An Inside Story of the demise of Hostess, and who benefits elsewhere, including Mexico...
"It's only crony Capitalism when Republicans do it."
posted on 11/16/2012 12:36:48 PM PST
"Sadly, in many ways Hostess is now indicative of that just as insolvent larger corporation, the USA, whose insurmountable balance sheet liabilities will be the eventual catalyst for its collapse"
...it's ALWAYS about the money...
...funny how different they act when...
...it's THEIR money huh?...
posted on 11/16/2012 12:44:43 PM PST
". . . the traditional republican-cum-PE scapegoating strategy here will be a tough one to pull off . . .
No, it won't. The Bain Capital narrative has already started and the Obama-fellating media will do nothing to correct it.
posted on 11/16/2012 12:45:50 PM PST
(The MSM lies about liberals, and it lies about conservatives.)
The next four years are going to be a painful reminder by the real economy that Hope and Change are not respected by the rules of economics.
Gonna be a lot of unemployed and poorer people each and every day. This is going downhill until it isn’t, which is to say that the earliest we can have an upturn is when the Government changes hands at some level (2014).
Until then, businesses just have to keep chopping off their own limbs in order to survive.
posted on 11/16/2012 12:49:39 PM PST
by Uncle Miltie
(0BAMA CHOSE to watch a MUSLIM SNUFF FILM rather than a HEROIC AMERICAN RESCUE FILM)
Good Article - lines up all the cupcake cronies.
posted on 11/16/2012 12:53:10 PM PST
(Check my profile page for the FReeper Online Cookbook 2011)
Going to get my turkey tomorrow am and stock up if there hasn’t been a run on Twinkies already.
...only to see it implode in a trainwreck
Hahahahahahahaha, now 4,000 union thugs will have no turkey or Christmas presents for their families. Hahahahahahahaha.
It is a shame though that 14,000 reg. workers will also suffer the same fate.
posted on 11/16/2012 1:00:04 PM PST
by Mr Apple
( ignorant obama union voters---now you reap your just rewards)
This is an interesting expose’ of the union mentality. 5,000 union morons are costing 18,000 Hostess employees their jobs and millions of Americans the snack treats they love!!
Unionism is the collboration of mini-minds to create a single entity with a collective IQ of 9 . . . . . . . . . and that’s being generous!!!
And, THESE are the people that zero tacitly allows to run companies!!
posted on 11/16/2012 1:05:21 PM PST
(Congress - another name for white collar criminals!!)
posted on 11/16/2012 1:21:23 PM PST
(All that is necessary for the triumph of evil is that good men do nothing)
the traditional republican-cum-PE scapegoating strategy here will be a tough one to pull off...
Media has never worried about facts in the past, don't expect them to start now!
posted on 11/16/2012 1:24:01 PM PST
I’m going to miss the little three-pak 100 calorie packs of mini-cakes with the creme filling.
posted on 11/16/2012 2:24:33 PM PST
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; an Adirondack enthusiast dreaded by pheasant and fish; a board member at the Yale divinity and business schools; and someone who took a year at 31 to work at a refugee camp in the Sudan. Ripplewood orchestrated the $1.1 billion turnaround in 2000 of the Long-Term Credit Bank of Japan, which marked the first time that foreign interests controlled a Japanese bank. (Collins made the cover of Fortune Asia for it.) The bank was renamed Shinsei, and in 2004 it had a lucrative initial public stock offering. Far less fortunately, in 2007 Ripplewood acquired Reader's Digest -- and saw its $275 million investment vanish in Reader's Digest's bankruptcy filing in 2009. (Collins reportedly had visions of merging Reader's Digest with the magazine division of Time Warner (TWX), which owns Fortune.) 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. During this first bankruptcy, Hostess was almost sold. In 2007 it warded off a $580 million bid from its biggest competitor, Bimbo Bakeries USA. Bimbo Bakeries USA is part of Grupo Bimbo, the Mexican baking giant that owns such brands as Sara Lee, Entenmann's, Freihofer's, Arnold, Boboli, Ball Park Buns, and Thomas' English Muffins. Joining Bimbo in the bid were the union-friendly investment arm of supermarket titan Ron Burkle and the Teamsters themselves.
I guess I know who'll own HOSTESS soon!!! Bimbo!! (Because of the BIMBOS at the unions)
posted on 11/16/2012 2:45:15 PM PST
(More Republicans stayed home then the margin of victory of O's Win...)
posted on 11/16/2012 3:08:52 PM PST
(Self-respect: the secure feeling that no one, as yet, is suspicious. ~ HLM)
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