Why would a mega bank with one of the worst reputations in a scandal-ridden industry take over a popular institution?
he United States Postal Service (USPS) is a front line in the struggle for democracy and justice against corporate power, as a memo released by Wells Fargo unveils. Published February 27, the memo outlines a plan for privatizing the USPS and enabling investors to reap the profits. The plan has been met with criticism and protest, since achieving profitability relies on selling off property, firing workers, limiting or eliminating services, and raising parcel rates by up to 140 percent. At the end of March, senators introduced a resolution calling on Congress to affirm the USPS as an independent agency and protect it against privatization.
Wells Fargo outlines challenges to implementing their plan, including that legislation needed for privatization is unlikely to pass through Congress, support for the USPS remains high especially among rural communities and investors in a privatized USPS would need to contend with “nine collective bargaining agreements with seven unions covering 550,000 employees.” But the mega bank has solutions for each of these challenges.
