It took ten years of laborious planning and exhaustive negotiations
to create the mammoth Penn Central Railroad, the largest railroad
in United States history. When the leviathan was finally born of a
merger between the Pennsylvania and New York Central Railroads on
February 1, 1968, the event was hailed as a great day for
railroading. But the baby giant survived only 367 days. The crash
of the Penn Central set a new record, this time for the largest
bankruptcy the United States had ever seen.
"The Wreck of the Penn Central" provides a close-up view of the
events that brought the Big Train to bankruptcy
court--over-regulation, subsidized competition, big labor
featherbedding, greed, corporate back-stabbing, stunning
incompetence, and, yes, even a little sex.
General
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