Federal efficiency - our Postal Service

From The Washington Times:

Despite $15.9 billion loss, U.S. Postal Service execs see boost in pay
Despite nearly $16 billion in annual losses announced by the U.S. Postal Service on Thursday, all but one of the top five executives for the nation's mail service had an overall compensation increase this year, records show.

Unlike past years, when the Postal Service�s politically appointed, bipartisan board of governors awarded executives lucrative deferred compensation deals and incentive bonuses, this year�s compensation increases came mostly in the form of pension plan earnings.

Postmaster General Patrick Donahoe, for instance, earned a base salary of $276,840, but even without a bonus or incentive payout, his overall compensation came to $512,093, compared with $384,229 in 2011, according to regulatory filings.

Fueling the rise was the fact that his retirement account grew by $186,536. A 37-year employee of the Postal Service, Mr. Donahoe was paid $4.76 per hour during his first job as a postal clerk.

Meanwhile, two other executives � Ellis Burgoyne, chief information officer, and Mary Anne Gibbons, general counsel � also received hefty increases in their retirement plans.

In fact, Mr. Burgoyne�s retirement plan grew by more than $270,000, bringing his total compensation to $510,505, slightly less than Mr. Donahoe�s.

More:

Total compensation for top postal executives is capped at $276,840, based on a rule that executives can�t earn more than 120 percent of the salary of the vice president of the United States. But the board of governors, which approves executive compensation for the Postal Service, can authorize hundreds of thousands of dollars in deferred compensation payments.

The Washington Times reported last year, for instance, that retired Postmaster General John E. Potter, now chief executive of the Metropolitan Washington Airports Authority, was still owed more than $800,000 in deferred compensation payments with payouts scheduled over a decade.

The comments are a fun mix of moonbat and fact. I for one would love it if the Constitutional mandate was repealed and the USPS privatized. The Private Express Statutes had their day but this organization needs to be streamlined...