Oh No! Demise of Hostess. Oh Yes: Return of Hostess.

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  #1  
Old 11-15-12, 03:15 PM
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Oh No! Demise of Hostess. Oh Yes: Return of Hostess.

Apparently management of the Hostess Brands corporation is threatening to liquidate the company if their striking union workers don't return to work. The company has reached an agreement with the Teamsters, it's largest union but striking workers for the smaller bakery workers union have prevented the company from producing.
A spokesman for the Teamsters says their financial people have looked at the company's books and they agree that the company will have no choice but to liquidate if the strike doesn't end immediately. If Hostess folds that's 18,000 jobs lost. Most of them held by non bakery union members.
A member of the bakers union said on TV today that their union leadership had told all the members that the company would agree to their demands. It looks like that ain't gonna' happen.

No more Twinkies?
 
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  #2  
Old 11-15-12, 04:33 PM
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Yeah, Hostess has had huge problems in the last few years. It largely has to do with their pension obligations. I don't exactly recall the details on how it works, but the pension fund is held by a third party. At the time this was setup, several other companies contributed equally to the pension fund. This was good for both the companies involved and the workers. It gave workers the ability to move from company to company without having to worry about their pension. Unfortunately, as time went on, all the companies went under sticking Hostess with the bill of funding all those worker's pensions that didn't even work for them. So now they are drowning under that obligation.
 
  #3  
Old 11-16-12, 07:28 AM
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Oh No!!!...

Good Grief....

The death of the Twinkie???


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End of the Hostess Cup Cake???


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Say fairwell and BYE BYE to Ding Dongs and Zingers TOO!...YIKES! Good Grief.


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Fileing dongs.jpg - Wikipedia, the free encyclopedia

News Articles that may be of interests:

Teamsters Page:

Teamsters-Hostess | International Brotherhood of Teamsters (IBT)

Coporation Restructuring Web Site:

Hostess Brands, Inc., et al.

Company Investers Page:

Hostess Brands, Inc. | Company Profile from Hoover

CBC News Page:
Twinkies-maker Hostess going out of business - Business - CBC News

Reuters News Page:
Hostess CEO- too late now to avoid liquidation | Reuters

Los Angeles Daily News Story:
Hostess, maker of Twinkies and Wonder Bread, to shut down, blames striking workers - LA Daily News

Fox News Story:
Twinkies maker Hostess Brands says liquidation decision expected Friday | StarTribune.com

Photo credits to wikipedia and from many news and friends sources.
 

Last edited by Sharp Advice; 11-16-12 at 12:01 PM.
  #4  
Old 11-16-12, 07:31 AM
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What will I do without Raspberry Zingers and Mountain Dew for breakfast????

Hmm... maybe stave off full blown diabetes for another few years.
 
  #5  
Old 11-16-12, 11:40 AM
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Hopefully some of the snacks will survive under a another company.
 
  #6  
Old 11-16-12, 11:50 AM
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Little Debbie and others already make products that are almost identical. Though I don't think anyone makes Zingers.
 
  #7  
Old 11-16-12, 12:19 PM
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It's amazing that a company that has been around so long could go under. Kind of reminds me of Nortel up here.

As for Hostess, I remember as a kid eating their potato chips. Was the only brand available.
I still have all the Corvette stickers they had included in their chip bags one year. Think that might have been in 1989 maybe.
 
  #8  
Old 11-16-12, 12:38 PM
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Hmm, interesting. I don't recall potato chips around here from Hostess. Do they have another name? I know they make Wonder Bread.

ETA: I'll miss the Ring Dings and Yodels.
 
  #9  
Old 11-16-12, 12:46 PM
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In Canada (Ontario at least), it was under the Hostess name. Wasn't aware they where involved with other products until recently.
A quick google search indicates that I was either incorrect, or they did the corvette stickers more then one year. Here is a photo of a 1991 bag.
Canada - Hostess Frito-Lay - Hostess Regular - chip snack package bag - Corvette Sticker and Instant Win Game - 1991 | Flickr - Photo Sharing!

Here is a better source of info. It does explain a lot as to when I remember Lay's coming onto the market with their NHL hockey player commercials and what not.
Hostess Potato Chips - Wikipedia, the free encyclopedia
 
  #10  
Old 11-16-12, 01:52 PM
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Time to stockpile the Twinkies. I think they have a shelf life of a hundred years or so.

Does anyone remember Toofer? He was the Hostess spokesperson - as in " Hostess cupcakes - Toofer a nickel".
 
