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<blockquote data-quote="PiedmontSteward" data-source="post: 1369544" data-attributes="member: 42270"><p>While the loans Hoffa made to the mob to fund Vegas were definitely unethical, he actually had a pretty good return on the investment. </p><p></p><p>Central States began to become seriously mismanaged when Frank Fitzsimmons took over as IBT GP and then things all went downhill from there -- the terms for the loans became much more favorable for organized crime and at one point, the CS Pension Fund had over 90% of its assets allocated in real estate. I'm not an accountant, but I know that's a <strong>terrible <img src="/community/styles/default/xenforo/smilies/group1/censored2.gif" class="smilie" loading="lazy" alt=":censored2:" title="Censored2 :censored2:" data-shortname=":censored2:" />ing idea.</strong></p><p></p><p>However, the primary nail in the coffin for the pension fund was deregulation of the trucking industry. At one point, over 90% of the trucking industry was unionized and that 90% consisted primarily of the Teamsters. We went from 450,000 members across 14,000 different companies when the National Master Freight Agreement was signed in 1964 to only 3 remaining union freight carriers today (ABF, YRC and UPS Freight -- and UPS Freight is <strong>not</strong> in CS). YRC has had a pension freeze for at least the last 5 years and the remaining contributor (ABF) is essentially funding the pension payments for thousands of orphaned retirees whose companies have been wiped out by scab trucking.</p></blockquote><p></p>
[QUOTE="PiedmontSteward, post: 1369544, member: 42270"] While the loans Hoffa made to the mob to fund Vegas were definitely unethical, he actually had a pretty good return on the investment. Central States began to become seriously mismanaged when Frank Fitzsimmons took over as IBT GP and then things all went downhill from there -- the terms for the loans became much more favorable for organized crime and at one point, the CS Pension Fund had over 90% of its assets allocated in real estate. I'm not an accountant, but I know that's a [B]terrible :censored:ing idea.[/B] However, the primary nail in the coffin for the pension fund was deregulation of the trucking industry. At one point, over 90% of the trucking industry was unionized and that 90% consisted primarily of the Teamsters. We went from 450,000 members across 14,000 different companies when the National Master Freight Agreement was signed in 1964 to only 3 remaining union freight carriers today (ABF, YRC and UPS Freight -- and UPS Freight is [B]not[/B] in CS). YRC has had a pension freeze for at least the last 5 years and the remaining contributor (ABF) is essentially funding the pension payments for thousands of orphaned retirees whose companies have been wiped out by scab trucking. [/QUOTE]
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