Yellow Freight closure thread

My thoughts and prayers go out to all the guys that are dealing with this. It has to be rough working for a place that may shut its doors soon. I got my CDL through YRC. Had an awesome trainer and learned a lot. Still remember stuff my trainer taught me 7 years ago. I’m grateful I started my driving career with YRC instead of going OTR truckload.

 

You do. 30%

 

Pensions and Soc Security are two different horses pulling in the same general direction. A person's social security is based of the average of their 35 highest years of income (for Gen X and younger). Pensions are the original 401k, and are great as long as the underlying assumptions are based in reality. Unfortunately , most pension plans assume constant growth of BOTH the company and the economy. More problematically, pension funds often get used as security for LOCs or otherwise raided. When a pension fund goes under the pensioners take a haircut and the taxpayers pick up the rest.

You missed the '3' in '35'

 

My wife started drawing hers last year. Seems like our financial guy said top 5, which I was surprised at.

Edit to add:
Actually, it is based on your earnings which were subject to SSI, and corresponds to fica withholding, which your employer matches. Self employed pay both sides.

 

The problem is the fiduciary duty is to the shareholders, not the company. It can be successfully argued that paying upper management and board members excessive salaries are a 'necessity' because of their 'expertise', and because they're all shareholders their actions "must be in the best interests of the company" because "their fates are intertwined". While there are some folks like JP Morgan, Henry Ford, Steve Jobs, etc that are a bargain at any rate, most executives have little more knowledge or skills than their underlings, and are generally promoted to their level of incompetence (please see Chris Lofgren).

If the board member's survival was tied to the company's survival I think we would see very different decisions being made.

 

But... but... but Christopher has a Ph.D. and is the chair of the board for the USCOC!

 

The Monday morning quarterbacking is pretty much over at this point and unless some 11th hour savior comes thru the party is over .
It will be interesting to see how the end comes to fruition and how the 30k employees get treated.
Then comes the big sale like CF only bigger .

 

Thank you for your kind words. It means a lot to me.

English is my third language and anytime someone finds something I write informative or useful, I am humbled.

My company is failing me. But I have the privilege of being in good company with the rest of you.

Thank you again

 

Rather than sell/auction the equipment, it needs to be driven to the nearest scrapyard…..or Mexico.

 

and this board as currently comprised has lost those shareholders money. up to $6 per share.