18,500 jobs gone and all he's got is political hackery?
The Bain attack is back. This time it’s being used against Hostess Brands, the Twinkies and Wonder Bread maker that announced Friday it was closing. AFL-CIO President Richard Trumka drew the comparison in a public statement Friday.
"What’s happening with Hostess Brands is a microcosm of what’s wrong with America, as Bain-style Wall Street vultures make themselves rich by making America poor. Crony capitalism and consistently poor management drove Hostess into the ground, but its workers are paying the price. These workers, who consistently make great products Americans love and have offered multiple concessions, want their company to succeed. They have bravely taken a stand against the corporate race-to-the-bottom. And now they and their communities are suffering the tragedy of a needless layoff. This is wrong. It has to stop. It’s wrecking America...."...MORE
Mr. Trumpka is not going to get much support from the California, New York and Illinois public employee pension plans who seem smitten with the returns private equity generates for their portfolios.
As I said this morning, I don't think the unions understood that the company was talking survival not work rules or fringe benefits.
Evil (Democrat) Private Equity Crushes Twinkie Union