Why On Earth Is The USPS Paying FEDEX Stockholders Millions In Dividends [View all]

[Omaha Steve]

http://nhlabornews.com/2013/02/why-on-earth-is-the-usps-paying-fedex-stockholders-millions-in-dividends/

By Matt Murray | February 17, 2013

According to an annual report from a Washington DC law firm, FedEx is the top US Postal Service contractor for the tenth consecutive year.

You read that right. The Postal Service’s biggest competitor, FedEx, is also its largest contractor. In FY2012, the USPS paid FedEx $1.618 billion – an 8% increase over the previous year.

UPS had an even bigger increase. In FY2012, the Postal Service paid UPS more than $126 million – a 24% increase from FY2011. (Of course, UPS previously employed Janna Ryan – the wife of House Budget Committee Chairman Rep. Paul Ryan – as their lobbyist. And she was reportedly a very effective lobbyist.)

Contracting with the Post Office is Big Business. The Postal Service is spending almost $12 Billion a year on private contractors – even though the Postal Service is so financially strapped that they’re about to cut delivery service by one day a week. Does this make any sense at all?



FULL story at link.