On Fri, 23 Nov 2012 17:38:13 -0500, "J. Clarke"
wrote:

In article , says...
A good article by someone who's had his annual salary drop from $43k/year
to $34k/year and Hostess wants him to go down to $25k/year:

So instead he gets 0 a year. Can you say "Pyrrhic Victory"?
================

This assumes that Hostess would have not gone chapter 7 in
the near future anyhow.

By going out now, they at least stopped any more looting of
their pension plan, which is now short c. 982 million $US.
In retrospect, the unions should have gone out at the first
wage cut, or at least the first missed pension fund payment,
which is not corporate largess but deferred wages. When the
initial wage cuts is combined with the missed pension
payments, the employees got well over a 50% wage cut. If
you are willing to work for nothing you can indeed generally
get a job. It is well to remember that cuts in wages and
also cuts in taxes, and the rest of the taxpayers must make
these up. Anyone know what kind of tax abatements or
special financing Hostess got at tax payer expense?

I would suggest that any interstate corporation that does
not show a profit measured by paying net federal income tax,
e.g. including carry forward tax losses, over a 5 year
rolling period should be placed in automatic chapter 11
[reorganization] and the officers/directors replaced. If
you are a for profit corporation, then you must show a
profit, otherwise the corporation is just another tax
wheeze, and a stockholders, employees, and creditors scam,
and should be disolved or reorganized.