Hopefully, this bailout will cost something less than the $100 billion spent to bailout GM. From the WSJ:
The National Association of Letter Carriers said it retained Ron Bloom, the president's former "car czar" who orchestrated the bailout and restructuring of General Motors Co. and Chrysler LLC, and led the Treasury's oversight of the companies.
The union also has hired investment bank Lazard Ltd., assembling a restructuring team experienced in analyzing large, complex, financially troubled institutions and proposing solutions.
The hiring of Lazard and Mr. Bloom indicates that rather than absorbing the massive job and infrastructure cuts being proposed by the postal service, the union is aiming instead for a role in the public-policy debate over how to prevent the collapse of the age-old institution and remake its business model for modern America.
The letter carriers say they have no choice but to go on the offensive. As part of its strategy to right itself, the postal service is aiming to slash $20 billion in expenses by 2015 by closing many post offices and mail-sorting centers, dropping Saturday delivery and eliminating 220,000 jobs, despite collective-bargaining agreements limiting layoffs. The agency is appealing to Congress to change laws so it can rapidly make these cuts. . . .
USPS Hires Big Guns to Help Get More Government Protection
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Oleh
abudzar
