What's new

Yellow | YRC to Apply for Bailout Funds

my opinion...and just an opinion. no bailout...period. obama claims to be for the little man, the working man and look at all the mom n pop car dealers goin out...and only the BIG boys stayin...polititions are all the same just different crooks elected every 2-4 years..Capitalism if you fail you fail learn from your mistakes and move on..( granted this coming from a man married twice, LOL )..lets take care of America first, mr obama stop apologizing to the rest of the world.for what you percieve as America's faults and let them handle thier own problems. We need to stop fighting amongst ourselves..Black,White,Hispanic,and any other Natural born citizen. 545 people are the reason America has these problems,Congressmen, Senators,Judicial,and last but not least Mr. President.
How can people in office since Christ was walking the earth say " I can solve the problem if I am RE-ELECTED..." solve the problem they are the problem...( wow sound like a right wing nut ) No just a Fed-Up American, former Military..Father, Husband and GrandFather.
 
Again we are back to the government which allowed companies to massively underfund pension liabilities for decades.


ESP said:
as an orphan, I am concerned also, however that would be discrimantion, big time. what if yellow said, lower all pensions 50 percent, what would all say then? There is no win, win here, something has to give. No group or class of drivers should be left out, or should I say kicked out and take big cuts in pension. :ranting2:
Click to expand...
 
vwaggs said:
Again we are back to the government which allowed companies to massively underfund pension liabilities for decades.
Click to expand...

where they banking on the stock market to fund them similar to the housing collapse?
 
vwaggs said:
Again we are back to the government which allowed companies to massively underfund pension liabilities for decades.
Click to expand...
Allowed or led them by the nose & forced them into this dilemma? Its the government's formulas that require the funds to reach a certain rate of returns each year. Last year it was 7&1/2 percent. Now this years it is 7&1/2% plus last years losses. So unless a fund realizes say a 30% return this year it just keeps snowballing.

ERISA & the new pension laws do not allow the pension funds to save any kind of surplus made during the "boom markets". So in the years when the market did well the funds had to either raise the pensions or give it back in the form of taxes. Now when the market is down the funds sink deeper into the hole that the laws dug for them. I have to agree with this quote
vwaggs said:
The government dumped this regulation on the union trucking industry as another "Go out of business" incentive many years ago. THEY created this problem, not YRC. YRC is simply saying to the government "We carried your load for all these years, now we finally reached the point you planned on having us reach. Please come and fix it".
Click to expand...
 
stpinindy said:
You are correct, the contributions are based on days worked, at least for central states. The increases of the new contract were based on per hour, but don't dictate whether paid to medical or pension. To lower that means reopening the contract again, as if last time wasn't fun enough last time(december) but then again the contract was negotiated one whole year ago. Maybe from now on our contracts should only be for every 6 months instead of 5 years.:ranting:
Click to expand...
Thanks stp............so given the current freight levels and the bright idea to lay off as much as possible and work everyone else forced OT and 6+7 days a week, YRC is actually working more man hours and paying less into my pension fund. Just taking my terminal for example (653), the way I figure it, YRC pays more in overtime than they pay in Health, Welfare and Pension payments.

Zollars and the whole management team needs to be called out on this business practice. Yea they want to get out of the pension funds............but don't look me in the eye and tell me it's raining when you're pissing on my boots!! DS.
 
vwaggs said:
Hmmm, I wonder if he said this when Fed Ex grabbed millions in post 9/11 airline money, even though they didn't suffer any loss. If you look at their numbers now, the money the government gave them is what represents their economic condition being so much better now.
Click to expand...

I guess the fact the entire air fleet of cargo carriers was grounded by the federal government for 2 solid days constitutes no loss huh? I say carriers in a plural form because ups also cashed in for millions.... Do the research and you can see for yourself but let me ask you this you honestly believe that the 200 million Fedex got and the 120 million ups got (you cannot leave out UPS and other cargo carriers who also recieved federal funds) is why both are in the financial position they are now???? Even though their individual revenue since the 911 attacks is WAY above and beyond what they recieved from the government? How does that compare with a company that has gone down the toilet in terms of revenue especially since the aquisition of USF and Roadway and others who just happened to be making money not to mention Yellow itself was making money until Zollars and co. got the bright idea to buy up every damned body by spending like there was no tommorow and then the economy dropped after they had unloaded (borrowed) all of that money.... And the pension is 2 BILLION dollars underfunded to some sources, but hey, fedex got 200 million from the fed back in 2001 and ups got 120 milllion (even though I won't mention that because they are union but hey, this is my story and we can leave that out right?) and that's why they are also not in the position we are right now guys!!!! :BS::BS::BS:
 
not to mention fedex just recently had shelled out 1.2 BILLION dollars to aquire American Freightways earlier that year but that 200 milliion is why now in 2009 they are financially viable huh? I dont think so.
 
ESP said:
Jeff, your funds are also tied to the stock market, everything is.
Click to expand...

If we were all smart we would each and every bluecoallar American pull our 401k's and anything else we have in the stock market out and let it crash..... Wall-street needs middle-America more than we need it......
 
Snortin Nortin said:

If we were all smart we would each and every bluecoallar American pull our 401k's and anything else we have in the stock market out and let it crash..... Wall-street needs middle-America more than we need it......
Click to expand...

^^^ Commonly refered to as "A RUN ON THE BANKS". ^^^
 
Yea lets not say anything bad about the almighty FedEx.It seems the truckingboards boss man can only report doom and gloom.He claims he doesn't what to see YRC fail but we all know he's got this :shit:t eating grin on his face while he's typing away on his key board.That's why he's against us getting some tarp money.Now that would throw a wrench in his plans now wouldn't it.The gig is up Mr.Truckingboards.Were onto to your game and all of your doom and gloom reporting.It might be time for all YRC employees to boycott this site!I feel better now!I'm out!
 
sirduckjr said:
Their is a chance a capital market transaction could take place whereby the pensions pickup the company and its debt for 20 to 30 cents on the dollar.
New management, and even less employees. The new company would continue to liquidate real estate and get some help from the government. The company would be as small or smaller than ABF.
Click to expand...

Very brilliant idea
 
Obama did not deliver-Zollars will

:Violin:All those that listened to Obama and believed him and voted for him should remember 'DON'T BELIEVE EVERY THING YOU HEAR FROM THE PEOPLE ON TOP.'::BlahBlah::2lm16xk::Violin: Zollars knows he can't get tarp funds. He didn't make it to the top because he was high. He is a little smarter then Fed Ex and ABF and you when you see how this plays out you will know what I am talking about
 
Goes the same for all those who voted for Bush twice. Don't believe everything you hear & read especialy from Millioners & billioners in politics. Who say they have your best interest at heart NOT !
 
htown-motorman said:
Goes the same for all those who voted for Bush twice. Don't believe everything you hear & read especialy from Millioners & billioners in politics. Who say they have your best interest at heart NOT !
Click to expand...

10-4 on the especially
 
You must log in or register to reply here.
Top