5 thoughts on “Their generous contributions to charity, and the social value of their business accomplishments, make this level of compensation seem like a sacrifice. In their minds, at least.”
I can remember even in grade school, the only things that enticed me were the hostess chocolate cupcakes. They looked really good, but they were pretty much devoid of flavor.
Yet even as private equity’s ability to generate huge profits is indisputable, the industry’s value to the work force and the broader economy is still a matter of debate. Hostess, which has bounced between multiple private equity owners over the last decade, shows how murky the jobs issue can be.
In 2012, the company filed for bankruptcy under the private equity firm Ripplewood Holdings. Months later, with Ripplewood having lost control and the company’s creditors in charge, Hostess was shut down and its workers sent home for good.
Without investment from Apollo and Metropoulos, Hostess brands and all those jobs might have vanished forever after the bankruptcy. The way these firms see it, they created a new company and new jobs with higher pay and generous bonuses.
But the new Hostess employs only 1,200 people, a fraction of the roughly 8,000 workers who lost their jobs at Hostess’s snack cake business during the 2012 bankruptcy.
And some Hostess employees who got their jobs back lost them again. Under Apollo and Metropoulos, Hostess shut down one of the plants they reopened in Illinois, costing 415 jobs.
tl;dr: here's a preview of the Trump administration.
Can't deal. Save this for tomorrow.
eta. Listen/watch Patti instead. https://www.youtube.com/watch?v=_2SPNT1lwBg
can't remember the last twinkie I ate, I guess I'm anti-americian
No, you just possess adult taste buds. I haven't had one of those things since my age was in double digits.
I can remember even in grade school, the only things that enticed me were the hostess chocolate cupcakes. They looked really good, but they were pretty much devoid of flavor.
tl;dr: here's a preview of the Trump administration.