July 29, 2008: In the quote of the week, a CNBC host told viewers that UPS “pantsed” and “pummeled” the Teamsters in the new contract.
Here is what Jim Cramer, the host of Mad Money on CNBC, had to say:
“The company got a new labor agreement with the Teamsters, effective August 1, that will let UPS pay new drivers less than it does veterans. This is a classic example of a union hosing people who aren’t members yet, and one that could save UPS $640 million over the next five years.
“I cannot overemphasize the importance of this contract to UPS. Personally, of course, I love unions. But professionally, I love companies that have crushed unions. And UPS, you know what they just did? They pantsed the Teamsters! Jimmy Hoffa must be rolling over in his Giants Stadium grave!’”
Click here to watch the video of Cramer on Mad Money. Fast forward to the six-minute mark to hear Cramer go off on the givebacks negotiated by Jim Hoffa and Ken Hall.