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.
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%.
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:
Royal Mail in the UK was privatized.
https://www.fool.co.uk/2023/05/18/royal-mails-privatisation-10-years-on/
Yikes, that seems bad.
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:
https://www.bbc.com/news/business-56718036