all the union's fault? really???

imagine you have the twinkie franchise in the united states.  imagine, even so, you can't figure out how to make money.  imagine you file for bankruptcy, get a free pass on $450 million in secured debt, (fully half of it forgiven, and the other half given back in a payment-in-kind loan), pocket a fresh $360 million in new secured loans, and, on top of all that, get over $100 million in annual wage concessions from your workers.

now imagine you're still too inept to make any money, and you are cornered into declaring bankruptcy again.

so this is somehow all the union's fault???

if a business can't be made to be viable, it can't be made to be viable.  people who work for their livings cannot be blamed for tiring of earning less so that somebody else can run off with hundreds of millions of capital and profits.

i'm calling bullshit on all the union-bashing rhetoric that refuses to account for the actual numbers of pennies on the dollar that silver point and monarch hedge funds paid for the debt that they finally tired of holding in favor of cashing out.  (not to mention the absence of detail on the capital profits and tax credits enjoyed for having their interest bought out in the refinancing).  i'm calling bullshit on the implication that business ineptitude is somehow the responsibility of workers to finance on the backs of ever-diminishing wages.

twinkies are dead, and likely finished by the shift in american dietary preferences.  someone, of course, will buy the recipe and brand out of the liquidation, and we'll still be able to eat them if we want.  but i wouldn't have wanted to go down with that ship as an employee any more than i would have wanted to go down with that ship as a lender.  so spare me the sanctimony that somehow pulling the plug on the debt is innocent, and refusing to give back additional hundreds of millions in wages is guilty.