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WASHINGTON, Jan 22, 2010 /PRNewswire via COMTEX/ --
...........The jobs of 30,000 Teamsters who work for YRCW [NASDAQ: YRCW] were threatened recently because banks and equity firms created and marketed credit default swaps from YRCW's bonds. That created an incentive for bondholders with credit default swap coverage to force a bankruptcy to profit on the insurance.
Hoffa pushed YRCW bondholders to take part in a debt-for-equity exchange offer that would save the company. He called out the shameful behavior that would have further hurt the U.S. economy and killed more American jobs. The swap was a critical step to ensure YRCW's survival. The nation's biggest trucker, YRC Worldwide Inc., is the parent company of YRC, Holland, Reddaway and New Penn trucking companies.
Hoffa Applauds Obama for Proposing Stricter Bank Regulation | TradingMarkets.com
...........The jobs of 30,000 Teamsters who work for YRCW [NASDAQ: YRCW] were threatened recently because banks and equity firms created and marketed credit default swaps from YRCW's bonds. That created an incentive for bondholders with credit default swap coverage to force a bankruptcy to profit on the insurance.
Hoffa pushed YRCW bondholders to take part in a debt-for-equity exchange offer that would save the company. He called out the shameful behavior that would have further hurt the U.S. economy and killed more American jobs. The swap was a critical step to ensure YRCW's survival. The nation's biggest trucker, YRC Worldwide Inc., is the parent company of YRC, Holland, Reddaway and New Penn trucking companies.
Hoffa Applauds Obama for Proposing Stricter Bank Regulation | TradingMarkets.com