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Wells Fargo Is Plotting to Privatize the Post Office (jacobin.com)

submitted 1 week ago by tonytins@pawb.social to c/usa@midwest.social

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[–] reddig33@lemmy.world 5 points 1 week ago* (last edited 1 week ago) (2 children)

Royal Mail in the UK was privatized.

https://www.fool.co.uk/2023/05/18/royal-mails-privatisation-10-years-on/

[–] Chozo@fedia.io 6 points 1 week ago

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%.

Yikes, that seems bad.

[–] anachronist@midwest.social 6 points 1 week ago

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