James P. Hoffa the worst freight recession in generations. Hoffa and the Teamsters were credited in several news reports for helping YRC avert bankruptcy. Bloomberg said Goldman Sachs helped YRCW complete the debt swap after the 'Teamsters Union said the bank was trying to profit from a failure of the largest U.S. trucker by sales." Hoffa was re-elected to a fourth term heading the Teamsters Union in November 2011. He won nearly 59 percent the vote for another five-year term. The three-way race was between Hoffa, Fred Gegare and Sandy Pope. Gegare is a Wisconsin Teamster, trustee on a pension fund and a
Jimmy Hoffa bid in 1972; in prior elections, the union had supported Democratic nominees but had also endorsed Nixon in 1960. Suspicion was soon raised of a deal for Hoffa's release connected with the IBT's support of Nixon. It was alleged that a large sum of money, estimated to be as high as $1 million, was paid secretly to Nixon. Evidence was also alleged of a secret bribe paid in 1960. While glad to regain his freedom, Hoffa was very disappointed with the condition imposed on his release by President Nixon, which prevented Hoffa from engaging in union activities until March 1980.