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'Crisis of confidence' as USPS posts $5.2 billion quarterly loss

The Postal Service lost $5.2 billion in the third quarter of this year, bringing its year-to-date tally of red ink to $11.6 billion for the first nine months of 2012. The USPS chief financial officer said the organization's liquid assets are running perilously low. Postmaster General Patrick Donahoe faults an "inflexible" business model and urged action by Congress.

Tags: USPS , Pensions , retirement , pay and benefits , Patrick Donahoe , Thurgood Marshall, Jr. , Jared Serbu

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