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   Good news for all you laid off Hostess employees, the top executives bonuses totaling up to $1.8 million will most likely to be approved by a judge today

29 Nov 2012 02:23 PM   |   7004 clicks   |   Huffington Post
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Weaver95    [TotalFark]  
And remember - this is ALL the union's fault!

29 Nov 2012 10:32 AM
doyner    [TotalFark]  
Thank God! I was worried about those guys!

29 Nov 2012 10:35 AM
raerae1980    [TotalFark]  
That is BS. Borders Execs tried persuading the judge in our bankruptcy to approve their bonuses. Judge said no. What are the grounds for allowing these bonuses for Hostess execs to be approved?

29 Nov 2012 10:36 AM
Weaver95    [TotalFark]  

raerae1980: T What are the grounds for allowing these bonuses for Hostess execs to be approved?


because they're rich! plus, ya know, unions.

29 Nov 2012 10:37 AM
Grand_Moff_Joseph    [TotalFark]  
The Vulture Capitalists get their pound of flesh, the executives get their golden parachutes, and the employees get shafted big time.

That's the Bain Way!

29 Nov 2012 10:37 AM
basemetal    [TotalFark]  
Bunch of farking ding dongs......

29 Nov 2012 10:37 AM
Grand_Moff_Joseph    [TotalFark]  

raerae1980: That is BS. Borders Execs tried persuading the judge in our bankruptcy to approve their bonuses. Judge said no. What are the grounds for allowing these bonuses for Hostess execs to be approved?


The grounds are: That's how today's hedge fund/vulture capital model works. Extract profit and bonuses at the expense of all else

29 Nov 2012 10:38 AM
MaudlinMutantMollusk    [TotalFark]  

raerae1980: That is BS. Borders Execs tried persuading the judge in our bankruptcy to approve their bonuses. Judge said no. What are the grounds for allowing these bonuses for Hostess execs to be approved?


I'm thinking they achieved exactly what they were hired to do

29 Nov 2012 10:38 AM
Snarfangel    [TotalFark]  
Our long national nightmare is over!

29 Nov 2012 10:38 AM
Marcus Aurelius     

Weaver95: And remember - this is ALL the union's fault!


How does a cupcake company build up $1 billion in debt? DAMN YOU UNIONS!!!!

29 Nov 2012 10:40 AM
FirstNationalBastard    [TotalFark]  
B-b-b-b-b-b-b-b-but... Unions?

29 Nov 2012 10:43 AM
raerae1980    [TotalFark]  

Grand_Moff_Joseph: raerae1980: That is BS. Borders Execs tried persuading the judge in our bankruptcy to approve their bonuses. Judge said no. What are the grounds for allowing these bonuses for Hostess execs to be approved?

The grounds are: That's how today's hedge fund/vulture capital model works. Extract profit and bonuses at the expense of all else


Well, yeah. But Borders was also raided, and had quite a bit of debt as well. Judge still said no. I can't imagine it's because Hostess had a union and we were lowely retail slaves.

29 Nov 2012 10:45 AM
beantowndog     
They need that money so they can go out and create all the jobs. You'll see.

29 Nov 2012 10:46 AM
AlwaysRightBoy    [TotalFark]  

basemetal: Bunch of farking ding dongs......


I prefer to call them Ho Ho's.

29 Nov 2012 10:47 AM
doyner    [TotalFark]  

AlwaysRightBoy: basemetal: Bunch of farking ding dongs......

I prefer to call them Ho Ho's.


Or Snowballers.

29 Nov 2012 10:59 AM
serial_crusher    [TotalFark]  

raerae1980: Grand_Moff_Joseph: raerae1980: That is BS. Borders Execs tried persuading the judge in our bankruptcy to approve their bonuses. Judge said no. What are the grounds for allowing these bonuses for Hostess execs to be approved?

The grounds are: That's how today's hedge fund/vulture capital model works. Extract profit and bonuses at the expense of all else

Well, yeah. But Borders was also raided, and had quite a bit of debt as well. Judge still said no. I can't imagine it's because Hostess had a union and we were lowely retail slaves.


Their bonuses are only slightly larger than the judge's, would be my guess.

29 Nov 2012 11:07 AM
Snarfangel    [TotalFark]  
I think we can all agree that the top executives had an awesome union.

29 Nov 2012 11:09 AM
whistleridge    [TotalFark]  
The judge can only rule if it's legal or not, not how vile or wrong it may be.

29 Nov 2012 11:12 AM
SilentStrider    [TotalFark]  
I think I'm going to open a business selling pitchforks and torches to these l aid off workers. i'll make a killing.

