Especially when there isn't much difference - when the owners are financiers who have no connection with the business and don't care to. Founder gets old, sells the business, it falls into the hands of "bean counters", they suck it dry and sell it for scrap. That's their business.
A few years back, when the economy in Argentina was pretty bad and owners were walking away from their businesses, the workers stayed and ran them as worker owned cooperatives. Quite a few - 160 by one count - and with some degree of success despite the odds.
Not that I'm saying it would be in anyone's interest to hand Hostess over to the workers. With diabetes having doubled, or tripled in some parts of the country, in the last 15 years, Hostess isn't exactly vital to our national interest.
bloke wrote:America really needs to nationalize all businesses, so that someone who truly cares about the employees and truly cares about the success of these companies will be in charge of all of them.
No, the capitalists need to realize that there is more to running a business than making raw profits. A group of people who never even see the workers can make decisions that look good on paper when the goal is "return on investment" won't and don't see the ramifications of their actions. When decisions are made, almost always there is more than one choice and it would be great if some of those decisions were made with the long term survival of the company and workers in mind.
bloke wrote:America really needs to nationalize all businesses, so that someone who truly cares about the employees and truly cares about the success of these companies will be in charge of all of them.
Maybe not so far from that already, with both industry and government owned by Wall Street financiers.
Of course, the CEO of Hostess cleared what the president of the union made in a year in about two months. Then the Hostess management had the gall to ask the SEC for permission to award theselves bonuses, presumably for a job well done.
bardus est ut bardus probo, Bill Souder
All mushrooms are edible, some are edible only once.
OldsRecording wrote:Then the Hostess management had the gall to ask the SEC for permission to award theselves bonuses, presumably for a job well done.
A corporation or any business shouldn't have to ask any outside entity "permission" to shut down operations or to disperse assets to board members or stock holders.
Unless they're coming to the government with hat in hand requesting a handout (like bankruptcy protection).
Chuck Jackson wrote:I hear tell that the California Casino on Fremont Street sells deep-fried Twinkies. Amazing what people will eat.
They have deep-fried just about anything at county/state fairs now. I had deep-fried oreos and HoHos at our county fair this summer. Mmmm....Twinkies were an option, but I wanted the chocolate...drool....
Jordan
King 2341 with a Holton "Monster" Eb bell
Eb Frankentuba
Martin Medium Eb Helicon
If at first you don't succeed, skydiving's probably not for you.
bloke wrote:-
- My understanding is that a hedge fund decided to risk some money to see if it could be salvaged.
From recent experience: Hedge funds do NOT risk money and they don't salvage. They are simply vultures that swoop on a vulnerable business, sell off the assets (in this case the goodwill, as represented by brand names), pay out the capital and operating reserves as a dividend (to themselves as the new owners, mostly), and shut down the spent carcass. In general, if a hedge fund starts buying shares in your employer, you need to start looking for a new job.
If you have cash invested in a shaky company this can be a wonderful way out. If you work for the company, better hope your contract has a powerful and well written severance clause.
Chuck Jackson wrote:Back in my fat days, Little Debbie and I were quite the pair. I miss her bountiful Oatmeal Cream Pies and the delectable taste of her Swiss Roll's.....
Me two. I could eat a whole box of those danged 'Nutty Bars' and never feel any guilt!
Dan Schultz
"The Village Tinker" http://www.thevillagetinker.com" target="_blank
Current 'stable'... Rudolf Meinl 5/4, Marzan (by Willson) euph, King 2341, Alphorn, and other strange stuff.
