Update: USPS STILL EXPECTS TO RUN OUT OF CASH IN OCTOBER - well, this is the bailout request that Draghi was waiting for. All your ECB - get involved.
The epic collapse of one of the most bloated government institutions continues at a ridiculous pace. From Bloomberg:
- U.S. POSTAL SERVICE LOST $5.2 BILLION IN THIRD QUARTER
- POSTAL SERVICE LOSS Q3 COMPARES WITH $3.1 BILLION LOSS YEAR AGO
- POSTAL SERVICE 3Q REVENUE FALLS TO $15.6 BILLION FROM $15.8B
- POSTAL SERVICE `LIQUIDITY CHALLENGES' REMAIN IN 2013
- POSTAL SERVICE MAIL VOLUME FALLS 3.5 PERCENT IN THIRD QUARTER
- POSTAL SERVICE WILL CONTINUE TO PAY EMPLPOYEES, SUPPLIERS
And it gets better:
- POSTAL SERVICE LOSS INCLUDES SKIPPED PAYMENT TO TREASURY - in other words the taxpayer bailouts of the USPS have begun... and the loss would have been even bigger.
The punchline:
- POSTAL SERVICE WILL `NEVER' CEASE DELIVERING MAIL: MARSHALL
Of course: why ever stop doing something that is losing tons of OTHER PEOPLE'S MONEY. Not like that money is your own.
Finally:
- USPS has said it would run out of cash in Oct., assuming it wouldn’t make $11.6b in required payments to the U.S. Treasury for future retirees’ health-care costs
- Congress recessed this month without passing legislation Postal Service said it needs to survive
Perhaps it is time to consider a Solyndra-USPS merger: who wouldn't want to see solar powered stamps?