Hoffa: Teamsters to cut ties with KeyCorp - Truckers' Trucking Forum

Cybergal · **^ Top** #1 01.30.2009

Hoffa: Teamsters to cut ties with KeyCorp
1/30/09

Quote:

Teamster local unions across the country have informed KeyCorp that they intend to end their financial relationship with the Cleveland-based bank.
The union is upset because Key (NYSE: KEY) is the primary lender for Oak Harbor Freight, an Auburn, Wash., company where more than 600 Teamster members have been on strike for the past four months.
In a letter addressed to local unions, Teamster President Jim Hoffa asked that they contact Key immediately and begin the process of transferring their business to a other financial institutions. It is estimated that local Teamster unions and sister unions maintain approximately $18 billion in assets at KeyCorp and subsidiary KeyBank.
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latanea · **^ Top** #2 02.01.2009

no surprises here -

you want to make your point - you hit them in the pocket book.

(18 billion is not chump change)

mjstef · **^ Top** #3 02.01.2009

Well if the Union is pulling out of Key Bank maybe all you union guys shouldn't buy a thing from Wal-Mart and such. All Key did was loan the company money. WTF is the problem with that?????

latanea · **^ Top** #4 02.01.2009

a lot of us do not shop at wal mart...

WTF the situation is that Both the Teamsters and Oak H. used the same bank - and we had a LOT more cash at key than they did...

by pulling our funds - we are showing the locked out drivers that we will not do biz with the same guys who are financing Oak H's debt.

(solidarity)

also - by pulling funds Key is putting pressure on Oak to resolve the problems.

Roadmedic · **^ Top** #5 02.01.2009

I really doubt that anything they do at Key Bank will have a major effect on the bank.
The odds that all the union people bank at one bank are huge. The small attack will not damage the bank that much.

The loan was made and as long as Oak Harbor pays according to it, there is no recourse.

Unions need to think things through.

Sounds like extortion.

rocknroll nik · **^ Top** #6 02.01.2009

No I don't think it's extortion it's just the unions. And if more than just the teamsters start pulling out of that bank because of "solidarity" with their fellow union members it could hurt this bank.
Right now the teamsters are going to collapse the banks stability 18 billion dollars are going to be traneferred out of their institution. I don't care where you are from from 18 billion is one heck uv a lot of greenbacks. In the current state of the economy a major pull out like that will not only hurt this financial institution but could possibly cripple it.
Think about it for a minute how do you think the bank subsidized the loan to that company with the 18 billion the teamsters have in it.
Just my opinion tho

Working Class Patriot · **^ Top** #7 02.01.2009

Quote:

(solidarity)

Quote:

Main Entry:sol·i·dar·i·ty Pronunciation: \ˌsä-lə-ˈda-rə-tē\ Function:noun Etymology:French solidarité, from solidaire characterized by solidarity, from Latin solidum whole sum, from neuter of solidus solid

The same solidarity that took pay-offs from PAC-Bell, SCE, and various contractors that gave us the "Underground Utility Agreement" of the 90's.

Teamsters for example were earning $20/h until that contract negotiated away the previous pay scale. The result...Low-rate Teamsters making $8.50/h and journeyman Teamsters making $16.20/h...No need to do the math to figure out that the Rank and File got screwed over back then by both the Union and the contractors.

Roadmedic · **^ Top** #8 02.01.2009

Quote:

Originally Posted by rocknroll nik

No I don't think it's extortion it's just the unions. And if more than just the teamsters start pulling out of that bank because of "solidarity" with their fellow union members it could hurt this bank.
Right now the teamsters are going to collapse the banks stability 18 billion dollars are going to be traneferred out of their institution. I don't care where you are from from 18 billion is one heck uv a lot of greenbacks. In the current state of the economy a major pull out like that will not only hurt this financial institution but could possibly cripple it.
Think about it for a minute how do you think the bank subsidized the loan to that company with the 18 billion the teamsters have in it.
Just my opinion tho

It will not be in the interest of the union to try this. The public can back lash against them.

After all, think of it. The normal people might just start buying ALL things from NON UNION sources. They may want to find out what shippers are used. Then install their influence to teach the company that as long as they use the UNION, we will not buy from them.

See, it can work both ways.

rocknroll nik · **^ Top** #9 02.01.2009

Ron I didn't say that I approve of what the teamsters do or unions in general. I was just playing devils advocate. Please don't hate me....LOL

Mooney · **^ Top** #10 02.01.2009

I can see the Senate hearings now:
Q. "Why aren't you lending in this time of crisis, Mr. Bank President?"
A. "Jimmy Hoffa told me I couldn't."

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