November 30, 2012
Bonuses in bankruptcy
Apparently, it pays for executives to drive their company into bankruptcy. The despicable looting of Hostess continued this week as a bankruptcy judge gave permission for the same executives who wrecked the company to pay themselves $1.8 million in bonuses to liquidate the Twinkie-maker and former employer of over 18,000 workers.
“This is further proof that the hedge funds currently in charge of the company have their values completely upside down,” said AFL-CIO president Rich Trumka:
“Wall Street apologists have tied themselves in knots to put the entire blame on workers for the damage done at Hostess by corporate greed and mismanagement. They’ll spin the news again, but regular Americans won’t buy it for a minute. The electorate rejected Mitt Romney and his corporate culture at the ballot box. When will these guys learn?” — Rich Trumka, AFL-CIO