Letter: In the eyes of unions: Class warfare being waged by CEOs rewarding themselves
Rick Bowmer, Associated Press
When Hostess recently filed for bankruptcy, anti-union folks, like Eric Green, rushed to blame unions and their lack of foresight for the company's destruction ("State of dis-union," Nov. 23). However, let's look at the recent history of Hostess and look through the eyes of union workers before passing judgment.
Since 2002, Hostess had six chief executive officers. Each received huge bonuses and rewards for driving the company further into the ground. The latest CEO is seeing a 300 percent pay increase. For what? Destroying the company? How about a swift kick in the pants instead?
Another CEO released a memo congratulating workers on "the best quarter in the history of the company," while simultaneously selling his own stock before it leaked out that Hostess was actually in financial ruin. One union worker earned $48,000 in 2005, sacrificed to $34,000 last year. The latest proposal was to cut his wages to $25,000 while doubling insurance premiums.
I ask people like Eric, are you seeing the big picture? Are Americans recognizing the class warfare being waged by CEOs ("job creators") rewarding themselves for their own incompetence while using the workers, who are already sacrificing, as their scapegoats?
ENRON, big banks and now Hostess. When will we learn?