Twinkie Update

So, I recently wrote a little paean about the totally artificial snack cake that brought the word Twinkie into the lexicon. But quasi-good things often have a dark heart alas.

The corporate main stream media has been presenting the Hostess bankruptcy as being precipitated by a union strike in reaction to management demands for wage and pension give-backs amongst other things, essentially parroting the headline from Hostess’ own website: “HOSTESS BRANDS TO WIND DOWN COMPANY AFTER BCTGM UNION STRIKE CRIPPLES OPERATIONS”. And it’s not just Fox News leading the story with this spin.

This is the Google search headline for CNN: “Hostess Brands closing for good due to bakers strike – Nov. 16, 2012 money.cnn.com/2012/11/16/news/companies/hostess-closing/ 2 days ago – Hostess, maker of Twinkies, Wonder Bread and Ding Dongs, says strike by bakers forcing its closing. … Hostess filed for bankruptcy in January, its second trip to bankruptcy court since 2004. …. 2012 Cable News Network.” In fairness, once you click on the link, the actually story doesn’t use that headline but nonetheless, the first paragraph of the story is similarly worded.

Likewise, NBC has a story with this headline: “Twinkies Maker Hostess Going Out of Business, CEO Blames Union Strike β€œIt’s over. This is it,” Gregory Rayburn tells “Today.”
Sunday, Nov 18, 2012 | Updated 4:21 PM CST”

I should note that I’m fairly passionate about the vilification of work and unions as opposed to the so called great good of the “job creators” and capital of the corporate kind. (I think small business people generally practice capitalism in a different manner than corporations so this rant is not about them – after all, they usually work side by side with the people they hire, and small business people don’t get golden parachutes whether or not they make good business decisions – their capital is actually at risk.)

So, I love reading correctives to our corporate mainstream media when I found out the inconvenient truth that Hostess had raised 4 of its top four executives compensation by up to 80% just a few months ago, even though the company had already filed for bankruptcy prior to that pay raise. Granted after that public relations gaffe, the then CEO left (with a nice package) and the 4 top officers took both a real and highly symbolic pay cut to $1, but they also guaranteed themselves a return to their full 6 or 7 figure salaries by January 1st.

So M.S.M., it’s all the fault of the guys making $20 bucks an hour for not believing that the company didn’t have enough money to honor the contracts they had previously negotiated with the union??? I WONDER WHY these baker and drivers were so distrustful of management? I f’ing hate hypocrisy and greed…that means the media as much as Hostess exec’s.

Here are 2 links (one of which cross links to an earlier CNN story for those that don’t trust non-traditional journalists) that back up my assertions here: http://americablog.com/2012/11/hostess-twinkie-ceo-salary.html and http://www.examiner.com/article/the-real-reasons-hostess-went-bankrupt

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