a great success because of companies that HIRE people and they have to maintain a profit for all the STOCK HOLDERS, not the liberals that cry wolf.
__________
<quoted text>
It really is a pretty simply concept.

But for some reason, the Leftists feel that profits are bad and successful people need to be punished - while rewarding those that fail. Wow. What a strange world we live in now.
Amused Slew

Seattle, WA

#17 Nov 21, 2012
Profits are good and sharing them with the workers is wonderful...You remember work, ALL 2 hours 15 minutes you tried it ?? LMAOROTFU~!

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