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Obama is rich, lets eat him!

Allenhurst NJ
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hey i dont even like political talk, but i do get tired of obama being blamed for everything.

Philadelphia PA
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Yummy!

T

Danville PA
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I say, lets eat the rich!

Allenhurst NJ
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WTF? In this day and age of limited research, disinterest in bipartisan politics, and a strong desire to drop the I told you so, of course a failing business is going to become political fodder.

New Orleans LA
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This discussion should probably be in politics...

Hardly anyone knows that the unions already took a 30% pay cut, and the company was demanding a further cut that would bring their wages down to about half of what they were making in 2005.

Lakeside CA
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They weren't even A reason. It would be like saying that the Big Mac I bought for $2 is the reason I can't make my mortgage payment.

As for "poorly run" - poorly run also includes allowing salary and benefit packages to reach unsustainable levels.

Chesapeake VA
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i agree that the raises werent the only reason to cause the close. it was a poorly run company. and im sure with people eating heathier lately, twinkies were probably not a big selling item anymore. i prefer tastykakes myself lol.

Philadelphia PA
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btw

I know nothing of the detailed financials of this company. It seems it's been badly run for a long time and was in need of major re-working. It seems that the costs imposed by Obamacare could not possibly have caused this going back several years, although they could aggravate it should the company have been continuing operations.

Also - the top four executives were paid $1 for 2012. Their salaries (with raises) were to be re-instated in 2013.

The new CEO was offered this "big raise" (i.e. promotion) in order to incentivize him to stay and try to run the flailing company. Yes, a new $1.95 million pay package, but they just got rid of the old CEO who they were paying $1.4 million a year to.

All in all - this is nothing but a ruse. There is absolutely no way the executive pay packages is what brought this company down. Period.

Chesapeake VA
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The company has $860 million in debt and has been losing ~$150 million a year for the last few years.

The total of the raises the executives got is approximately $4 million.

While certainly a shitty PR move, it is by far and away NOT a big contributor to the bankruptcy.

I wonder how many people reading this are aware that the CEO received a huge raise NOT because he just "got it" but because he was only promoted to CEO in the spring? Probably next to nobody.

Chesapeake VA
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