Posted on 08/01/2023 5:22:11 AM PDT by Red Badger
Yellow Corp., a 99-year-old trucking company that was once a dominant player in its field, halted operations Sunday and will lay off all 30,000 of its workers.
The unionized company has been in a battle with the Teamsters union, which represents about 22,000 drivers and dock workers at the company. Just a week ago the union canceled a threatened strike that had been prompted by the company failing to contribute to its pension and health insurance plans. The union granted the company an extra month to make the required payments.
But by midweek last week, the company had stopped picking up freight from its customers and was making deliveries only of freight already in its system, according to both the union and Satish Jindel, a trucking industry consultant.
While the union agreed not to go on strike against Yellow, it could not reach an agreement on a new contract with the trucking company, according to a memo sent to local unions Thursday by the Teamsters’ negotiating committee. The union said early Monday that it had been notified of the shutdown.
“Today’s news is unfortunate but not surprising. Yellow has historically proven that it could not manage itself despite billions of dollars in worker concessions and hundreds of millions in bailout funding from the federal government. This is a sad day for workers and the American freight industry,” said Teamsters President Sean O’Brien in a statement.
Company officials did not respond to numerous requests for comment Sunday and Monday.
While the company is based in Nashville, Tennessee, it is a national company with terminals and employees spread between more than 300 terminals nationwide. Experts in the field said it was primarily an unaffordable amount of debt, more than the cost of the union contract, that did in Yellow.
(Excerpt) Read more at cnn.com ...
Look at the driver. Hands at 10 and 2 and wearing a mask.
Regardless, the whole debacle sounds like corporate management incompetence.
One post yesterday got it right, something like: “Unions + high diesel prices = bankruptcy”.
ECONOMY: This Simple Chart Reveals the Distribution Of Global WealthPublished 2 years ago on September 20, 2021
By Anshool Deshmukh
Visualizing Global Wealth Distribution
▼ Use This Visualization
The Global Wealth Distribution in One Chart
The pandemic resulted in global wealth taking a significant dip in the first part of 2020. By the end of March, global household wealth had already declined by around 4.4%.
Interestingly, after much monetary and fiscal stimulus from governments around the world, global household wealth was more than able to recover, finishing up the year at $418.3 trillion, a 7.4% gain from the previous year.
Using data from Credit Suisse, this graphic looks at how global wealth is distributed among the adult population.
How is Global Wealth Distributed?
While individuals worth more than $1 million constitute just 1.1% of the world’s population, they hold 45.8% of global wealth.
How is Global Wealth Distributed?
While individuals worth more than $1 million constitute just 1.1% of the world’s population, they hold 45.8% of global wealth.
Wealth Range Wealth Global Share (%) Adult Population
Over $1M $191.6 trillion 45.8% Held by 1.1%
$100k-$1M $163.9 trillion 39.1% Held by 11.1%
$10k-$100k $57.3 trillion 13.7% Held by 32.8%
Less > $10k $5.5 trillion 1.3% Held by 55.0%
Total> $418.3 trillion 100.% Held by 100.0%
On the other end of the spectrum, 55% of the population owns only 1.3% of global wealth.
https://brownstone.org/articles/capital-postmodernism-left-authoritarianism-unholy-alliance/
“I saw an Amazon van yesterday. It was made by Rivian!”
Not seeing any Amazon Rivians, yet.
However, We are seeing a lot of Rivians suddenly on the streets and roads.
“...a threatened strike that had been prompted by the company failing to contribute to its pension and health insurance plans.”
But by midweek last week, the company had stopped picking up freight from its customers and was making deliveries only of freight already in its system, according to both the union and Satish Jindel, a trucking industry consultant.
One hopes it all got delivered by Friday.
Yes they drove Chrysler Ford and GM out of Los Angeles in the 70’s.
To much greed makes you starve to death.
A simple truism I learned over the course of my life - businesses succeed (or fail), because of management. Period. Drop the mike.
Employees suck? Who hired them (hint - mgmt)?
Business model a disaster? Who came up with the business model, and sold it to the board?
“99-year-old trucking company Yellow shuts down, putting 30,000 out of work”
Another victory for the unions.
“The French Empire was held back...as the philosophy of their government was to manage everything the French companies did.”
The underlying philosophy is called dirigisme.
https://en.wikipedia.org/wiki/Dirigisme
It is the very essence of a fascist economy where government ‘partners’ with industry to direct what you can produce, what you can eat, where you can live, how you can travel, and etc.
Just like we see with the Democrats and most Republicans.
In short, the US once upon a time fought fascism only to turn around and implement it.
Interesting. There is a Yellow depot next to my shop. I am use to hearing their trucks bang about night and day when I work. I would never have guessed there were problems.
I despise the teamsters union BTW. I had to deal with them at trade shoes. Disgusting abusive pricks who destroyed everything they touched. Every damned one of them I ever dealt with.
THERE WILL BE NO INCREASE IN UNEMPLOYMENT NUMBERS-—BIDEN has been lying about those all along.
Too many drivers with CDL’s cannot pass the drug tests.
LEGALIZE MJ
My wife retired from there last Aug.
My wife worked for Holland Truck line which was bought out and absorbed by Yellow right before she retired in 2022.
Hope her pension is safe if she has one......................
We do too. She got her payout today, so we are good there.
She is disabled and it would hurt us a lot to lose it.
I hope they get treated better than my husband did...Charles Horowitz destroyed my husband’s plant and company and he lost a nice pension and retirement health care...the pension guarantee board gave him a pittance which is never recalculated for inflation.
I knew a man 50 years ago, when I was 10 or so, who had just retired from Yellow Freight. Had his 1 million mile watch, a nice boat and camp site on the lake.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.