Bloomberg: Hoffa Says Goldman Sachs Driving YRC Into Bankruptcy

December 17, 2009: International Brotherhood of Teamsters President James Hoffa said Goldman Sachs Group Inc. is creating derivatives trades that would profit from the bankruptcy of YRC Worldwide Inc., the trucking company trying to avert failure with a debt exchange.

The most profitable securities firm in Wall Street history “is actively soliciting bond trades for clients and underwriting credit-default swaps to benefit from a failed exchange and resulting bankruptcy,” Hoffa, the union leader, wrote in a letter dated yesterday to Goldman Sachs Chief Executive Officer Lloyd Blankfein.

Click here to read the full story from Bloomberg.


Be the first to comment

Please check your e-mail for a link to activate your account.
Get Advice Join TDU Donate

Recent News

How to Check Your UPS Retro Pay

Sometime in June, UPS Teamsters expect to be paid for nine months of retroactive pay for contractual raises.  We recommend that you check to make sure you’re getting what you are due, using this calculator.

TDU Black Leadership Conference

African-American Teamsters will hold TDU’s first national Black Leadership Conference, July 13-14 in New York City.

View More News Posts