Former CEO of troubled trucking company that got huge COVID loan is now on @USPS board Bill Zollars is former CEO of YRC Worldwide, which was accused of fraud and just got $700 million taxpayer bailout Roger Sollenberger July 1, 2020 11:19PM (UTC)🤔salon.com/2020/07/01/for…
In June, the Senate confirmed Bill Zollars, the former head of a trucking company called YRC Worldwide, to the board of the @USPS. Salon has learned that YRC is currently being sued by the federal government for allegedly defrauding the Pentagon while Zollars was CEO.
Furthermore, on Wednesday the government extended a $700 million taxpayer-backed loan to YRC Worldwide, which was valued at only $70 million in total the previous day, and had warned shareholders in May that it was in danger of going out of business.
In exchange for the loan, taxpayers will take a 29.6% share in the company. When the Senate confirmed Zollars to the @USPS board, along with former Air Line Pilots Association president Donald Moak, it restored the quorum that had been lost after Ron Stroman stepped down.
Stroman was reportedly forced out as part of a USPS housecleaning directed by President Donald Trump, who wants to fully privatize the government-run service and has repeatedly made baseless accusations that mail-in ballots are subject to rampant fraud.
USPS has warned that without emergency funds, the expansion of vote-by-mail poses an existential threat to its financial viability.@USPS
In a statement announcing the emergency loan to YRC, Treasury Secretary Steve Mnuchin said that the funds will go to support about 30,000 jobs as well as "essential military supply chain operations" on which 200,000 North American companies depend....
More troubling, YRC also owes a total of $825 million to multiple creditors...#IMPOTUS45
