Postal Union Turns to Wall Street for Advice

[alp227]

Source: NYT

Can Ron Bloom, the restructuring expert who helped shore up the automobile and steel industries in the United States, save the ailing United States Postal Service?

The labor union representing more than 280,000 current and retired letter carriers is counting on him.

On Sunday, the National Association of Letter Carriers announced that it had hired Mr. Bloom and Lazard, the financial advisory and asset management firm, to develop a strategy to revitalize the deficit-laden postal service.

“We have retained Lazard and Ron Bloom to make sure we explore and expand the various range of solutions to address the postal service’s fiscal crisis as well as long-range business strategies not being pursued right now,” Fredric V. Rolando, the national president of the union, said in a phone interview. “They have experience in analyzing large, financially complex institutions and crafting creative solutions.”

Read more: http://www.nytimes.com/2011/10/17/business/postal-union-turns-to-wall-street-for-advice.html

[PSPS]

1. It's sad that the postal union has to hire lobbyists to bribe politicians to do the right thing.

[elleng]

3. Worse than sad, but hope like hell it works.

Forget new 'reorganization,' and get rid of the blood-suckers' law.

[sarcasmo]

2. The creative solution they craft will be destroying the pensions.

[valerief]

4. I'm sure it will involve those unregulated credit default swaps. nt