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17 comments

1 HappyWarrior  Thu, Dec 13, 2012 11:41:34am

Fucking dick.

2 nines09  Thu, Dec 13, 2012 12:52:36pm

Ethics? What are they? You can almost hear the conversations that go on in "quiet rooms" these days. "Is it legal?" We'll, barely. " Is it ethical?" Hell no. "Fuck 'em." CEO 101. Tell me once again how they need tax cuts and no regulations. Fucking leeches. But I could go to jail for stealing a pack of cigarettes. When is enough, enough?

3 Holidays are Family Fun Time  Thu, Dec 13, 2012 1:07:55pm

It seems to be about doing what they want, when they want, why they want. Because they are the undiagnosed, but non-violent type, its ok.

*spit*

4 Destro  Thu, Dec 13, 2012 1:45:22pm

Poor salaried workers are clearly going to hell because they are poor and the rich execs are heaven's select because they are rich per Calvinist doctrine so why not exploit the already predestined damned?

5 EPR-radar  Thu, Dec 13, 2012 2:46:01pm

More blatant executive theft than usual.

For some time now, I've thought the Conrad Black case was amazing. Black managed to find a way to loot his company in a way that is illegal in the US. That takes real talent.

6 Buck  Thu, Dec 13, 2012 4:03:04pm

"essentially" admitted

and

"isn’t technically illegal"

I would add that using a pension fund as a personal bank account was invented by the Unions.

It doesn't sound like it was emptied. It doesn't even sound like the employee contributions were touched.

Anyway the only people who draw from it are former employees who have already retired.

We don't know if they will be able to continue to draw from it, or maybe it will be paid out to them.

7 Joanne  Thu, Dec 13, 2012 4:12:14pm

re: #6 Buck

IOW, Fuck a bunch of union thugs, eh? Because that's what I am hearing you say.

8 Buck  Thu, Dec 13, 2012 4:18:59pm

re: #7 Joanne

Then you are not listening. Not what I said at all.

9 EPR-radar  Thu, Dec 13, 2012 4:44:16pm

re: #6 Buck

Well, for a CEO to go to jail for looting a company in the US, it seems necessary for the CEO to put his plans in writing in triplicate: one copy for the local district attorney, one copy for the nearest major newspaper, and one copy for the most significant business rival.

The plan also needs to be blatant --- something like "I will personally steal everything that isn't nailed down, and bring a crowbar for the rest. What are you all going to do about it?".

So, "not technically" illegal in the original article is really a meaningless distinction.

10 Dark_Falcon  Thu, Dec 13, 2012 6:03:03pm

re: #6 Buck

I don't care what sort of people did it first, its still wrong.

11 cinesimon  Thu, Dec 13, 2012 6:22:59pm

re: #6 Buck

Buck, I'll let you in on a little something that you seem not to have grasped: Your dishonesty, false equivalences, inability to think critically - not to mention your seeming inability to grasp basic facts presented rather clearly - simply confirms once again that the now widespread stereotype of republicans as dishonest, brainless, childish fundamentalists who have no interest in engaging with society - is correct.

12 cinesimon  Thu, Dec 13, 2012 6:28:06pm

Ya gotta love the right wing standing up for this crook, by saying that 'hey! Hoffa did it too!'
For fuck's sake - Hoffa was a crook. He was assassinated. Many of his contemporaries were jailed, and rightly so. Yet his equivalent in the modern day is not jailed, but celebrated by a very small, incredibly very vocal group of increasingly unpatriotic Americans. People who in my opinion, would enjoy life much more if they were to move to Russia, where the elites there share republican values to a tee.

13 ProMayaLiberal  Thu, Dec 13, 2012 7:23:15pm

re: #10 Dark_Falcon

Speaking of which, how is this BS not illegal?

14 EPR-radar  Thu, Dec 13, 2012 7:26:53pm

re: #13 ProGunLiberal

Speaking of which, how is this BS not illegal?

The CEOs and their cronies/wannabes write the laws. As I said upthread, it takes real talent for a CEO in the US to find an illegal way to loot a company.

15 Kdizzle  Thu, Dec 13, 2012 9:27:15pm

re: #6 Buck

FFFFFFFUUUUUUCCCCCKKKKK YYYYYOOOOOUUUU.

16 Kdizzle  Thu, Dec 13, 2012 9:29:11pm

re: #12 cinesimon

He isn't Republican as far as I can tell. He's a Canadian who wants Canada to be more plutocratic.

There is a philo-Americanism thing going on.

17 RadicalModerate  Thu, Dec 13, 2012 10:46:38pm

re: #6 Buck

"essentially" admitted

and

"isn’t technically illegal"

I would add that using a pension fund as a personal bank account was invented by the Unions.

It doesn't sound like it was emptied. It doesn't even sound like the employee contributions were touched.

According to the WSJ article, that's EXACTLY what Hostess did with the pension plan. The "essentially" and "technically" parts were probably put in at the request of the legal department to cover for any possible inaccuracies.

The pension contributions were stopped in mid-2011, which means Hostess kept money designated for employee pension benefits for itself - and never repaid the money that accumulated over the course of a year that they owed to it. The ONLY reason that it wasn't against the law is because Hostess management took the money from a deferred pension plan versus taking it directly from the employees.

Here's the WSJ article paged at Yahoo, if you can't get past the paywall.

[Link: finance.yahoo.com...]

Hostess Brands Inc. said it used wages that were supposed to help fund employee pensions for the company's operations as it sank toward bankruptcy.

It isn't clear how many of the Irving, Texas, company's workers were affected by the move or how much money never wound up in their pension plans as promised.

After the company said in August 2011 that it would stop making pension contributions, the foregone wages weren't put toward the pension. Nor were they restored.
[...]
The maneuver probably doesn't violate federal law because the money Hostess failed to put into the pension didn't come directly from employees, experts said.

"It's what lawyers call betrayal without remedy," said James P. Baker, a partner at Baker & McKenzie LLP who specializes in employee benefits and isn't involved in the Hostess case. "It's sad, but that stuff does happen, unfortunately."


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