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Yellow | Biden awards billions for LTL trucker pensions

Puff Driver said:
My issue with this is everyone lost 20% or so in 2008
Also, everyone made that back plus 34% in the first 2 Trump years and had it when he left office.
EXCEPT the teamster pensions??????
The teamster problem is they are a dying industry that is losing member carriers and have not organized a new carrier in at least 45 years???
That is unsustainable.... and not the taxpayers problem..
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Dude, you need some basic 101 on investing.
My 401 took a huge hit. I kept putting money in, never taking any out.

Teamster pension was paying out thousands of workers during that time. So the money that was going out never got to grow.
 
Steward of the Rock said:
The problem was created by the government with deregulation. After deregulation, Teamster freight companies closed by the hundreds because they could not compete with the lower cost, start up freight companies. Some of which were owned by the larger freight companies that slowly diverted freight from the Teamster company to the the lower cost non-union company. Also, before deregulation, these freight companies had to buy territorial rights to operate in a certain area that these upstart, non-union companies never had to pay for giving them an unfair advantage. So, your example with the 2008 “Great Recession“ is a poor one because the Teamster Pension Funds (like Central States) were already in dire straits due to the loss of all of these companies that the government put out of business with deregulation that had paid in to the pension funds on the employees behalf. At one point, there were four people drawing a pension for every one person paying in. But you already know all of this, you just choose to bitch about it because you feel like you were somehow slighted by the Teamsters in the past.
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Spot on! I think a lot of drivers don’t know about when trucking was regulated.
 
slavenomore said:
I said pretty sure. Not totally.
I've read his stuff and we've been on here o long time.

NEMF were not Teamsters to my knowledge. Unless
they were before joining the Machinists.
He had much anger towards one or 2 of the North Jersey Locals.
So I figure he was a member who didn't like something that happened over there.
Maybe Tony Pro's Local.

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Be careful what you say, there are spies all over the place.:hide:
 
ABF381 said:
Plus it didn't hurt that his son in law has invested in the bank that Yellow was going to default with the loan payments.....and it was an election year to boot...
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And how'd that work for him? In typical teamster fashion they hung him the finger and backed a Democrat hell bent on destroying the nation. When will people learn if the nations economy does well our jobs are more secure, we're more prosperous and we have more power to negotiate better contracts. The IBT blames all of its woes on everyone but themselves and sheep follow the wolves to the slaughter. The IBT has not organized any trucking company since UPS Freight and UPS didn't put up any resistance.
 
ShutterDown said:
Because Yellow employees are the only ones in central state that got screwed, Bail out orphans then put an age cap on Yellow workers.
No I didn’t vote for it.
Yellow won’t survive I can guarantee that!
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Person #789,421 to make the statement, “Yellow Won’t Survive” Since 2008. Lolololol. Folks who predict Yellow’s demise are like those who predict the end of the world, after it never happens, it gets old. No one listens. We just laugh.
 
Toliet Paper said:
And how'd that work for him? In typical teamster fashion they hung him the finger and backed a Democrat hell bent on destroying the nation. When will people learn if the nations economy does well our jobs are more secure, we're more prosperous and we have more power to negotiate better contracts. The IBT blames all of its woes on everyone but themselves and sheep follow the wolves to the slaughter. The IBT has not organized any trucking company since UPS Freight and UPS didn't put up any resistance.
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Brother, I didn't say anything about Democrats or even opinions on politics, just stated facts...as far as how it worked for him....it worked out fine for his family right? The quicker normal blue collar people realize that both sides are a bunch of elites that only care about themselves and enriching their families the better off we will be..... I doubt you voted against your principles in the election, so why anyone puts so much weight on a Teamster endorsement is beyond me.....I know I vote how I want to, according to who I think is the person who will least screw up the country more, not who my union endorses...I hope my brothers are smart enough to do that too...as far as the Teamsters organizing trucking companies, I have read it on here from guys at XPO and FedEx worried about Teamster endorsements and afraid they will somehow become Democrats if they vote in the union....I hate both parties, look at Deregulation and the recent Railroad debacle.....both on the Democrats, but the Republicans voting right along with them....both sides suck and will screw the worker...
 
slavenomore said:
I was hoping O'Brien would be different....that ended quickly with the RR strike.
Democrats come first.

Which is WHY I complain about this deal.
Glad guys get their deserved pension money....but not glad who "helped" it happen.
I'd rather not that the IBT live in debt to them.
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ABF381 said:
Brother, I didn't say anything about Democrats or even opinions on politics, just stated facts...as far as how it worked for him....it worked out fine for his family right? The quicker normal blue collar people realize that both sides are a bunch of elites that only care about themselves and enriching their families the better off we will be..... I doubt you voted against your principles in the election, so why anyone puts so much weight on a Teamster endorsement is beyond me.....I know I vote how I want to, according to who I think is the person who will least screw up the country more, not who my union endorses...I hope my brothers are smart enough to do that too...
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slavenomore said:
I think it's a Deep State thing. The relationship between Yellow and Government. And the IBT.
Probably come up with mostly lines of thick black marker on all copies of communications between them if ever released under The Freedom of Information Act.

50 years ago the plans for deregulation and the industry were probably in the works
No doubt ATA members and others were in on the racket.
Some of those minutes are probably available now if anybody wants to dig.
It's been about 50 years.
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i'm sure the tapes were erased if recorded or the paperwork was shredded by now
 
rujac said:
also as Teamster trucking companies went bankrupt there seemed to be no money left in the end for withdrawal liability that was owed and nobody cared
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They figured big companies like CF, Yellow, Roadway, Holland and UPS would never go out of business pay for the orphans. This whole YRC nightmare should of never happened Yellow, Roadway and Holland would still most likely be paying full pension and closer to UPS feeder pay rates plus UPS never would have bought out of Central States.
 
ABF381 said:
Good point, federal bankruptcy laws put the funds (and workers, no surprise) last...
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Not really last but when there's no money left it's almost a moot point.

Priority Rules In Bankruptcy

Priority rules in bankruptcy: how unsecured creditors are paid according to priority and the order of that priority, and how super priorities and de facto priorities arise.
thismatter.com thismatter.com
 
Triplex said:
Not really last but when there's no money left it's almost a moot point.

Priority Rules In Bankruptcy

Priority rules in bankruptcy: how unsecured creditors are paid according to priority and the order of that priority, and how super priorities and de facto priorities arise.
thismatter.com thismatter.com
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Might as well be last since big corporations are ahead of them....workers don't have lobbyists like corporations do...
 
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