OT, Twinkies Revisited

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<stuff snipped>

He may have been referring to how many irreplaceable, uniquely-qualified, won't work for a cent under $1M CEOs that Hostess has had on its Voyage to the Bottom of the Sea of Debt.

more debt than

That's what a highly trained, uniquely skilled, obscenely compensated CEO does. Saddle the company with as much debt as possible, convert it to fees and bonuses you pay to your buddies, and burn your creditors and the US government.

requirements.
Ah, "shed" - that's a remarkable euphemism - like stockholders who are "zeroed out."
Tell us what happens when a company under reorganization "sheds" its pension liabilities? Who gets stuck with the final bill?
From what I can tell of Hostess is that they were robbing the pension fund to pay executive bonuses. Bonuses "earned" even though the company was, as you note, plunging deeper and deeper into debt. It's hard to keep worker morale up when management asks them to keep taking bigger and bigger pay and benefit cuts while lavishing money on the managers who steered Hostess onto the rocks.
-- Bobby G.
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On 11/18/2012 6:24 AM, Han wrote:

I seem to remember reading that the fellow in charge put $130 million of his own money into the company. I doubt the union put up their own money out of their bank account into the company. O_o
Just my rational opinion...
TDD
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wrote:

Would that be why his compensation went up 3-fold?
--
Best regards
Han
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On 11/18/2012 9:46 AM, Han wrote:

I always love the P.L.L.C.F. assertion that the rich guy pays a lower tax rate than his secretary. Just as a simple example, the rich guy pays a 10% rate and the secretary pays a 20% rate. The rich guy pays out $1,000,000.00 in taxes and the secretary pays $5,000.00 in taxes. Gee, let's have some equality here and demand a million from the secretary. ^_^
TDD
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They are cherrypicking a few people and pretending it all. CBO figures (Effective Federal tax rates for all households) show that the effective tax rate for those in the 1% are around 20%. The effective rate for the lowest quintile is -6.2 (after they get back credits such as Earned Income and the child credit). If you look at fed taxes (income, SS, various and sundry excise taxes) the lowest quintile has an effective total federal tax rate of 4.5% while the highest has one of 31%.
--
America is at that awkward stage. It's too late
to work within the system, but too early to shoot
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On 11/18/2012 12:06 PM, Kurt Ullman wrote:

Now Obama and Congress are talking about closing some loopholes. When the hell are the idiots going to get it through their thick skulls that folks who are really rich have ways and means to move their money out of reach of the tax man. If I had a large sum of money, I'm sure I would find a way to put it someplace where it couldn't be confiscated, simply because I could afford to take the necessary steps to do so. When a country gets too hostile to the wealthy, the wealthy pack up and go someplace else that will welcome them and their money with open arms. I work very hard for what little I have but I don't work for poor people despite the fact that I may help many of them out. I work for companies and corporations that have lots of money. In other words, I work for rich people and I don't want them to go out of business or pack up and go away. O_o
Darn, I forgot, sometimes I do work for government but it's usually too much of a bureaucratic hassle to get paid and it's not worth it. O_o
TDD
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wrote:

effective
the
would
I guess we are all guilty of cherrypicking figures. As mentioned in another branch, her is another story with some salary numbers. Pls ignore the typos ... http://preview.tinyurl.com/cbh97ot <http://www.dailykos.com/story/2012/11/18/1162786/-Inside-the-Hostess - Bankery>
--
Best regards
Han
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On 11/18/2012 3:59 PM, Han wrote:

That's almost like the story of the guy who blamed Romney for his wife's death. I did read something about the price of sugar going through the stratosphere which may have been a contributing factor in the out of control costs that hit the bakery. I've always seen poor management being detrimental to business through the years. I experienced it last Spring when a construction company I did work for refused to pay me, other subs and a supplier. Me and the small sub contractors had no means of forcing payment and the fairly large supplier that was stiffed had the means to file suit. The construction company has since gone bankrupt and I doubt I'll ever see a dime. I doubt very seriously that it was just union members who were hurt financially by the closing of the bakery. There are all sorts of service companies and suppliers who have taken a hit but you don't hear anything about them. No headlines for them. O_o
TDD
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wrote:

I thought that one of the disadvantages of going through bankruptcy was that most suppliers would only sell COD. If they gave credit to Hostess, would you call them smart?
--
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Han
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On 11/18/2012 7:40 PM, Han wrote:

There are different forms of bankruptcy and I believe the bakery is liquidating its assets. O_o
Oh, you are referring to the previous bankruptcies where the company was trying to stay alive. o_O
http://bankruptcy-law.freeadvice.com/bankruptcy-law/bankruptcy-law/various-types-2.htm
http://tinyurl.com/auf87gn
TDD
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wrote:

like Mitt Romney oversea

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On 11/18/2012 8:47 PM, Grumpy wrote:

Not a problem if it's done within the law. If I had a lot of money, I'd park it someplace where some bureaucrat couldn't decide on a whim that I owed the government money without any hearing and contacting my bank and telling them to send them my money. The IRS can ruin someone by mistake and say sorry, you didn't owe everything you owned after all but we're keeping your money to pay off the built up fines and penalties. I don't worry about them now because I pretty much have nothing for them to take except my life and that's not worth much unless they sell my corpse for medical experiments. Hum, I'll have to look into that. O_o

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On Nov 19, 1:04am, The Daring Dufas <the-daring-du...@stinky- finger.net> wrote:

e wrote:

Only a tiny portion of Romney's wealth was ever oveseas. And despite the likes of Joe Biden calling it "a secret Swiss bank account", it was no more secret than your bank account at Chase or Bank of America. He reported it on his income taxes. That is how the libs found out about it in the first place. And it was part of his investments in a blind trust, that he had no direct control over. BFD.

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On 11/19/2012 8:10 AM, snipped-for-privacy@optonline.net wrote:

I always expect The Democrats to lie, cheat and steal. They share the mantra of The Communists "The end justifies the means." I suppose that when you consider yourself morally and intellectually superior to all others you find it necessary to do whatever it takes to become ruler. ^_^
TDD
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On 11/19/2012 10:41 AM, The Daring Dufas wrote:

Those are -human- traits. You will find members of both the red and blue "teams" who lack a moral compass.
I have worked for, done business with and know of unbelievably rotten and amoral people from both political persuasions.

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On 11/19/2012 4:59 PM, George wrote:

Like I tell folks. I'm not a Republican, Republicans disgust me but Democrats are special, they horrify me. ^_^
TDD
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On 11-19-2012 10:41, The Daring Dufas wrote:

I always expect The Politicians to lie, cheat and steal.
--
Wes Groleau

It seems a pity that psychology should have
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I don't buy that. Cheetos is still in business.
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On 11/18/12 4:05 PM, Vic Smith wrote:

So are most marijuana suppliers. Our local paper has frequent stories of the Nebraska State Patrol providing transportation to the local iron bar motels.
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On 11/17/2012 6:10 PM, Doug wrote:

I'm sure it'll somehow end up being Bush's fault.
--
Steve Barker
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