Hostess Brands acknowledged for the first time in a news report Monday
that the company diverted workers' pension money for other company
uses.

The bankrupt baker told The Wall Street Journal that money taken out
of workers' paychecks, intended for their retirement funds, was used
for company operations instead. Hostess, which was under different
management at the time the diversions began in August 2011, said it
does not know how much money it took.

On 12/10/2012 5:20 PM, jps wrote:

Hostess Brands acknowledged for the first time in a news report Monday
that the company diverted workers' pension money for other company
uses.

The bankrupt baker told The Wall Street Journal that money taken out
of workers' paychecks, intended for their retirement funds, was used
for company operations instead. Hostess, which was under different
management at the time the diversions began in August 2011, said it
does not know how much money it took.

So what's new? The Unites States Government has been doing the same
thing to Social Security for decades

On 10/12/2012 3:20 PM, jps wrote:

Hostess Brands acknowledged for the first time in a news report Monday
that the company diverted workers' pension money for other company
uses.

The bankrupt baker told The Wall Street Journal that money taken out
of workers' paychecks, intended for their retirement funds, was used
for company operations instead. Hostess, which was under different
management at the time the diversions began in August 2011, said it
does not know how much money it took.

Hardly, union blood sucking and crappy management screwed hostess.

But do agree in this, if deducted for pensions, it should go to pensions
and if pensions are underfunded, their payouts should be reduced across
the board. Even a payout cap as not to let CEO pension obligations suck
the fund dry.

In fact it is why all these pooled plans are pooled scams. You always
want your pension in your name, account and control. Otherwise it is
likely the pension moneys will be screwed out of you.

--
Liberal-socialism is a great idea so long as the credit is good and
other people pay for it. When the credit runs out and those that pay
for it leave, they can all share having nothing but debt and discontentment.

On 12/10/12 5:20 PM, jps wrote:

Hostess Brands acknowledged for the first time in a news report Monday
that the company diverted workers' pension money for other company
uses.

The bankrupt baker told The Wall Street Journal that money taken out
of workers' paychecks, intended for their retirement funds, was used
for company operations instead. Hostess, which was under different
management at the time the diversions began in August 2011, said it
does not know how much money it took.


In most of the building trades unions, the funds are managed by a trust
fund and unfunded liabilities are not allowed. The fund directors are
bonded. If either the management or labor side of the fund pulled what
Hostess did, the bonding company would push for criminal prosecutions,
and the "reach back" process would find, arrest, try and convict the
management suits who did this.

In article ,
says...

Hostess Brands acknowledged for the first time in a news report Monday
that the company diverted workers' pension money for other company
uses.

The bankrupt baker told The Wall Street Journal that money taken out
of workers' paychecks, intended for their retirement funds, was used
for company operations instead. Hostess, which was under different
management at the time the diversions began in August 2011, said it
does not know how much money it took.

Don't let other people hold your money, especially not the government
and not your employer.

I am surprised that you freaking geniuses haven't figured out that
government pensions and corporate pensions not guaranteed. Do some
research on the PBGC (http://www.pbgc.gov/).

In article ,
says...

On 12/10/12 5:20 PM, jps wrote:

Hostess Brands acknowledged for the first time in a news report Monday
that the company diverted workers' pension money for other company
uses.

The bankrupt baker told The Wall Street Journal that money taken out
of workers' paychecks, intended for their retirement funds, was used
for company operations instead. Hostess, which was under different
management at the time the diversions began in August 2011, said it
does not know how much money it took.


In most of the building trades unions, the funds are managed by a trust
fund and unfunded liabilities are not allowed. The fund directors are
bonded. If either the management or labor side of the fund pulled what
Hostess did, the bonding company would push for criminal prosecutions,
and the "reach back" process would find, arrest, try and convict the
management suits who did this.


http://nlpc.org/stories/2010/01/13/t...n-stories-year

I really like #7.

On Mon, 10 Dec 2012 18:22:53 -0500, ESAD wrote:

On 12/10/12 5:20 PM, jps wrote:

Hostess Brands acknowledged for the first time in a news report Monday
that the company diverted workers' pension money for other company
uses.

The bankrupt baker told The Wall Street Journal that money taken out
of workers' paychecks, intended for their retirement funds, was used
for company operations instead. Hostess, which was under different
management at the time the diversions began in August 2011, said it
does not know how much money it took.


In most of the building trades unions, the funds are managed by a trust
fund and unfunded liabilities are not allowed. The fund directors are
bonded. If either the management or labor side of the fund pulled what
Hostess did, the bonding company would push for criminal prosecutions,
and the "reach back" process would find, arrest, try and convict the
management suits who did this.

Let's hope so...

In article om,
says...

On 12/10/2012 5:20 PM, jps wrote:

Hostess Brands acknowledged for the first time in a news report Monday
that the company diverted workers' pension money for other company
uses.

The bankrupt baker told The Wall Street Journal that money taken out
of workers' paychecks, intended for their retirement funds, was used
for company operations instead. Hostess, which was under different
management at the time the diversions began in August 2011, said it
does not know how much money it took.

So what's new? The Unites States Government has been doing the same
thing to Social Security for decades

Government and worker/employer relations are two different things.

In article ,
says...

On 10/12/2012 3:20 PM, jps wrote:

Hostess Brands acknowledged for the first time in a news report Monday
that the company diverted workers' pension money for other company
uses.

The bankrupt baker told The Wall Street Journal that money taken out
of workers' paychecks, intended for their retirement funds, was used
for company operations instead. Hostess, which was under different
management at the time the diversions began in August 2011, said it
does not know how much money it took.

Hardly, union blood sucking and crappy management screwed hostess.

You didn't see the part where Hostess Brands acknowledged there wrong
doings?

On 11/12/2012 12:55 PM, wrote:
On Tue, 11 Dec 2012 10:48:11 -0700, Canuck57
wrote:

When I saw 2007/8 coming, I had the flexibility to make and not lose
money on the deal. Made off like a bandit really.

I saw it too. When Centex told my wife to stop building inventory
houses in the summer of 06 and they would not even start digging on a
house without $50,000 in cash on the table, I knew someone thought the
party was over. Hannigan and Ellers sold the company in late 06 and I
moved my 401k over to the "safe" fund. When the market bottomed in 09
I switched back over to the aggressive funds. My 401k did fine.

First notice I had was 2005 when the company started openly planning for
bad news. But 2006 made it clear we were in for it. 2007 is when credit
markets were seized up from fraud low interest rates and I knew then
there was no stopping it, liquidate and I did. By spring of 2008 I was
80% liquid cash. I thought I missed for awhile but November made me
right on.

Sure was a nice cheap buying in Jan-Mar 2009. While I did lose some, I
made much much more. Pooled plans can't do this. Me, I dump 5000
shares of SNA (or others) and buy it back at half price it is easy, but
a pooled plan with 1,000,000 shares isn't so flexible.

Did the same with my 401K, took a 2007 package of fat severance, rolled
the 401K into a IRA 100% cash like. Lots of money to buy when the time
was right. Had a better job in 3 weeks too.

But hey, our liberal-socialist economics counterparts and debt strapped
paper tigers sure took a bath.
--
Liberal-socialism is a great idea so long as the credit is good and
other people pay for it. When the credit runs out and those that pay
for it leave, they can all share having nothing but debt and discontentment.