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发帖数: 901 | 1 The Next Big Bailout: The US Postal Service
Submitted by Tyler Durden on 11/17/2010 13:56 -0500
Following the roughly two-year overdue rout of municipal securities, which
somehow has caught market "professionals" by surprise, there are increasing
calls that the Socialist States of America should bail out all the insolvent
cities and states that back these securities post haste. Judging by the
approach to risk (or lack thereof) so far by supreme chancellor Bernanke and
his impotent fiscal policy determining brethren, this will certainly happen
within the next 12 months. But the government may be smart to leave some
money on the sidelines: another far more prominent bankruptcy is coming -
that of the US Postal Service itself, which in tried and true fashion,
continues to raise compensation even as net income plummets, and the
organization can no longer be deemed to be long-term viable. John Lohman
explains.
After guiding toward a loss of $6 to $7 billion for fiscal 2010, the Postal
Service disappointed on Friday, November 12th announcing an $8.5 billion
loss (they apparently didn’t attend the Jack Welch University of ‘guide-
down-and-beat-by-a-penny’) for the year ending September 30th. This is on
top of a loss of $3.8 billion in 2009 and $2.8 billion in 2008. |
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