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View Diary: Inside the Hostess Bankery (260 comments)

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  •  I have wondered if the pensioners have a legal (10+ / 0-)

    action for theft by conversion. The management has converted their funds to their own use. If the money was used in the business, maybe not. But if it went for bonuses and increased salaries for top executives, maybe so.

    •  That does seem to be theft, plain and simple (3+ / 0-)

      whatever they spent it on.

      It said that the $3+ per hour that we as a Union contribute to the pension was going to be 'borrowed' by the company
      It was money the workers themselves put in, not the company. How did the company even have access to it?

      I first heard of that here several years ago. Someone posted about loosing the whole of their matching funds IRA as their company was failing. It seems crazy to me that the company can take money not theirs to begin with.

      This does remind me of romney's big complaint about how auto bailout functioned. When he was campaigning in MI during primaries he wrote oped in Detroit News about the corrupt “crony capitalism” of what Obama did. He complained there and in some interviews and talks he gave about how the priorities of the payouts were wrong, that union pensions were put ahead of investors...
      Complained is the wrong word. He was outraged. Thought everyone would be. In Michigan.
      Of course he lied a lot as he spent much time bashing unions but I think he is very honest about hating unions and thinking investors should always be put ahead of workers

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