December 13, 2007: Bill Clinton has severed business ties with Los Angeles billionaire Ron Burkle, fearful that their deals could erupt into bad publicity damaging his wife's presidential bid, according to sources who know both men.
In April 2007, investors of Hawk Opportunity Fund sued Burkle over charges that Yucaipa's acquisition of Allied Holdings, Inc., North America's largest car-hauling company, gave it an unfair share of the market. The suit was dismissed.
But the transaction, not the lawsuit, forced Clinton to get involved. According to reports, the former president was brought on board to help persuade the International Brotherhood of Teamsters to take a 15 percent wage cut at Allied in exchange for bringing the company out of bankruptcy. The Teamsters agreed to accept the reduction.
Read the full story in the Huffington Post.