Teamsters’ general president, Jim Hoffa, has backed Senator Maria Cantwell’s call for a crackdown on derivatives, PR Newswire reports. The Senator is seeking more transparency and accountability for futures markets and derivative products promoted by banks and other financial institutions.

Recently, the labor union exposed some banks and equities firms for making markets in credit default swaps, when YRC Worldwide was looking to get its bondholders to exchange the bond debt for equity. By adding more markets, they were encouraging investors to force YRC’s bankruptcy and the loss of 30,000 Teamster jobs.

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