Twinkies maker Hostess plans to go out of business

Nov 16, 2012 | Posted by: roboblogger | Full story: Reuters

As President Barack Obama and congressional leaders prepared for budget and tax talks on Friday aimed at preventing the economy from falling back into recession, a top Republican vowed to overhaul the U.S. tax code next year.

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#279
Nov 18, 2012
 

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barefoot2626 wrote:
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It wasn't their money, dimbulb, and when it comes to pointing to the reason for the FAILURE yes we can point to the failure of the CEO and his management not at the workers loading the trucks and baking the cakes.
Management, good or bad, IS management's prerogative.

Bottom line, there's only so much profit in a box of donuts. If the CEO gave himself a raise (which I doubt, seems it would have to be approved by the board of directors, or corporate officers), then I guess being CEO is good work if you can get it.

Workers, on the other hand, are still merely employees. They are employed at the convenience of the management. That's how business works.

Between ObamaCare, and the Ponzi Scheme of never ending benefits garnered by modern unions, we are going to see a lot more closings and layoffs in the future.

Don't like it? Then be your own boss.

After expenses, there is only so much money left to pay people..the Teamsters Union understood that and made a deal. The Baker's Union chose to be stubborn.

They gambled with a weak hand, and lost.

18,500 out of work at Hostess? You have a union to thank.

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#280
Nov 18, 2012
 

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Cary L Nickel wrote:
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Management, good or bad, IS management's prerogative.
And when losers like you run the company into the ground, the blame is (or should be put on) put on the losers who were running the company.

Not on the people who were loading the trucks because they refused to take yet another pay cut while management were tripling their salaries while insisting that works had to make sacrifices.

Review: Hostess has been in bankruptcy since 2004, briefly out of bankruptcy for two years during which time hedge fund managers ran the company into a billion dollar deficit while raising their salaries.

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#281
Nov 18, 2012
 

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Cary L Nickel wrote:
Bottom line, there's only so much profit in a box of donuts.
And the CEO reached into that box of donuts and decided he would take $2.2 million, and he passed the box around the board room and the rest of the donuts were swallowed by other executives, and then they decided to spend one billion dollars that wasn't theirs, and now they sell off the assets and collect their golden parachutes, and blame it on the unions because the unions cried about not getting any of the donuts.

Hostess has been Bain'd.

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#282
Nov 18, 2012
 

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Cary L Nickel wrote:
The baker's union is fully at fault for Hostess' demise.
Who spent the one billion dollars that caused the company to fail?

Did the bakers union make any of these board decisions or was it the board?
Pamela

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#283
Nov 18, 2012
 

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The private sector is ONLY about 7 percent union and they keep going under, just like the car companies. The ONLY reason Obama was able to keep them union for now, is that he allowed them to pay NO taxes for at least five years, so the American taxpayer is paying for the union workers to still be in unions, and even with no taxes, now the car companies are moving out of the U.S. for cheaper labor.

Romney was right about that one in that had the car companies done an organized bankruptcy, they would have been able to discharge those big long term pensions costs that the car companies cannot afford and they would have had control over wages and pensions. Instead, Obama kept the high wages and pensions in place by having them pay no taxes, he screwed the bond holders and all just to keep one big union going, so now that the government got them up and running again, now they are looking to move to China and other low wage countries. This is what they all do.

The ONLY group who is majority unions is the government workers only because they do not ever have to show a profit and because the money comes from taxation of everyone.
Pamela

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#284
Nov 18, 2012
 

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The car companies pay 7 retirees for every one worker they pay. Talk about a sick joke.

See they agreed to these huge union pensions back when people retired at 65 and the life expectancy was 62. But today the life expectancy is 82 and many are living to 100, so now the car companies pay NO taxes in order to pay 7 long term retirees for every one worker they pay. It's on the backs of the taxpayers.

You have to set up pensions with the idea that now people go to college and stay teenagers until they are almost 30, then they want to only work for about 25 years, and then they want to be kids again and live retired for 30-40 years, so if people live this way, then you cannot give them big pensions for that long. It costs way too much. People are going to have to save their own money if they want to live 40 years retired. They can't do it on the backs of businesses nor on the back of the government. It's too expensive. This is what happened in Greece. Greece still needs more cuts and it doesn't have anything left to cut. This is what happens when they do not pay taxes, they want to retire at 52 and they want big pensions and health care for 40 years retired. The countries borrow money for as long as they can to pay it until they can no longer pay the interest on their debt. This is where the U.S. is now. We pay $450 billion a year on interest on our debt to prop up the car companies, let them pay no taxes, to prop up the bankrupt government pensions, to hand out social security, Medicare and welfare. Same as Greece. How long can you do it? Not much longer with China and Russia trying to take the dollar down as the world's reserve currency. As soon as that happens, we can't print up money any longer and the dollar will collapse.
Pamela

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#285
Nov 18, 2012
 

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And look how the people on Social Security who have no other income got a grand total of $25 raise in 4 years of Obama being president. He could care less about the poor and the old. He could care less. All he cares is about feeding the unions because they give him so much money.

