FedEx contractor revolt?

[bbsam]

Raj got the red squirrel treatment from Cramer tonight on Mad Money. Cramer always worshipped the ground Fat Freddy walked on and it was clear that he has little trust in what Raj had been saying in recent weeks since he officially took over. Tonight was clearly Raj's "come to Jesus moment" where he finally admitted the fact that things are bad and are not going to get better anytime soon.

God help you if you're a contractor and you've got every cent of money to your name tied up in this company.

Why? The contracts are worthless. Same question as has been for the last 8 months. What do you think they’re going to do that any contractor wou care about?

 

[floridays]

I take no comfort in the realization that many contractors are going to experience some very difficult times ahead. perhaps the worst they've ever experienced as contractors. As the same time trucking is an extremely recession sensitive business and it now appears that is where we're headed. It's certainly not the first and won't be the last but that's trucking for you. In past recessions RPS/FXG did do a little bit here and there to help contractors to keep going. That willingness no longer appears to be there and I think it's due to too many contractors projecting a certain image of excessive prosperity. In other words in the eyes of X they were making out TOO good at this and are now expected to be able to endure some tough times ahead because they are perceived as being capable of doing so.

I made a statement that cannot be misinterpreted.
I ask you to deny it.
This is what you offer.
I told you I know your heart.

 

[bacha29]

Under the RLA he does.

Reading a summary of the RLA I don't see anything about the president being able to order striking workers covered under the RLA to return to work. He can and in this case Biden did order the creation of a mediation board and could have ordered a cooling off period it a strike appeared imminent. Therefore it would appear that he would have to use other executive powers to order striking railway workers back.
Now Truman order striking railway workers back to work in 1946 under the threat of conscription. Then again, this was Harry Truman and what Harry said went.

 

[zeev]

View attachment 401023

$88.00 here we come.

 

[floridays]

Reading a summary of the RLA I don't see anything about the president being able to order striking workers covered under the RLA to return to work. He can and in this case Biden did order the creation of a mediation board and could have ordered a cooling off period it a strike appeared imminent. Therefore it would appear that he would have to use other executive powers to order striking railway workers back.
Now Truman order striking railway workers back to work in 1946 under the threat of conscription. Then again, this was Harry Truman and what Harry said went.

You don't understand the only reason the RLA was formed and exactly what it was formed for.
Biden did not create a mediation board, it was created when the statute was codified.
Keep searching and talking.

 

[bacha29]

Why? The contracts are worthless. Same question as has been for the last 8 months. What do you think they’re going to do that any contractor wou care about?

"Contracts are worthless". Don't look at me. I told you guys 3 years ago that it was the time to get out. They would never be worth more than they were at that point. But you all you did was laugh and make fun of me.

Ok, so they're not worth anything now. It's your own damn fault that they're worthless because you hung around until they became worthless trying to squeeze every last nickel of profit out of your contract .They were only worth what somebody was willing to give you for it. And if nobody's will give you anything for it now.....well that's trucking.

 

[bacha29]

You don't understand the only reason the RLA was formed and exactly what it was formed for.
Biden did not create a mediation board, it was created when the statute was codified.
Keep searching and talking.

And just exactly what year was the statute codified? Biden ordered the creation of a mediation board in July.

 

[floridays]

And just exactly what year was the statute codified? Biden ordered the creation of a mediation board in July.

In the 1930's I believe, I'll check and be right back to you.
orry for the delay, I was outside smoking.

 

[floridays]

@bacha29
Originally passed in 1924

 

[burrheadd]

In the 1930's I believe, I'll check and be right back to you.
orry for the delay, I was outside smoking.

Whatcha smoking dog

 

[MAKAVELI]

Reading a summary of the RLA I don't see anything about the president being able to order striking workers covered under the RLA to return to work. He can and in this case Biden did order the creation of a mediation board and could have ordered a cooling off period it a strike appeared imminent. Therefore it would appear that he would have to use other executive powers to order striking railway workers back.
Now Truman order striking railway workers back to work in 1946 under the threat of conscription. Then again, this was Harry Truman and what Harry said went.

You are correct. Biden can order Federal workers back to work but not private workers. Although under the RLA it is harder to have an actual strike.

 

[bbsam]

"Contracts are worthless". Don't look at me. I told you guys 3 years ago that it was the time to get out. They would never be worth more than they were at that point. But you all you did was laugh and make fun of me.

Ok, so they're not worth anything now. It's your own damn fault that they're worthless because you hung around until they became worthless trying to squeeze every last nickel of profit out of your contract .They were only worth what somebody was willing to give you for it. And if nobody's will give you anything for it now.....well that's trucking.

But you seem to think contractors should be shivering in their work boots with fear. We aren’t. Still. We go in. We cash checks. That’s it. Nobody is trying to “grow with the company” or “provide outstanding service”.

I know. You wanna say, “I told you so!” So you did. But it seems to me the game is only part way done. If you think Raj can deliver that kind of news and hide behind talk of recession, I’d say you’re a . While we may indeed be headed for a recession, investors are going to look even closer at the books. Raj and company can only get so creative.

Ao I ask you. If you’re the CEO with this news and you just came from news stories describing a contractor revolt a month ago, are you going to move to cut contractors compensation again? Really?

 

[MAKAVELI]

But you seem to think contractors should be shivering in their work boots with fear. We aren’t. Still. We go in. We cash checks. That’s it. Nobody is trying to “grow with the company” or “provide outstanding service”.

