Gotta love stupid corps using unions as a scapegoat. You all eat it up -- like disease causing processed "cake" products.
The story in context:
"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.
Over the past eight years since the first Hostess bankruptcy, BCTGM members have watched as money from previous concessions that was supposed to go towards capital investment, product development, plant improvement and new equipment, was squandered in executive bonuses, payouts to Wall Street investors and payments to high-priced attorneys and consultants.
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.
In Japan, the first thing the Execs do when the company is in trouble is cut executive pay.
In the U.S., the first things the execs do when the company in trouble is give themselves massive pay increases.
Gee, I can't imagine why the latter fail with such brilliant and honest leadership.