He planned Obamacare to blow up the health care system so that it all goes single payer health care, which would be fine, but to do it with all this big messes and drama, what a mess. He took a lot from old people on Medicare to give out health care to the young, and so now the doctors no longer take people on Medicare because the government sets low payments to them. He's trying to collapse the whole system so it goes single payer Medicare for all.

And, my guess is he wants to collape the U.S. with debt and then default on the debt cause that is ALL he does is run up debt. A 5 year old could do what he did, borrow money every year and hand it out. And then everyone says it is so brilliant "his policies are so brilliant." Anyone can run up credit cards and not pay them back, anyone can do that.
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OH NO You Did not

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#287
Nov 18, 2012
 

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barefoot2626 wrote:
<quoted text>
The CEO raised his pay to $2.2 million and spent a billion dollars he didn't have.
Let's blame the union for not agreeing to cut their pay again.
It was duly noted that the CEO was greedy, but the unions are being stupid. It is like they are doing a childish "well, he did it why can't I" knowing that there are huge unfunded pensions that Hostess will not be able to pay.

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#288
Nov 18, 2012
 

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Pamela wrote:
The car companies pay 7 retirees for every one worker they pay. Talk about a sick joke.
I guess they should start shooting the retirees instead of giving them a gold watch.

How dare those old people continue to breath late into their 60's, 70s, and even 80's!!

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#289
Nov 18, 2012
 

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Pamela wrote:
The car companies pay 7 retirees for every one worker they pay. Talk about a sick joke.
See they agreed to these huge union pensions back when people retired at 65 and the life expectancy was 62. But today the life expectancy is 82 and many are living to 100,
Yeah, you keep making up numbers and the cr@p gets too deep to even respond.

The bottom line is: if you agree to pay me $30 an hour and instead of a raise, you promise me to set aside $3 an hour for when I retire, that $3 an hour IS MY MONEY, not yours, and you don't get to change your mind when I live longer than you hoped I would live- putting aside, Pam, you LIE about the actuaries not know the lifespan has been increasing since Ogg walked out of the cave a few thousand years ago.

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#290
Nov 18, 2012
 

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America Lost wrote:
everytime a liberal opens their idiot mouth,
Every time you open your mouth, Boy, you make another $2 and the floor gets a little slipperier.

You lost.

It doesn't change just because you are going to a new set of aliases.
Pamela

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#291
Nov 18, 2012
 

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barefoot2626 wrote:
<quoted text>
Yeah, you keep making up numbers and the cr@p gets too deep to even respond.
The bottom line is: if you agree to pay me $30 an hour and instead of a raise, you promise me to set aside $3 an hour for when I retire, that $3 an hour IS MY MONEY, not yours, and you don't get to change your mind when I live longer than you hoped I would live- putting aside, Pam, you LIE about the actuaries not know the lifespan has been increasing since Ogg walked out of the cave a few thousand years ago.
It's pensions for the second half of the 20th century, not for the 21st century. All the new advanced medical procedures paid for by the government mainly, by Medicare, keep people alive now 20 to 40 years longer. This is WHY SS and Medicare have $121 trillion of unpaid for promises.

The government collected X amount of dollars for SS and Medicare with the plan being people died at 62 and retired at 65, so Medicare and SS was to give one out of ten who paid in $200 a month in cash and old fashioned cheap country doctor style medical care. Today you have ten out of ten living past 65, you have super expensive advanced medical care and you have SS payments upwards of $2,700 a month for double dippers. So this is how the government figured out it is going to cost $121 trillion more than people have paid into SS and Medicare to pay them the big money and the expensive advanced health care they have promised to give to them. So when is the Democratic party going to deal with those unfunded liabilities and deal with the fact that they need a national sales tax to fund SS and Medicare? I don't see the DEms dealing with the unfunded liabilities in SS and Medicare.

Same with pensions. If you set them up back in the 1950s or 60s with the model being life expectancy of 62, you can't pay those same pensions with a life expectancy of 82 today. Think of how much money it costs. This is why the companies are going bankrupt.