I know. You wanna say, “I told you so!” So you did. But it seems to me the game is only part way done. If you think Raj can deliver that kind of news and hide behind talk of recession, I’d say you’re a . While we may indeed be headed for a recession, investors are going to look even closer at the books. Raj and company can only get so creative.

Ao I ask you. If you’re the CEO with this news and you just came from news stories describing a contractor revolt a month ago, are you going to move to cut contractors compensation again? Really?

It's really funny that Raj is trying to hide his mismanagement of FedEx with the global economy while UPS is doing just fine in the same global economy.

 

[floridays]

And just exactly what year was the statute codified? Biden ordered the creation of a mediation board in July.

The Board of Mediation was formed May 20,1926
You can see the Board of Mediation was abolished June 21, 1934, you can see it was changed to the National Mediation Board.



§154. National Mediation Board First. Board of Mediation abolished; National Mediation Board established; composition; term of office; qualifications; salaries; removal The Board of Mediation is abolished, effective thirty days from June 21, 1934, and the members, secretary, officers, assistants, employees, and agents thereof, in office upon June 21, 1934, shall continue to function and receive their salaries for a period of thirty days from such date in the same manner as though this chapter had not been passed. There is established, as an independent agency in the executive branch of the Government, a board to be known as the "National Mediation Board", to be composed of three members appointed by the President, by and with the advice and consent of the Senate, not more than two of whom shall be of the same political party. Each member of the Mediation Board in office on January 1, 1965, shall be deemed to have been appointed for a term of office which shall expire on July 1 of the year his term would have otherwise expired. The terms of office of all successors shall expire three years after the expiration of the terms for which their predecessors were appointed;


I have no idea what mediation board you think Biden created, if he did Congress had no part in it and anything they come up with cannot be backed by law or statute.

It doesn't exist, If Biden actually said this he lied again.

 

[floridays]

Whatcha smoking dog

You're pretty cool headd man. I like you.
Been by number 7's house lately?

 

[burrheadd]

You're pretty cool headd man. I like you.
Been by number 7's house lately?

No, that’s aways out close to the middle of nowhere

 

[bacha29]

But you seem to think contractors should be shivering in their work boots with fear. We aren’t. Still. We go in. We cash checks. That’s it. Nobody is trying to “grow with the company” or “provide outstanding service”.

I know. You wanna say, “I told you so!” So you did. But it seems to me the game is only part way done. If you think Raj can deliver that kind of news and hide behind talk of recession, I’d say you’re a . While we may indeed be headed for a recession, investors are going to look even closer at the books. Raj and company can only get so creative.

Ao I ask you. If you’re the CEO with this news and you just came from news stories describing a contractor revolt a month ago, are you going to move to cut contractors compensation again? Really?

In his interview with Cramer this evening Raj made no mention of the contractor revolt. Only the press release spelling out all it's woes did FDX barely mentioned contractors demand for more compensation in a single briefly worded sentence. The demand for an emergency $.50/.20 raise....doesn't look to be coming your way anytime soon. Will there be an across the board rate cut? Not likely. They'll simply do it on a contractor by contractor basis. They'll give the individual contractor a little bit here but take it back someplace else and they have always done.

 

[bbsam]

In his interview with Cramer this evening Raj made no mention of the contractor revolt. Only the press release spelling out all it's woes did FDX barely mentioned contractors demand for more compensation in a single briefly worded sentence. The demand for an emergency $.50/.20 raise....doesn't look to be coming your way anytime soon. Will there be an across the board rate cut? Not likely. They'll simply do it on a contractor by contractor basis. They'll give the individual contractor a little bit here but take it back someplace else and they have always done.

And then they’ll pound the table and make demands.

Know what the answer will be?

The company is in a downward spiral. Shippers and investors will start seeing it.

 

[bacha29]

The Board of Mediation was formed May 20,1926
You can see the Board of Mediation was abolished June 21, 1934, you can see it was changed to the National Mediation Board.



§154. National Mediation Board First. Board of Mediation abolished; National Mediation Board established; composition; term of office; qualifications; salaries; removal The Board of Mediation is abolished, effective thirty days from June 21, 1934, and the members, secretary, officers, assistants, employees, and agents thereof, in office upon June 21, 1934, shall continue to function and receive their salaries for a period of thirty days from such date in the same manner as though this chapter had not been passed. There is established, as an independent agency in the executive branch of the Government, a board to be known as the "National Mediation Board", to be composed of three members appointed by the President, by and with the advice and consent of the Senate, not more than two of whom shall be of the same political party. Each member of the Mediation Board in office on January 1, 1965, shall be deemed to have been appointed for a term of office which shall expire on July 1 of the year his term would have otherwise expired. The terms of office of all successors shall expire three years after the expiration of the terms for which their predecessors were appointed;


I have no idea what mediation board you think Biden created, if he did Congress had no part in it and anything they come up with cannot be backed by law or statute.

It doesn't exist, If Biden actually said this he lied again.

In July Biden created the Presidential Emergency Board and given the specific task of mediating the ongoing dispute. In addition 3 cabinet secretaries, Biden's top legal advisor and chief of staff were all directly involved in trying to get to an agreement. At 9PM Biden personally called the negotiators and told them that a strike was "unacceptable " and strongly urged that a settlement be reached. So again what Biden did was using executive powers to create a board that served as a mediator. So in this case what did RLA have to do with it?

 

[bacha29]

And then they’ll pound the table and make demands.

Know what the answer will be?

The company is in a downward spiral. Shippers and investors will start seeing it.

So what you're saying is that the average contractor will be damn lucky if he does not have to make anymore concessions let along trying to make settlement gains.