US trucking giant Yellow shutting down operations As Teamsters Work With Biden To Destroy Company [opinion]
Formerly known as YRC Worldwide Inc., Yellow was one of the nation’s largest less-than-truckload carriers with some 30,000 employees across the country.
The shutdown comes after more than a decade of business fuck ups and seeing customers running for the exit doors.
FreightWaves reported last week that employees were told to expect the bankruptcy filing Monday. Yellow laid off an unknown number of employees Friday, the outlet later reported, citing a memo that stated the company was “shutting down its regular operations.”
Fighting had been building up between the Teamsters and Yellow, who sued the union in June after alleging it was “unjustifiably blocking” restructuring plans needed for the company’s survival. The degree the Teamsters were being directed by the Biden administration is an open question. As of late March, Yellow had an outstanding debt of about $1.5 billion. Of that, $729.2 million was owed to the federal government. In 2020, under the Trump administration, the Treasury Department granted the company a $700 million pandemic-era loan on national security grounds. Last month, a congressional probe concluded that the Treasury and Defense Departments “made missteps” in this decision — and noted that Yellow’s “precarious financial position at the time of the loan, and continued struggles, expose taxpayers to a significant risk of loss.”
FedEX CEO Raj Subramaniam (who was born in India) is very tight with the Biden Administration and FedEx will most likely benefit from the problems at Yellow Trucking. He serves on the board of directors of FedEx Corporation, FIRST, the United States Chamber of Commerce’s China Center Advisory Board, US-India Strategic Partnership Forum, and the US-China Business Council.
Yellow Corporation is run by Darren D. Hawkins. Hawkins holds a Bachelor of Business Administration in marketing and supply chain management from the University of Memphis. He is currently vice chair of the American Trucking Associations and serves as a Board member of the American Transportation Research Institute. Under Hawkins Yellow onboarded the largest number of new trucks in its history with advanced safety and emissions reduction technologies, while simultaneously opening 16 new Driving Academies developing a pipeline for the next generation of truck drivers. While Yellow Corporation has been trying to help young Americans to become truck drivers, FedEx promotes the Global Citizen bullshit.
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This article contains a large amount of opinion that may not be totally accurate. Please be sure to do your own research and reach your own conclusions regarding FedEx and the Yellow Corporation and the Teamsters and the Biden Administration.
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