Meanwhile republicans are fighting tooth and nail to claw back student loan forbearance during pandemic and cancel any student loan forgiveness
Priorities, I guess.
this post was submitted on 30 Jul 2023
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In July 2020 [during the pandemic], the Treasury Department announced it was giving a $700 million loan to the trucking company, helping it to stay afloat. But the loan immediately raised questions, in part because the firm was struggling financially and was being sued by the Justice Department over claims that it had defrauded the federal government for a seven-year period.
Seems like defrauding the government should make one ineligible for government money.
As of the end of March, Yellow’s outstanding debt was $1.5 billion, including about $730 million that is owed to the federal government. Yellow has paid approximately $66 million in interest on the loan, but it has repaid just $230 of the principal owed on the loan, which comes due next year.
Must be nice, can I get that on my student loans?
“We recommend that all Yellow employees who have personal belongings and tools at the terminals should take them home today,” wrote John A. Murphy, a co-chair of the Teamsters freight industry negotiating committee.
Yeah, that seems like a good idea.
Seems like defrauding the government should make one ineligible for government money.
https://www.nytimes.com/2020/08/03/us/politics/yrc-coronavirus-relief-funds.html
The relationship between Apollo and the White House runs deep. In 2017, Josh Harris, a founder of Apollo, advised the Trump administration on infrastructure policy and discussed a possible White House job with Jared Kushner, Mr. Trump’s son-in-law and senior adviser. That same year, Apollo lent $184 million to Mr. Kushner’s family real estate firm, Kushner Companies, to refinance the mortgage on a Chicago skyscraper.
Yellow has paid approximately $66 million in interest on the loan, but it has repaid just $230 of the principal owed on the loan, which comes due next year.
Which is exactly what students deal with every day. But it's ok to give millions of dollars to criminals, just not to students who are trying to improve themselves and the economy. If a college student cheated on their federal taxes for seven years, would they get a government bailout?
Remember this when you are told by Economists (who support bailouts) that student loans amnesty is impossible.
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Criminals giving criminals money, then socializing the criminals' losses, then gifting the criminals a golden parachute. There is the ruling class and everyone else. Most of the country is distracted by UFOs and drag queen brunches to care about the real problems.
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Seems like the fucking government shouldn't be bailing out corporations with our tax money to begin with.
If a business is too big to fail but is failing anyways, nationalize it.
If a business is too big to fail, the FTC wasn't doing its job (i.e., enforcing antitrust law) to begin with.
They haven't been doing their job for decades now. It must actually be kinda awesome working there. Your entire job is just to LOOK busy but never actually do anything. Man, I could read a ton of books, do some hobby coding, plan some really need landscaping projects, OOOOO man I could do so much! Maybe I should apply for a job there. Here would be my interview:
What are your qualifications for this job? Absolutely none. I will be terrible at this job. You're hired!
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It was obvious from the start they were liers. Couldn't even tell us the correct name of the color - should have been orange trucking.
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If someone gave me 700mil, I'd probably retire too.
But the important thing is the executives got paid, right?!
That’s right. People are missing the fact that Yellow was sucked dry by the do-nothing non-working parasite shareholders like 5 years ago. They begged the union for a “temporary” salary cut of 15% across the board AND a 75% cut in pension funding. It was made permanent by the company unilaterally while the suits further enriched the people with still too firmly attached heads. They also never restored health insurance funding which was another “temporary” concession.
The rich need to learn to be mortally afraid of the workers again.
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Stupid company couldn’t even get the color of their logo correct. That shit was orange.
This has bothered me for years.
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I know several different people who work in companies that deal with shipping, Yellow has always been awful to deal with with a much higher rate of shipping damage.
I had been using Yellow and it was always a terrible company to work with.
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If companies are deemed to big to fail then they need to be nationalized.
Nationalizing a company opens a whole new can of worms.
Do you just let them operate at a loss? How can the others in the industry compete with a company that the taxpayers subsidize to operate at a loss?
IMO, The terms of a to "big to fail" bailout should be a slow liquidation or a Ma Bell style breakup.
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Here's a link to CBS News that isn't paywalled.
Yellow has been a horribly managed mess for at least 25 years. I was involved in LTL logistics back then and we avoided those dunderheads like the plague. It's a shame that they're taking $500 MIllion of taxpayer money with them since they can't repay their loan but that company should have died years ago.
Gotta be a special kind of incompetent to crumble in a booming economic period.
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