  #11  
Old 11-16-12, 02:51 PM
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I know I would miss Twinkies although I shouldn't have them anymore as I have diabetes but I do have the occasional sweet every once in a while. You are right about the shelf life of Twinkies Goldstar I remember an interview a few years ago with some kind of scientist who said he had a Twinkie from several years ago and it was still fresh. The scientist said do you want a bite and the reporter said no thank you whereupon the scientist said suit yourself and ate the whole thing down. He then said see it's still good because it has so many preservatives in them.
 
  #12  
Old 11-16-12, 04:26 PM
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It is a done deal according to evening news. The Twinkie is dead.

I'd be surprised though if some company doesn't by the manufacturing rights.
 
  #13  
Old 11-16-12, 04:34 PM
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I don't think I've had a Twinkie in 20 years. Today I found myself craving a Twinkie. My wife, who never eats that sort of crap, bought a Hostess cupcake because she loved them as a kid. Wonder bread I won't miss. I don't see how anybody can eat that stuff.

The sad thing is that nearly 20,000 people are losing their jobs all because of a few idiots were prepared to go down in flames rather than give in to management. You gotta' love unions.
 
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Old 11-16-12, 04:40 PM
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Sharp.....thanks for the larger than life size of those cupcakes. I may just have to run out now and buy a package. Twinkie's.... too much sugar for me. Always had a gritty taste.
 
  #15  
Old 11-16-12, 05:54 PM
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That is what liquidation means. They will sell all company assets to satisfy their debts. Tinkie and their other products have very valuable names.

I'm sure the Teamsters will be plenty angry with those bakers.
 
  #16  
Old 11-16-12, 06:58 PM
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I wouldn't doubt that you are wrong Ray2047 I think another company might just buy out the Twinkie name and rights as they are just too valuable to just let go. Not too valuable as far as nutritional value is concerned but it seems that nearly everyone likes them so much for their taste that an investor would be crazy not to buy them out. I wouldn't doubt too when they do buy them out that the unions will be shut out and they probably will not even be made in the United States. A shame too as except for a few exceptions the company and union got along better than with most business and union relationships. Until now that is.
 
  #17  
Old 11-17-12, 07:57 AM
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My Two Pennies.
Part of the real issue and story.

I suspect the company will resolve the issue(s) through debit restructuring and become a new company with a new name. In that fashion and method, the company can re-hire workers back at the lower pay rate the workers where really on strike about! What most of the strike was really about!

Secondly, workers re-hired back will or can return at MINIMUM wage and NO benefits!!!... Indentured working slaves if you will!!!!!!! This has happened before. If memory serves me, an airline company???

Or maybe sell of the company's manufacturing parts to other smaller companies. Then either merger acquire them or make a hostile take over or some like or similar method. End results the same.

Company CEO on TV news interview claims tossed in the towel because the company cannot take it anymore. Take what anymore not mentioned. paying a living wage and providing some Bennie's to it's workers whom help keep the company profitable and successful????

However, since foods for consumption in this country cannot be outsourced (close plants here and moved overseas) food products made in a foreign country, then imported back to America, only solution is to toss in the towel, shut down, sell out, toss out employees!!! No body has a job!!!

If we (Company) cannot get our way.......then it's the highway attitude dude!!!!!!!!!.............Get It??? Take it or leave it. My way or the highway.....

Restructure, re hire and make even HIGHER PROFITS and returns for investors, CEO'S, board members and to h e l l with employees whom REFUSE to accept LOWER wages, reduced Bennie's, etc.

Side Note:....

Soon, if not already, there will be Twinkie and Cupcake addition withdrawals noticed world wide. No cure yet being investigated..... FDA already inundated with food and drug safety issues. Presently has way to much on their plate. No room on plate not even for ONE Hostess Twinkie or cup cake....
 
  #18  
Old 11-17-12, 08:08 AM
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They won't be restructuring. They announced they will be liquidating. Assuming the bankruptcy judge approves it, that is what will happen. They could not endure the strike any longer because they couldn't get the money to continue operations. They went through all this once before in 2004 and the failure of the unions to yield is what brought them to where they are now. That is why the teamsters made concessions this go around. The baker's union did not.
 
  #19  
Old 11-17-12, 08:33 AM
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There are two options to down sizing America to match our debt. Either everyone agrees to accept less pay, which didn't work here, or we allow inflation and taxes to make our pay look like less. But AUSTERITY is coming to America whether we like it or not and, unfortunately, the sooner the better.

High paying jobs, union or not, cannot continue in the face of a recession or depression.

I wonder how those maters will feel about standing their ground as they stand on the unemployment line. Would you hire a former union member who chose to shut their business down?

