As tens of thousands of workers are being laid off in the bankruptcy of one of America’s largest trucking companies, one player in the collapse is set to get at least some financial protection: Apollo Global Management, a politically connected private equity firm that owns a huge chunk of the company’s debt.

The trucking company, Yellow, received a $700 million government-funded bailout from President Donald Trump in 2020, shortly before Apollo’s cofounder and his wife donated $1 million to Trump’s reelection campaign.

Though Trump constantly depicts himself as a pro-worker populist, his administration’s bailout of Yellow was structured to permit Apollo to get paid back in bankruptcy before the government. The result: Truckers now face mass layoffs and the government could see hundreds of millions of dollars of losses — all while the Trump donors’ Wall Street firm benefits from a government-funded cushion.