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Hostess Spent Pension Fund

  1. 0
    Sarra Garrettposted 4 years ago

    Well, there it is.  Hostess spent the pension funds of their employees who have been loyal for years.  Now what are these hardworking people going to do? More people loosing homes and becoming homeless.  What on earth has happened to this world?

    1. Uninvited Writer profile image84
      Uninvited Writerposted 4 years ago in reply to this

      And they got huge payouts while going bankrupt. Sure, blame it all on the unions as many do...

      1. 0
        Sarra Garrettposted 4 years ago in reply to this

        I'm not blaming the unions.  It came out in the news today that Hostess used all the pension funds in order to keep the business going, which of course was a waste of the pension fund.  This is a form of theft so should someone be accountable for it?

        1. Uninvited Writer profile image84
          Uninvited Writerposted 4 years ago in reply to this

          I know you didn't say that. But many are blaming the union alone.

          1. 0
            Sarra Garrettposted 4 years ago in reply to this

            oops, my bad.  What is your take on this Uninvitedwriter?

    2. SimeyC profile image90
      SimeyCposted 4 years ago in reply to this

      Sadly what they did probably isn't illegal as "The maneuver probably doesn't violate federal law because the money Hostess failed to put into the pension didn't come directly from employees"

      http://www.dailykos.com/story/2012/12/1 … und-itself


      It's morally stealing but probably nothing can be done legally - many companies use loopholes like this to underfund their pension schemes...

  2. psycheskinner profile image81
    psycheskinnerposted 4 years ago

    Between this and the bonuses the execs drove this company into the ground and screwed the workers.

    If anything, the unions should have bailed years ago.  There might still have been a pension fund then.

    1. 0
      Sarra Garrettposted 4 years ago in reply to this

      So very sad!

 
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