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Another fat cat executive

It's outrageous!

His organization is $2.5 billion in the hole and he wants to cut 1/6 of their services and raise prices order to get them back in the black -- yet over the last two years he received a 40% salary increase and a plump six-figure "performance bonus" in 2008.

Disgraceful! Somebody should do something! There ought to be a law!

Except ..

He is John E. Potter, Postmaster General of the United States.

Postmaster General John E. Potter recently warned that economic times are so dire that the U.S. Postal Service may end mail delivery one day a week and freeze executive salaries. But his personal fortunes are nonetheless rising thanks to 40 percent in pay raises since 2006, a $135,000 bonus last year and several perks usually reserved for corporate CEOs.

The changes, approved by the Postal Board of Governors and contained in a little-noticed regulatory filing in December, brought Mr. Potter's total compensation and retirement benefits to more than $800,000 in 2008. That is more than double the salary for President Obama.

The new compensation package, much of it deferred to later years, goes beyond a newly beefed-up salary, now $263,575, that Congress arranged for him as part of a 2006 law to make top postal salaries more competitive with those in the private sector. At least four other postal officials got more than a quarter-million dollars in total compensation in 2008, according to Postal Service records reviewed by The Washington Times.

Lawmakers, already trying to limit compensation of Wall Street executives, have taken notice of Mr. Potter's good fortune when the Postal Service is posting nearly $3 billion a year in losses and now wants to raise the price of a stamp by 2 cents.

The House Oversight and Government Reform federal workforce, Postal Service and the District of Columbia subcommittee "will investigate during this Congress," said Marcus A. Williams, a spokesman for the panel that oversees the Postal Service.

Yes, an "investigation" to be sure, but I'm not holding my breath waiting for anything else to be done ... except for those postage rate hikes to which we have lately become so accustomed.


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Comments (8)

In government, inefficiency... (Below threshold)

In government, inefficiency is success...you get more support to cover your losses. Give the man a raise! He's having a tough time of it.
http://www.rightklik.net/

Doesn't the Postal Service ... (Below threshold)
ptg:

Doesn't the Postal Service give out "performance bonuses" for showing up to the job regularly?

Its time to take away the legal monopoly the Postal Service has on first class mail.

Put Newman in charge; he'd ... (Below threshold)
Old Coot:

Put Newman in charge; he'd do a much better job.

I always like the line "mak... (Below threshold)
GarandFan:

I always like the line "make salaries more competitive". It's the precursor to the taxpayer's wallet getting raped.

Has a single year ever gone... (Below threshold)
Oyster:

Has a single year ever gone by that the US Postal Service isn't in trouble?

I say raise the postal rates. I already pay for the convenience of an online service. Why should I subsidize someone elses stamps too? And a bailout will substantially benefit the one business we all hate - junk mailers. You want to subsidize them too?

a plump six-figure "perf... (Below threshold)

a plump six-figure "performance bonus" in 2008
Has anyone told "The One™" about it? Heads will surely roll!

It is the same everywhere..... (Below threshold)
mag:

It is the same everywhere..where I worked (hospital) it seems the more the execs screw up the bigger the reward. And when they do get someone in a high position that does a good job of keeping spending down etc...they try to get rid of them.
I could write a book on what I have seen in one little hospital, in one little city, in one little state. I call my workplace litte washington d.c.
However, it is a very good hospital because of the heart and soul of the average "little" workers, not the big guys.

Geez ... I thought this is ... (Below threshold)
SDW:

Geez ... I thought this is how "the market" is supposed to work. You mean, in this democracy, we don't have a say in this jerk-offs fate?

Wow, long live privatization and laissez-faire capitalism.




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