From:
The US Postal Service is Broke! | Wall St. Cheat Sheet
The United States Postal Service (-USPS-), which delivery 563 million pieces of mail (40% of global volume) on a weekly basis, is facing insolvency according to Bloomberg. The organization announced today that it will need to suspend $115 million bi-weekly payments to employees retirement accounts (85% of post-office workers) as of June 24th, in order to çonserve cash and preserve liquidity. The stop on payments is expected to save the USPS over $800 million through the rest of this year, but according to people familiar with the agency the move may not be enough to deliver the mail service from financial desperation. One Washington insider says, the USPS is hanging by a thread.
The US Postal Service is Broke! | Wall St. Cheat Sheet
The United States Postal Service (-USPS-), which delivery 563 million pieces of mail (40% of global volume) on a weekly basis, is facing insolvency according to Bloomberg. The organization announced today that it will need to suspend $115 million bi-weekly payments to employees retirement accounts (85% of post-office workers) as of June 24th, in order to çonserve cash and preserve liquidity. The stop on payments is expected to save the USPS over $800 million through the rest of this year, but according to people familiar with the agency the move may not be enough to deliver the mail service from financial desperation. One Washington insider says, the USPS is hanging by a thread.
