Wells Fargo Is Plotting to Privatize the Post Office
A newly released memo from the banking giant Wells Fargo outlines a predatory scheme to dismantle the USPS: sell off profitable parts, slash union jobs, and raise prices by up to 140 percent.
Wells Fargo stole our house (illegal foreclosure) and nothing happened to them. They also took 5 years to mark our debt as paid, so it stuck on our credit reports for far too long.
Wells Fargo, who was creating fake bank accounts and signing up customers for services they had no idea about? Fraud! Never trust this 'bank'.
What is this the 1800's?
I know, right? They sure as hell are trying to bring us back to their so-called "good ol' days."
Are there any other nations that have privatized their postal services? Really curious to see who that's worked out for so far.
Don't know any nation that does, but also US already has FedEx, UPS, DHL and others. They could deliver letters if they wanted, but they don't think that's profitable.
The privatization looks like it's essentially stealing all assets USPS has.
BTW there are protests about it https://nalc.org/march23 I recommend to attend them.
Royal Mail in the UK was privatized.
https://www.fool.co.uk/2023/05/18/royal-mails-privatisation-10-years-on/
Yeah that went great.
One crazy outcome was that the Royal Mail's enforcement division (mall cops) were still legally real police even though their job was now to protect the company's revenue. This ended up enabling them to convict thousands of employees of theft and then railroading them through the court system after botching accounting software screwed up their books:
And over the 10 years since privatisation, there’s been a negative total return of 18.9%. But hey, let’s not complain too loudly: over five years, there was a negative total return of just over 51.5%.
Yikes, that seems bad.
Australia Post runs as a commercial business and is self funded... But it's wholly owned by the government. So it runs as a business without government assistance.
From what I understand that's how USPS operates too. It generates enough revenue to be self sufficient and is not receiving any funding from the government.
