... Treasury Department Attempted 'Unprecedented' and Arguably 'Illegal' Takeover of USPS

[sl8]

https://lawandcrime.com/high-profile/internal-records-reveal-treasury-department-attempted-unprecedented-and-arguably-illegal-takeover-of-usps/

Internal Records Reveal Treasury Department Attempted ‘Unprecedented’ and Arguably ‘Illegal’ Takeover of USPS

JERRY LAMBE
Sep 17th, 2020, 2:37 pm

A trove of internal communications records released Thursday revealed that as the U.S. Postal Service (USPS) struggled amid mounting debt and a surging global pandemic earlier this year the U.S. Department of Treasury attempted to seize operational control of the agency—making a $10 billion loan to the mail delivery service contingent upon the agency surrendering its autonomy.

[soothsayer]

1. Again, they did something similar to Fannie Mae and Freddie Mac

Companies with investors, even, who now seem to be in permanent servitude to the government.

Treasury swept in, gave loans of $190B, fired the boards and replaced them with their own choices, and to this day strictly limit and oversee every move the enterprises make, and sweep all their profits each quarter.

So far, Fannie and Freddie have turned over $300B to Treasury, but still owe that original $190B because none of the $300B they’ve paid counts towards the loans.

This has been going on since 2008.

[malaise]

2. A service can never be a business

That is all

[soothsayer]

3. Well that is true. USPS isn't there to make money.

[sl8]

4. Thanks for that info. n/t

[lindysalsagal]

5. Is this a reliable source???