The Post Office’s Biggest Problem Isn’t Saturday Delivery — It’s Congress
It may seem like the United States Postal Service is unwilling to adapt to a world of declining mail volume and increased digital communication. But the real obstacle in the way of true reform aren’t the folks running the postal service itself. It’s their bosses in the U.S. Congress. Postmaster General Patrick Donahoe is like a man waiting for a package that never arrives. Donahoe, who has led the U.S.P.S. since 2010, has over the past few years made numerous proposals to get the money-losing postal service back in the black. He’s suggested closing post offices, modernizing post offices, “village” post offices, increased postal rates, decreased services, a reduced workforce, and a number of digital approaches involving tracking packages, QR codes, and mobile solutions. (MORE: How ‘Made in the U.S.A.’ is Making a Comeback) But there’s only so much the Post Office can do on its own to reduce the billions it loses every year. (Last year it lost $16 billion.) Congress holds ...
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Post Office Retreats on Eliminating Saturday Mail
(WASHINGTON) — The U.S. Postal Service backed down from its plan to eliminate Saturday mail delivery because Congress barred it, officials said Wednesday. But its governing board said it’s not possible for the financially ailing agency to meet cost-cutting goals without altering its delivery schedule. Delaying “responsible changes,” the board said, only makes it more likely that the Postal Service “may become a burden” to taxpayers. The Postal Service said in February that it planned to switch to five-day-a-week deliveries beginning in August for everything except packages as a way to hold down losses. (MORE: Is the Post Office Breaking the Law by Eliminating Saturday Delivery?) But that announcement was a gamble. The agency essentially was asking Congress to drop from spending legislation the longtime ban on five-day-only delivery. Congress did not do that when it passed a spending measure last month. “By including restrictive language … Congress has prohibited implementation ...
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Ex-Credit Suisse banker pleads not guilty to fraud charges, posts $1.5M bail
Prosecutors say Kareem Serageldin and others took actions that contributed to $2.7 billion write-down
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Judge approves $2.43B Bank of America settlement
NEW YORK -- A New York judge approved Bank of America's $2.43 billion settlement of a class action lawsuit brought by shareholders over its acquisition of former competitor Merrill Lynch....
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Royal Bank of Scotland faces $6 billion investor action
LONDON - A group of shareholders in Royal Bank of Scotland is suing the lender and four former directors for losses they claim they incurred when the bank succumbed to a state bailout in 2008.
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Found 1 month ago on channel
Reuters