“How is that compare to your wild assed claim that CEOs make 353 times the average? “
I’ve given you the data backing up my claim. Can you not read?
The Hostess CEO asked the bankruptcy court to grant him a guaranteed $1.5 million salary and $2 million bonus for a total of $3.5 million. If your average employee compensation number of $60,000 is correct, the CEO would be making 58 times the compensation of the average employee. Not bad pay for a guy who managed a company back into bankruptcy in 3 years.
The news reports say the company was asking for an 8% reduction in pay. On a $60,000 average salary, 8% is $4,800, not $3000. In addition, the union employees gave back $110,000,000 in 2009 when Hostess exited bankruptcy the first time. That equated to $5,500 per employee.
I have yet to see any evidence anyone in senior management took a cut to help the company survive. I have seen, and provided you with links to articles stating management salaries were increased dramatically. If the situation was so bad the workers were being asked to take pay cuts, why were increases being given to senior executives?
Yeah, they did offer crazy raises to the management leading into this... the only reason I can think of that it would make sense is if they still believed existing management had some kind of magic keeping the Kingdom of Ding Dongs going and that they’d badly suffer if they lost that.
Well, I think whoever takes over the manufacture and marketing of resurrected Hostess products will certainly disprove that belief if it existed. Hand the rights over to a bunch of total strangers along with the recipe, and watch it take off without even a glitch.
You speak like a communist that fails to understand private property. You think because someone works at a company they deserve to make it theirs. I guess if the dishwasher repair man shows up to fix your dishwasher he should be able to help himself to your car. A company that hires a person to operate a machine does not owe that person anything beyond their agreed to salary. You seem to think they do.
I’ve known hundreds of CEOs in my lifetime including having been one. Considering that the average salary in the US a few years ago when that BS report was generated was $54,000, that would mean the “average CEO” (your words) made about $20 million. Which CEOs was that? All of them? The hundreds that I knew none made that much money. Not a single one, yet, you and that report cherry picked stock valuations to make the ridiculous claim in some sort of class warfare propaganda attempt.
I didn’t see any Hostess employees owning the company. Did they go start it without the owners knowing? Did they not get paid many times prevailing wages for machinery operators under those union rules? Of course they did. They robbed that place at over $30+ an hour to operate machinery or inspect food products. They got paid far more than market wages, yet, you claim they were the victims.