513. Hostess Folds Operations

Twinkies may last forever, but the same can't be said for Hostess Brands Inc., the company that makes the popular cream-filled spongecake.

Hostess has asked a bankruptcy judge for permission to go out of business and lay off 18,500 workers, blaming a strike by members of the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union.

"We deeply regret the necessity of today's decision, but we do not have the financial resources to weather an extended nationwide strike," Hostess Chief Executive Gregory F. Rayburn said in a statement Friday.

Hostess Twinkies’ CEO tripled his salary to $2.55 million while the company was preparing to go into bankruptcy. And nine top executives saw massive pay raises, some nearly doubling their salary. Ah, another greedy CEO who courageously blamed the union for his failure, while omitting the part about tripling his own pay while preparing to go under.
(tags: hostess brands, twinkie, suicide, Business, Greed, Unions, Political Series)