29 Nov 2012 11:13 AM
slayer199    [TotalFark]  
How a company can reward executives for poor performance is beyond me. Then again, the union members would have had 25% of the company and 2 seats on the board so they could have fought this sort of crap.

29 Nov 2012 11:19 AM
Makh    [TotalFark]  
Well, yeah, they have shown to be the real job cr...Oh. For the last 10 years they have lead the stagnant company to innovate...What? They didn't? After the greedy unions conceded the last time, they took that money and invested it into...Seriously? Themselves? Like the company right? No?

It's theirs, not yours. That's that.

They just couldn't compete in this economy. Little Debbie is still selling cloud cakes. Link

29 Nov 2012 11:22 AM
roc6783    [TotalFark]  

beantowndog: They need that money so they can go out and create all the jobs. You'll see.


Well, think of how many people related to the legal system are continuing/increasing their employment due to these proceedings...

29 Nov 2012 11:41 AM
Angry Drunk Bureaucrat    [TotalFark]  

Makh: They just couldn't compete in this economy. Little Debbie is still selling cloud cakes. Link


Pfft! No one bakes a cake as tasty as Tastykake.

29 Nov 2012 12:09 PM
Snarfangel    [TotalFark]  

Angry Drunk Bureaucrat: Makh: They just couldn't compete in this economy. Little Debbie is still selling cloud cakes. Link

Pfft! No one bakes a cake as tasty as Tastykake.


They make delicious Kandy Kakes. Everyone knows white Krispy Kandy Kakes do very well in the south.

29 Nov 2012 12:14 PM
unlikely    [TotalFark]  
I am constantly amazed that there hasn't been a torches-and-pitchforks uprising yet.

29 Nov 2012 12:21 PM
roc6783    [TotalFark]  

Snarfangel: Angry Drunk Bureaucrat: Makh: They just couldn't compete in this economy. Little Debbie is still selling cloud cakes. Link

Pfft! No one bakes a cake as tasty as Tastykake.

They make delicious Kandy Kakes. Everyone knows white Krispy Kandy Kakes do very well in the south.


I feel bad for laughing at that.

29 Nov 2012 12:22 PM
baka-san    [TotalFark]  
What I found truly horrible is that I just went "one point eight mil...is that all?"

Used to them getting 50 mil and up a piece.

29 Nov 2012 12:29 PM
sammyk     
I am starting to wonder if I will see a guillotine in action in my life time.

29 Nov 2012 12:34 PM
doyner    [TotalFark]  

sammyk: I am starting to wonder if I will see a guillotine in action in my life time.


If you're over 25 you already have.

29 Nov 2012 12:46 PM
doyner    [TotalFark]  
Um, 35...

29 Nov 2012 12:58 PM
tnpir     

doyner: AlwaysRightBoy: basemetal: Bunch of farking ding dongs......

I prefer to call them Ho Ho's.

Or Snowballers.


All right you guys, stop it with the Zingers.

29 Nov 2012 01:00 PM
Makh    [TotalFark]  

doyner: sammyk: I am starting to wonder if I will see a guillotine in action in my life time.

If you're over 25 you already have.


Was about to say.

29 Nov 2012 01:13 PM
Therion    [TotalFark]  

Weaver95: And remember - this is ALL the union's fault!


29 Nov 2012 01:13 PM
Snarcoleptic_Hoosier    [TotalFark]  
What will be interesting is when one vulture company buys another

29 Nov 2012 01:23 PM
vernonFL    [TotalFark]  
The bonuses do not include pay for CEO Gregory Rayburn, who was brought on as a restructuring expert earlier this year. Rayburn is being paid $125,000 a month.

Does he shiat out gold twinkies? What could he possibly be doing to earn $125,000 a month?

29 Nov 2012 01:34 PM
slayer199    [TotalFark]  

Weaver95: And remember - this is ALL the union's fault!


No, but I have to wonder that if the Baker's Union took the deal and perhaps pushed the Teamsters to take a similar deal (stake in the company and seats on the board) if they couldn't have blocked these bonuses.

Really though, the board and stockholders are to blame for rewarding poor management with bonuses. The union does have some culpability in Hostess' demise...but poor leadership at the top is the root cause.

29 Nov 2012 01:40 PM
God Is My Co-Pirate     

baka-san: What I found truly horrible is that I just went "one point eight mil...is that all?"

Used to them getting 50 mil and up a piece.


Yeah, me too.

