Thursday, August 9, 2012

In The 3rd Quarter The Postal Services Loses As Much As Did JP Morgan Chase With One Bad Investment - But Won't Trigger The Same Public Outrage

Postal Service reports $5.2 billion loss in 3rd quarter



WASHINGTON -- The U.S. Postal Service's net loss widened to $5.2 billion during the April through June period, and the cash-strapped agency warned on Thursday that without help from the U.S. Congress it will be unable to borrow money this fall.
The Postal Service, which relies on the sale of stamps and other products rather than taxpayer funding, has been struggling for years as Americans increasingly communicate online and as payments for future retiree health benefits and other obligations drain its cash.
A week after its first-ever default on a legally required payment to the federal government, officials called on Congress to pass postal legislation that would overhaul the mail agency's business model and offer some relief from its dire financial situation.
Lawmakers, who have said they are committed to helping the Postal Service become profitable, left last week for a month-long recess without reaching an agreement on postal legislation.