Bud
 
  #20  
Old 11-17-12, 08:51 AM
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"Company CEO on TV news interview claims tossed in the towel because the company cannot take it anymore. Take what anymore not mentioned. paying a living wage and providing some Bennie's to it's workers whom help keep the company profitable and successful????"

Except that labor did not hold up their end of the bargain. The company was not profitable and successful. They were dragged down by the demands of the unions. Apparently you missed the part about the Teamsters who agreed to a contract after looking at the Hostess books and coming to the conclusion that if they didn't make concessions the company would go under. The Teamsters leadership then passed that on to the Baker's union leadership along with a suggestion that they too settle. The Baker's union declined. Yesterday there were some really po'd Teamsters that have now lost their jobs because of the typical union intransigence ofr the Baker's union leadership. One older Teamster said on TV "yesterday I had a good job with a paycheck, a retirement plan and health benefits, now I got nuthin'" So what really happened is that a bunch of union workers got screwed by their union brothers.

Labor is as responsible (IMO more) as management for the loss of all the manufacturing jobs moving overseas. There certainly are other factors such as energy costs and environmental restrictions and bureaucratic red tape. However, labor costs are by far the biggest reason that so many good jobs have fled the US.

Explain how a US company can stay alive marketing a $20 product when it costs $25 to make it? Especially when a foreign company produces a similar product and sells it in the US for $15. Whenever labor costs are mentioned the union retort is that their guys are "only making $20 an hour." What they don't mention is that waqes are only part of the labor cost to a company. Those "bennies" are also job killers.
 
  #21  
Old 11-17-12, 09:59 AM
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From what I read, the offer to the union was an 8% pay cut. Then in the next 5 years, a 3% increase and another 1% increase. I forget the deal on the bennies. And I also believe the workers all got a stake in the company. It's obvious that the company is in trouble. I would have gone for that deal over a 100% pay cut.
 
  #22  
Old 11-17-12, 01:40 PM
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I get a kick out of the guys that beeetch about corporate greed and executive salaries. I wonder if they have ever looked at what top union officials are pulling down?
 
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Old 11-17-12, 02:01 PM
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I love their fruit pies. Apple for me! MMmmmmm
 
  #24  
Old 11-17-12, 02:02 PM
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As I look at this more closely today it is very clear that at least one union was at fault. I also see an end to unions at some point or other as people get better paying jobs eventually or companies just say hey if you unionize we close the company. Not that Walmart is perfect it isn't but it is just one example of many that have kept the unions at bay and outside of their stores. The same will happen to other companies too as laws to protect workers become even stronger and with the new health care law soon more people will be covered and have health insurance as the president was re-elected. So a union can't entice people to join because they are not be covered by health insurance any more. As far as demands for pension plans go I think most unions and even businesses will realize that they can't afford both health care and a pension plan unless benefits are greatly reduced for both and with health care costs rising everyday you can see where pension plans will be, either non existent or not worth anything come retirement time. So the bakers had it good they just didn't know how good and I imagine the Hostess corporations decision is final even if they suddenly said o.k. I agree.
 
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Old 11-17-12, 02:38 PM
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I wonder if they have ever looked at what top union officials are pulling down?
Answer: Far less now that then before some 18,000 less members are paying dues.... YEP! Keep this up and they too will be in the unemployment lines........

I love their fruit pies. Apple for me!
Sorry. No pies left for you nor anyone else. Company closed. Eat CAKE....HA HA HA....

Thus far this discussion going well. Many diverse views and points.

One problem is, you can't do any business with anyone whom has little or no money. As the middle class is continuously downsized while the top 1% obtain more wealth, who will be able to affort anything but those 1% percenters?

Whom will care for the needs of the elders and retirees in the future and how? Where will they, you in the future maybe, get money for care, food and shelter? Resort back to living in a cave??? Die in the streets as a result of no money, pension and/or future loss of social security??? Hummm. Wondering???

There is governments in countries where the end results having no middle class exists. All or almost all of the wealth is at the top end. What type of government is that? Anyone know?

Oligarchy's??????????????? Monarchy??????
 
  #26  
Old 11-21-12, 07:15 PM
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I saw this in a recent article:

"The union, the Bakery, Confectionery, Tobacco and Grain Millers Union, has complained it should not be forced into new wage and benefit cuts, on top of earlier give-backs, while top executives rewarded themselves with higher pay, and that it was "well aware" of the potential consequences of that stance."

Can't blame those guys. When the bosses don't suffer along with you, why would anyone continue to sacrifice for the company?
 
