Goldman Sachs Driving YRC Trucking Into Bankruptcy, Hoffa Says

03/18/2010 05:12 am ET | Updated May 25, 2011
  • Pierre Paulden and Shannon D. Harrington bloomberg.com

Dec. 17 (Bloomberg) -- International Brotherhood of Teamsters President James Hoffa said Goldman Sachs Group Inc. is creating derivatives trades that would benefit from the bankruptcy of YRC Worldwide Inc., the trucking company trying to avert failure with a debt exchange.

The most profitable securities firm in Wall Street history "is actively soliciting bond trades for clients and underwriting credit-default swaps to benefit from a failed exchange and resulting bankruptcy," Hoffa, the union leader, wrote in a letter dated yesterday to Goldman Sachs Chief Executive Officer Lloyd Blankfein.

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