Hoffa’s Concessions Tycoon

harry-wilson-concessions-tycoon_thumb.jpg

Over 25,000 freight Teamsters at YRC suffered wage and pension cuts since 2009, but their loss delivered big gains for one Hoffa appointee. Harry Wilson, a hedge fund tycoon appointed by Hoffa to the YRCW board, was paid a $5 million bonus when employees approved the concessions and a bank deal was consummated. YRCW paid Wilson $125,000 a month retainer and a $1.5 million bonus for his work on the company’s restructuring and concessions package—plus a $175,000 a year salary as Hoffa’s appointee to YRCW’s board. The $5 million concession bonus was icing on the cake.

CHECK THE FACTS: "YRC refinances $1.15 billion by closing on two 5-year loans", DC Velocity February 14, 2014. See also SEC filing by YRC, February 7, 2014.

back-arrow.png next-arrow.png 

Get Advice Join TDU Donate

Recent News

Herman Benson: A One-Man Army Working to Revitalize the Labor Movement

My friend Herman Benson died yesterday, just shy of his 105th birthday. He was an inspiration, a leader, and sometimes a critic for so many of us working to put the membership front-and-center in the Teamsters and in the whole labor movement.

YRCW Gets $700 Million CARES Act Loan!

The US Treasury will loan YRCW $700 million under authorization from the CARES Act. $350 million will be used to make H&W and pension benefit payments, and the other $350 million will go to investment in tractors and trailers.

View More News Posts