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Old 11-21-12, 07:23 PM
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Exactly...... but it comes down to work or not work. The golden parachute will always prevail.
 
  #28  
Old 11-21-12, 09:46 PM
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I can certainly understand the unions position but also understand managements position too. With management there are people who have gone to college and they have bills to pay such as college loans which are not cheap. Most of the bakers on the other hand probably have never been to college or if they have have only went through a few courses and were not interested in a further college education so their needs were not as high. I certainly agree though that management could have done a bit more but as I still see it the bakers union had it fairly good and the Teamsters knew that which is why they agreed with management.
 
  #29  
Old 11-22-12, 05:25 AM
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Boo hoo college loans. I don't think their stance is that they shouldn't get paid for their skill level. I think their position was that they should be getting pay cuts and not pay raises. And I am quite sure the problem existed with upper management. The good old boys that run the company. It should be a shared sacrifice. No one deserves a wealthy salary when they are running a failing company. If their bills are too high to be supported by a modest salary, then they need to leave the life of luxury. Those guys don't make their money without the grunts in the bakeries. I don't care how much experience or education they have. There is no justification.
 
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Old 11-22-12, 05:29 AM
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Droop - I read a similar article yesterday but what I got out of it was that this happened before the latest crisis, the pay raises were scheduled that most of the raises had been at least partially given back.
Hard to know where the truth lies.
 
  #31  
Old 11-22-12, 05:36 AM
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That was the thing I liked about Lee Iaccoca. Back when Chrysler was going under and he was put in charge - he worked for $1 a yr until the company was profitable again. I'm all for the boss making a LOT of money but the company needs to be profitable first. Seems like a lot of companies that have went under in the last 10 yrs or so, did so because the top brass put their greedy needs first
 
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Old 11-22-12, 05:38 AM
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Since when does the so called 1% dictate what the middle class does? They earned their wealth (for the most part), so why should we begrudge them? Why is the middle class derated?? Because many of the middle class drank the Kool aid. They are OK with redistribution of wealth.....someone else's. Small business owners are taking a hit by the government, forced insurance coverage is taking it's toll on middle class, reduction in benefits are taking a toll..........Thank you Uncle Sam for pivoting a once thriving country into oblivion.

Unions, especially their overpaid management....got no use for them. They once stood tall and actually helped the working man. Today, they are all about salary increases for management. The union pyramid scheme is failing, and workers don't see it coming. Short term "fixes" don't equal long term remedies.
 
  #33  
Old 11-22-12, 06:05 AM
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That was the thing I liked about Lee Iaccoca. Back when Chrysler was going under and he was put in charge - he worked for $1 a yr until the company was profitable again. I'm all for the boss making a LOT of money but the company needs to be profitable first. Seems like a lot of companies that have went under in the last 10 yrs or so, did so because the top brass put their greedy needs first
That was a big poblicity stunt that if a manager can afford it, go for it.
I'd still respect the guy if he turned around and took the salary of a line worker.

chandler,
I live(ed) in a union town (mining city). I kind of feel the same about unions except I have seen, and still know of an area where unions are what they where when they came into play.
If you talk to any of the unionized mine/mill workers here, they see their union leads as a joke, same as most folks.
If you talk to the union guys out in the East coast of Canada (Newfoundland or Nova Scotia), it's a totally different feel. The guys out that way still respect their union leads, and the union for the most part, looks out for it's guys, and helps them to keep employed. It's rare, but this does still exist.
 
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Old 11-22-12, 07:25 AM
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Hi: Mark

That was the thing I liked about Lee Iaccoca. Back when Chrysler was going under and he was put in charge - he worked for $1 a yr until the company was profitable again. I'm all for the boss making a LOT of money but the company needs to be profitable first. Seems like a lot of companies that have went under in the last 10 yrs or so, did so because the top brass put their greedy needs first
I totally agree to your statements above. And I read both of Lee's books regarding his life and career in the auto industry. Very interesting reading IMO.

Former California Governor Arnold S. did almost if not exactly the same. Stated openly was already rich enough and did not need the governors salary while our state was so far in debit. Nor could he run for president since not being born in the USA. Therefore, nothing to gain playing politics. One of the very best dam Republican governors state ever had and best Republican ever, IMO. And boy was he criticized by his own right wing party!!!

In the past history, Hostess made a bad decision joining that group mentioned prior regarding pensions for employees. As a result the employees forced to suffer with More pay cuts???

the offer to the union was an 8% pay cut. Then in the next 5 years, a 3% increase and another 1% increase.
Where is the CUTS from upper management???? Company in financial troubles and they get no cuts and golden parachutes!!!! How is that fair??????

