Emails suggest possible Teamsters support drove Trump to back Yellow’s $700M loan

Yellow Corp. double tractor trailer truck

Emails obtained by congressional watchdogs suggest that former President Donald Trump and his aides may have pushed for a $700 million federal loan to LTL carrier YRC Worldwide Inc. to gain support from the Teamsters in the run-up to the 2020 election.

The new details are included in a report issued on Wednesday by Democrats on the House Select Subcommittee on the Coronavirus Crisis. It is part of the panel’s investigation into the legality of a national security loan issued by the Trump...

https://www.freightwaves.com/news/emails-suggest-possible-teamsters-support-drove-trump-to-back-yellows-700m-loan

Congress escalates probe into Yellow’s $700M COVID loan

Congress is stepping up its scrutiny of Yellow Corp. (NASDAQ: YELL) and its $700 million CARES Act relief loan following reports alleging the company may have been ineligible for the funds and then misused them.

In letters sent on Thursday to Treasury Secretary Janet Yellen, Department of Defense (DOD) Secretary Lloyd Austin, Yellow CEO Darren Hawkins and Crowley Logistics, Rep. James Clyburn, D-S.C., chairman of the Select Subcommittee on the Coronavirus Crisis, requested documents on whether...

https://www.freightwaves.com/news/congress-escalates-probe-into-yellows-700m-covid-loan

Join Our Newsletter
Enter your email to receive a weekly round-up of shipping news.
icon