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#3045942 - 11/23/12 02:00 PM Re: good bye Twinkie. thanks unions [Re: Kirk]
10 Point

Registered: 06/29/05
Posts: 4196
Loc: Back 40


#3047308 - 11/24/12 06:59 PM Re: good bye Twinkie. thanks unions [Re: TOW]
10 Point

Registered: 10/02/02
Posts: 4563
Loc: Knoxville, TN, USA

I didn't see any mention of this so allow me to provide a twist to the saga. The private equity firm that controls Hostess is run by an influential democrat with the help of former House Speaker Richard Gephardt a democrat. There are also quite a few union ties to both. (The second article is more detailed.)

"After acquiring Hostess Brands, Ripplewood hired former house minority leader and presidential candidate, Richard Gephardt – a longtime friend of labor – to work out a deal with organized labor to lower labor costs. As a token of good will, Gephardt’s son was appointed to the Hostess board at an annual compensation of $100,000. Timothy C. Collins clearly had his political bases covered. His money, however, meant little to labor leaders."


"Ripplewood is run by Tim Collins, 55, who's been at the center of other famed PE transactions. Known as a brilliant capitalist-philanthropist-networker, he's an eclectic character: a Democrat in an industry of Republicans;"

"Ripplewood's foray into Hostess was partly enabled by Collins's connections in the Democratic Party. He wanted to explore deals with union-involved companies and sought the help of former congressman Gephardt, who in 2005 founded the Gephardt Group, an Atlanta consulting firm that provides "labor advisory services." In his 2004 presidential bid, Gephardt -- whose father was a Teamsters milk truck driver -- was endorsed by 21 of the largest U.S. labor unions; in 2003, Collins was one of 19 "founding members" of Gephardt's New York State leadership committee. (Today, Ripplewood and Hostess are listed online as major clients of Gephardt's consulting group, which is also an equity owner of Hostess.) Back when Hostess was coming out of the first bankruptcy, Gephardt's credibility with both Ripplewood and the Teamsters gave them each a little more room to break bread."

Well well. To all our "brothers", it does appear that democrats have slammed the union and killed 18,500 jobs. Priceless. Just remember, in a democracy you get the government you deserve.

If PE firms are vultures, as the teamster boss claims, then the union must be roadkill.
"If a law is unjust, a man is not only right to disobey it, he is obligated to do so."

-Thomas Jefferson

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