Dems think all money falls from the sky, just pay everyone everthing forever, just borrow the money. LIke my neighbor on her gigantic pension said "Obama HAS to keep borrowing $1 trillion a year, I have a contract for my pension. It has to be paid."

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#292
Nov 18, 2012
 

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barefoot2626 wrote:
<quoted text>
CEO raised his pay from $750K to $2.2 million and the unions took a pay cut. The CEO spent a billion dollars the company didn't have.
Don't let facts interrupt your rant, you never have.
As you liberal like to point out the average CEO makes over 9 million dollars. So if the chief CEO at Hostess was just making $700,000 thats a steal. heck at $2.2 million he is cheap.
But then maybe they got what they paid for.

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#293
Nov 18, 2012
 

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Pamela wrote:
<quoted text>It's pensions for the second half of the 20th century, not for the 21st century. All the new advanced medical procedures paid for by the government mainly, by Medicare, keep people alive now 20 to 40 years longer. This is WHY SS and Medicare have $121 trillion of unpaid for promises.
The government collected X amount of dollars for SS and Medicare with the plan being people died at 62 and retired at 65, so Medicare and SS was to give one out of ten who paid in $200 a month in cash and old fashioned cheap country doctor style medical care. Today you have ten out of ten living past 65, you have super expensive advanced medical care and you have SS payments upwards of $2,700 a month for double dippers. So this is how the government figured out it is going to cost $121 trillion more than people have paid into SS and Medicare to pay them the big money and the expensive advanced health care they have promised to give to them. So when is the Democratic party going to deal with those unfunded liabilities and deal with the fact that they need a national sales tax to fund SS and Medicare? I don't see the DEms dealing with the unfunded liabilities in SS and Medicare.
Same with pensions. If you set them up back in the 1950s or 60s with the model being life expectancy of 62, you can't pay those same pensions with a life expectancy of 82 today. Think of how much money it costs. This is why the companies are going bankrupt.
Dems think all money falls from the sky, just pay everyone everthing forever, just borrow the money. LIke my neighbor on her gigantic pension said "Obama HAS to keep borrowing $1 trillion a year, I have a contract for my pension. It has to be paid."
Von Bismarck set the retirement age at 65 back in 1880 when people in Germany tended to die before they reached 50.
And everyone has followed his lead and set retirement age at 65 even if we now live far past 50.

“Liberal Teachers ruin Kids”

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#294
Nov 18, 2012
 

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OH NO You Did not wrote:
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Unbelievable and it is exactly as I said. See above post!
Yes the the far left lives in denial
OH NO You Did not

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Nov 18, 2012
 

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Vance1 wrote:
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Yes the the far left lives in denial
Complete denial if you believe woodtick as he does not believe the fact checks. It is not on the MSNBC for the Obamatons. lol
Pamela

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#296
Nov 18, 2012
 

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californio wrote:
<quoted text> Von Bismarck set the retirement age at 65 back in 1880 when people in Germany tended to die before they reached 50.
And everyone has followed his lead and set retirement age at 65 even if we now live far past 50.
Sure. People used to die working, today they want to live for 40 years retired, so we have to move pension systems into 401Ks to take the burden off of taxpayers with regard to state and local long term defined pensions. This is what is bankrupting so many of the states and countries and this is why we see many companies with unions filing for organized bankruptcy.

The other thing they could do is create a national sales tax or VAT to pay for Medicare and Social Security for the 20 years that people are living longer. But that would tank our economy.
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CLUBFED

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#298
Nov 18, 2012
 

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ToManyLaws wrote:
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So if you worked at a company and over the last five years all your bosses got huge raises and bonuses and they asked you to take a huge pay and benefit cut why they get more you would smile and say OK???
You can alway's find another job with better pay and insurance in this robust economy,just ask OBAMA thing's are booming.

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#299
Nov 18, 2012
 

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Pamela wrote:
<quoted text>It's pensions for the second half of the 20th century,
You and I have a contract. You increase your pay every year and pay yourself millions (and tens of millions). You promise me to pay me X dollars in retirement for as long as I live.

Then you decide after I work for you for thirty years that I am going to live to long and you want to renege on the contract.

And then you congratulate yourself on this decision and give yourself another raise...

How Republican of you.

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Nov 18, 2012
 

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CLUBFED wrote:
<quoted text>You can alway's find another job with better pay and insurance in this robust economy,just ask OBAMA thing's are booming.
Liberal dont know serfdom is dead and people are free to leave their job anytime they want to.
Dont like your job, feel your boss is taken advantage of you . Go find another then. Your boss cannot stop you from looking for a better job.

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