While Hostess Brands Inc. is shedding 18,000 of its workers' jobs, top level executives who ran the company into the ground are asking for bonus pay to the tune of $1.8 million.
Today, Hostess executives plan to ask the judge, who is ruling in the liquidation proceedings, for bonus pay "to retain the 19 managers during the liquidation process, which could take about a year."
AFL-CIO President Richard Trumka says:
Despite public backlash, Hostess still intends to pay $1.8 million in bonuses to executives who wrecked an iconic American company and killed more than 18,000 jobs. This is further proof that the hedge funds currently in charge of the company have their values completely upside down.
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?