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From: HerbVic11/15/2011 10:28:04 PM
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Postal Service reports massive $5 billion loss

By James O'Toole @ CNNMoney November 15, 2011: 5:02 PM ET



NEW YORK (CNNMoney) -- The U.S. Postal Service released its annual financial results on Tuesday, and they're nothing to write home about.

The agency reported an annual loss of $5.1 billion, as declining mail volumes and mounting benefit costs take their toll. The Postal Service said its losses would have been roughly $10.6 billion if not for the passage of legislation postponing a $5.5 billion payment required to fund retiree health benefits.

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