Update: The Postmaster General's Golden Parachute
- Another Government Failure: The Postmaster General's Golden Parachute
- Post Office to Lose $238 Billion - Big Gov't Has No Business Sense
It appears that the outcry expressed over executive compensation at the USPO will have an impact on future bonuses and compensation at the USPO. However, as reported in the following update, the Postmaster General John E. Potter will keep his 2010 bonus and $5.5 million retirement. "Such a country" - rewarding failed performance. Of course this outcome can be expected under the Obama administration mantra of "jobs were saved" - government jobs!
Update 11/24/2010 via The Washington Times: "Outgoing U.S. Postmaster John E. Potter, who earned nearly a quarter-million dollars in incentive pay in 2010 on top of a $273,000 salary, is telling fellow Postal Service executives that from now on bonuses and salary increases will be tied to the agency's financial condition. Mr. Potter said in a memo obtained by The Washington Times that for fiscal 2011, the Postal Service's board of governors decided that 'all future officer executive pay and incentives will be linked to the Postal Service's financial condition.' . . . It's unclear whether the pay policy will affect top executives who already have employment contracts that include incentive payments. In one recently approved contract with Paul Vogel, the $245,000-per-year president of shipping and mailing services, a provision states that he'll receive, at minimum, a performance incentive of 25 percent of his basic salary at the end of each year. . . ." [No change though for US Postmaster John Portter - he keeps all his $228,000 in incentive bonus for 2010 and $5.5 million in deferred retirement package.]
Tags: USPO, United States, Post Office, postmaster general, golden parachute, income, retirement, performance bonuse, inefficient operations To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 11:17 AM - Post Link
2 Comments:
The US Postal Service is so burdened with unnecessary regulations, even a financial Einstein couldn't avoid losing money.
My local PO is awful- always a long line- never enough people at the counter to handle the line- they took the one stamp machine out (b/c they would probably rather make you wait in line for 15 minutes to buy one stamp & they can charge the taxpayers for a full-time employee rather than use a machine!!) But for Potter to walk away with $5 million -- no wonder the counties up here outside DC are the richest ones in the country! They're all making huge salaries off of public service?!!! if people had any idea of this- but they don't b/c the liberal press doesn't cover it- I had a friend in journalism- a good guy- he quit to work for the feds!! He was a seasoned investigative reporter too. No wonder- safe job, good hours- great pay- why would anyone want to work in the private sector now w/ all the instability? We're going to end up a nation of slaves- you won't be able to criticize gov't b/c you'd be biting the hand that feeds you.
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