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
James P. Hoffa pension, health and welfare benefits. "We…have negotiated an agreement that will greatly benefit our members at U.P.S. as well as Teamster members in other industries covered by pension and health and welfare funds." Teamster freight members ratified a new, National Master Freight Agreement (NMFA) in February, 2008. Covering 60,000 workers at YRC Worldwide, Yellow Transportation, Roadway and regional units at USF Holland and New Penn Motor Express. On February 20, 2008, Hoffa became the first major union leader to endorse Senator Barack Obama (D-IL) in his bid for President of the United States. Hoffa campaigned in major states for Obama