New chairman of the House Oversight and Government Reform Committee Jason Chaffetz (R-UT) was not happy as he faced down the biggest perpetrators of governmental abuse in a hearing yesterday. “You can try to put lipstick on this pig, but the reality is, it is ugly. To get on this list, you have to be engaged in waste, fraud, and abuse in excess of a billion dollars a year,” he said to Gene Dodaro, comptroller general of the Government Accountability Office, which compiles the “High-Risk” list, and representatives from the top five agencies on it. The U.S. Postal Service was not one of those ugly, chosen few, but it was one of 30 governmental entities on the list nonetheless because, said the GAO report released this week, it "continues to be in a serious financial crisis, with insufficient revenues to cover its expenses and financial obligations." Here are the risk factors named by GAO, a succinct portrait of the Postal Service's sorry situation: •A 27% decline in mail volume to 155 billion pieces from a peak of 213 billion in 2006; •An even steeper, 35%, nose-dive for USPS's most profitable product, First-Class Mail; •Unfunded liabilities of about $102 billion—$87 billion of it for payments in pension and retiree health benefits and workers' compensation liabilities, the rest in outstanding debt to the U.S. Treasury; •Statutory limitations on taking action to reduce its financial pressures, such as moving to five-day delivery;
Costco Wholesale Corporation (“Costco” or the “Company”) (NASDAQ: COST) today reported net sales of $10.75 billion for the month of September, the five weeks ended October 4, 2015, an increase of two percent from $10.57 billion during the similar period last year.
Costco currently operates 687 warehouses, including 481 in the United States and Puerto Rico, 89 in Canada, 36 in Mexico, 27 in the United Kingdom, 23 in Japan, 12 in Korea, 11 in Taiwan, seven in Australia and one in Spain. The Company plans to open up to an additional 12 new warehouses (including one relocation) before the end of calendar year 2015. Costco also operates electronic commerce web sites in the U.S., Canada, the United Kingdom and Mexico.