Trumka Bashes Hostess As ‘Bain-Style Wall Street Vultures’
President Obama’s strongest union backer, AFL-CIO President Richard Trumka, has injected himself into the Hostess bankruptcy, blaming capitalism for the shutdown of Hostess rather than an intransigent union. Today, he issued this statement:
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.
None of this is true. Nobody is getting rich off Hostess’ bankruptcy. There is no crony capitalism here – Hostess has received no federal or state bailouts. The workers at Hostess may want their company to succeed, but the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union clearly doesn’t care about the workers. There is no corporate “race-to the-bottom.” There are just companies that can afford certain pay and benefits, and companies that can’t. If there were nobody willing to work for the pay and benefits offered, that would be one issue; for the union to willfully press the company into bankruptcy isn’t the fault of the company. What’s truly wrecking America is Trumka’s government-backed union thuggery.