After $700 Million U.S. Bailout, Trucking Firm Is Shutting Down

Meanwhile republicans are fighting tooth and nail to claw back student loan forbearance during pandemic and cancel any student loan forgiveness

Priorities, I guess.

In July 2020 [during the pandemic], the Treasury Department announced it was giving a $700 million loan to the trucking company, helping it to stay afloat. But the loan immediately raised questions, in part because the firm was struggling financially and was being sued by the Justice Department over claims that it had defrauded the federal government for a seven-year period.

Seems like defrauding the government should make one ineligible for government money.

As of the end of March, Yellow’s outstanding debt was $1.5 billion, including about $730 million that is owed to the federal government. Yellow has paid approximately $66 million in interest on the loan, but it has repaid just $230 of the principal owed on the loan, which comes due next year.

Must be nice, can I get that on my student loans?

“We recommend that all Yellow employees who have personal belongings and tools at the terminals should take them home today,” wrote John A. Murphy, a co-chair of the Teamsters freight industry negotiating committee.

Yeah, that seems like a good idea.

Remember this when you are told by Economists (who support bailouts) that student loans amnesty is impossible.

Criminals giving criminals money, then socializing the criminals' losses, then gifting the criminals a golden parachute. There is the ruling class and everyone else. Most of the country is distracted by UFOs and drag queen brunches to care about the real problems.

Seems like the fucking government shouldn't be bailing out corporations with our tax money to begin with.

It was obvious from the start they were liers. Couldn't even tell us the correct name of the color - should have been orange trucking.

If someone gave me 700mil, I'd probably retire too.

Permanently Deleted

Stupid company couldn’t even get the color of their logo correct. That shit was orange.

I know several different people who work in companies that deal with shipping, Yellow has always been awful to deal with with a much higher rate of shipping damage.

If companies are deemed to big to fail then they need to be nationalized.

https://archive.is/F4t4d

Lmfao. They took the money and peaced the fuck out. This country is turning into a sewer. So fucking rotten to the core.

Gotta be a special kind of incompetent to crumble in a booming economic period.

Here's a link to CBS News that isn't paywalled.

Yellow has been a horribly managed mess for at least 25 years. I was involved in LTL logistics back then and we avoided those dunderheads like the plague. It's a shame that they're taking $500 MIllion of taxpayer money with them since they can't repay their loan but that company should have died years ago.

I am a little confused why there is not being called corruption or fake news can't call it anymore? Wouldn't want to hurt daddy's feels?

Common Teamsters W.

lol fuck us amirite?

https://media.tenor.com/zJXQ4tDLQI8AAAAM/shocked-bored.gif