Here's a good article on it.

You can have fun blaming the Democrats, LOL.

" 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.)
Tim Collins, CEO of Ripplewood Holdings
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."