29 Nov 2012 01:53 PM
Glockenspiel Hero     

vernonFL: The bonuses do not include pay for CEO Gregory Rayburn, who was brought on as a restructuring expert earlier this year. Rayburn is being paid $125,000 a month.

Does he shiat out gold twinkies? What could he possibly be doing to earn $125,000 a month?


Creating jobs, duh. As a job creator he needs to be rewarded for his difficult task in these harsh Obummer economic times.

29 Nov 2012 02:27 PM
Thunderpipes     
Good.

Those Hostess employees brought about the companies' collapse. They deserve dirt in their eye.

Exec bonuses tied to how well they handle the liquidation. Sounds reasonable.

Unions suck.

29 Nov 2012 02:27 PM
hbk72777     
Well, why don't the union workers become executives then? Problem solved

29 Nov 2012 02:28 PM
Beanlet     

vernonFL: The bonuses do not include pay for CEO Gregory Rayburn, who was brought on as a restructuring expert earlier this year. Rayburn is being paid $125,000 a month.

Does he shiat out gold twinkies? What could he possibly be doing to earn $125,000 a month?


Making sure those execs get their bonuses.

29 Nov 2012 02:28 PM
Onkel Buck     
laughingcolonialguypoorpeoplesuck.jpg

29 Nov 2012 02:28 PM
Dow Jones and the Temple of Doom     

raerae1980: That is BS. Borders Execs tried persuading the judge in our bankruptcy to approve their bonuses. Judge said no. What are the grounds for allowing these bonuses for Hostess execs to be approved?


company says the incentive pay is needed to retain the 19 corporate officers and "high-level managers" during the liquidation process, which could take about a year.

It helps if ya, you know, read the article. Then again I wouldn't expect that much from a Borders employee.

29 Nov 2012 02:29 PM
Dow Jones and the Temple of Doom     

baka-san: What I found truly horrible is that I just went "one point eight mil...is that all?"

Used to them getting 50 mil and up a piece.


You're used to Hostess executives getting 50 mil and up? What on earth are you basing that on?

29 Nov 2012 02:31 PM
Dr Dreidel     

vernonFL: The bonuses do not include pay for CEO Gregory Rayburn, who was brought on as a restructuring expert earlier this year. Rayburn is being paid $125,000 a month.

Does he shiat out gold twinkies? What could he possibly be doing to earn $125,000 a month?


He has responsibilities. He's responsible for the smooth and continuing operations of the Hostess compan...oh.

Yeah, he should owe a bunch of that back. As should the board - how the hell is it legal for them to compensate themselves after the company has basically gone tits-up? This shouldn't even be in front of a judge, it should just be flat illegal. Put the rest of the liquidity in the company that isn't going to paying the SALARIES of employees (management too, I guess) after everything's rolled up into the pension fund, or donate it to charity.

// and people wonder why the CEO class is reviled more and more every day
// to say nothing of the Union of 99 CEOs (which is a larf in itself) that not even the GOP wants to give the time of day

29 Nov 2012 02:31 PM
factoryconnection    [TotalFark]  
I was rebutted in a discussion on this topic that pointing out:
1. The management guaranteeing raises/bonuses
2. The debt burden added by the investment firm
3. The poor product planning that results in an inability to sell fatty snacks to a nation with 100M obese people
4. The union was faulted for punting on an 8% reduction in pay, but it was actually a position taken to protect their pensions which is sorta their role

... all make me an "Obamanation." This is after I characterized the whole collapse, knowing that union pension obligations were another huge chunk of Hostess' debt burden as a "team effort."

What am I missing that makes this exclusively the fault of the workers' unions?

29 Nov 2012 02:31 PM
Hrist     
If it goes through, I hope there's some good old fashioned union justice enacted.

29 Nov 2012 02:32 PM
CujoQuarrel     
What is that? $100 per employee?

29 Nov 2012 02:32 PM
Click Click D'oh     
Uh... the bonuses are to retain management members who will be involved in the liquidation process, and who would likely jump ship otherwise. Farkers do realize that qualified executives would flee Hostess without retention bonuses right? Well, that actually could explain a lot around Fark if the average Farker would stay with a dieing company instead of seeking alternative employment...

29 Nov 2012 02:34 PM
albatros183     

Grand_Moff_Joseph: The Vulture Capitalists get their pound of flesh, the executives get their golden parachutes, and the employees get shafted big time.

That's the Bain Way!


It the American way actually

/you bought it you live it
//what don't like being a nation of sociopaths?
///wait you do

29 Nov 2012 02:34 PM
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