No body yet or is willing yet to reply to that question? Explain how the workers get the shaft, total job loss while top and or upper management sacrifice nothing and gain almost everything??? Sounds a lot like a few recent so called "to big to fail" financial banking and wall street investment groups and oil and other such companies, etc etc etc.

Long Live and always remember Lee Iaccoca. An American Hero. Company turn around KING whom wanted nothing during the reorganization and also former and managed and helped with the refurbishing of the Statue Of Liberty....

Where are the Lee Iaccocas of today????
 
  #35  
Old 11-23-12, 07:07 AM
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Demise of the Twinkie....


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  #36  
Old 11-23-12, 09:22 AM
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Since when does the so called 1% dictate what the middle class does? They earned their wealth (for the most part), so why should we begrudge them?
I don't see someone at the top of a company with thousands of employees "earning" their multimillion dollar paychecks. Especially when they walk into a company that has been manufacturing and selling goods before they were even born. CEOs are just like the guys at the bottom. Some of them truly stink, some of them are truly talented, but most are mediocre. Hey, if those bakers had the power over their salaries that the CEO has over his own, they'd all be rich too.
 
  #37  
Old 11-23-12, 11:35 AM
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I have never seen a Hostess product that I couldn't live without. I tried a Twinkie once, when my age was in single digits and I never, ever again was the least bit interested in trying again. I ate the cupcakes until I was maybe twelve or fourteen but got tired of the stale cake. I would occasionally eat the chocolate covered donettes but like the cupcakes they were far too often stale. And remember, they had a bakery in Seattle!

I haven't eaten any of their crap for almost a full decade. I feel sorry for the workers that are losing their jobs but I won't miss the products one little bit.
 
  #38  
Old 11-23-12, 03:55 PM
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Furd I have to agree with you about Twinkies as they were not always the greatest things to have for a snack. I will miss their other breads though especially the Home Pride butter top wheat bread as that was good.
As for feeling sorry for the workers I have to agree with you I do feel sorry for the bakers who did decide to come back to work despite the fact that their union fellow workers didn't cross the line. This story reminds me of a dairy called Harvey Dairy they used to drive their trucks to your house and deliver milk and eggs and later carried cheese too and a few other things. Well later they were bought by another company that had a union in place and something like the way it was with Hostess only in reverse the old dairy was closed as the drivers went on strike. No drivers or very little drivers that are willing to cross the picket line and your dairy business is lost. The business went on in this case and you could then see the products they had in the stores but they closed the local dairy down and stopped home delivery immediately. It was too bad as we knew the milk man well and he was allowed to make one last delivery and say goodbye to his customers but after that his job was history. He had to join the union because in Maryland they have a law that requires employees to join if they are going into a business that is union. The man who delivered the milk though never wanted to join and was one of the workers who refused to go on strike. He talked to his bosses about his job and he was with management as he knew how bad the business was doing as most people at that time were starting to stop their delivery in favor of the grocery store even if they were busy. The bottom line of their reasoning was cost of merchandise it was also costing management too much really to keep the trucks going because of maintenance costs and other factors. Later on that same company was absorbed by an even bigger company and its name isn't even heard much anymore.
 
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Old 11-23-12, 03:55 PM
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Droo. Maybe I didn't disclaimer my statement. I am talking about the 1% that started businesses, sacrificed their livelihood, sweated along with the rest and built their businesses, making a fortune doing it. Hoorah for them! CEO salaries, IMO, are artificial and super inflated. They didn't make anything happen as far as I can see. You have some that can turn companies around and maybe they earn their share, but, like you, the majority are hyper inflated.

Me, too, Furd, tried them early on and didn't care for them. Some folks swear by them, but not me.
 
  #40  
Old 11-23-12, 04:15 PM
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Larry, I wrote a supportive reply to your earlier post "since when does the 1% dictate . . . ." Unfortunately, the phone and the doorbell rang at the same time. It was unfinished so I deleted it.

I'll offer a different opinion of most CEO's though. Most of these guys have gone through 18-20 years of school, work unbelievable hours and spent years taking crap and kissing butts as they climbed the corporate ladder. One major misunderstanding about management salaries is that most high level managers are hired by a board of directors. They are the ones that determine compensation for upper management.

My problem is with the high school dropout, unskilled employee with a lousy work attitude, marching outside a WalMart carrying a "My WalMart" sign. There are many reasons that WalMart is a profitable and successful corporation.
A big one is that they've been albe to keep the unions out.
 
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