Wall Street Vultures Blaming Workers
November 20, 2012
By Richard Trumka, AFL-CIO President
Wall street vultures are blaming workers for getting rid of your sweets—and that’s just not right.
You might have heard that Hostess Brands, the company that makes Twinkies, Ding Dongs and other desserts, filed for court permission to go out of business, and that its blaming a worker strike for the shutdown.
The Wall Street hedge fund managers who run the company have squeezed every cent out of Hostess for eight years. And they’ve put their friends with no experience in the baking industry in high-level management positions.
Hostess workers believe in their company, and we need to stand with them.
What’s happening here is a classic Bain Capital-style assault—blame the little guy to cover the greedy corporate policies that are gutting the middle class.
It’s not just happening to the workers who make the great products Americans love. What’s happening at Hostess is happening to workers all over this country. It’s wrong. And it has to stop.
Crony capitalism and poor management drove Hostess into the ground, not the workers who are now paying the price. In this struggling economy, the greedy corporate executives are willing to let 18,000 people lose their jobs—just so they can pad their pockets.
Hostess' executives are now blaming workers who’ve offered their company multiple concessions and want it to succeed. This is what’s wrecking our country.
Workers have borne the brunt of bad decision-making by executives who didn’t know anything about the baking business. And they’re the ones getting fired?
These brave workers need to know we stand with them—and we’ll stand with everyone who will take a stand against the corporate race-to-the-bottom.