What would you think if the U.S. government decided to take six failing private companies, combine their assets into one government-operated company, and subsidized it through losses of a million dollars per day? It's something that might not happen today, but on this day in 1976, Conrail (the Consolidated Rail Corporation), took over operations for six railroads in the northeast, putting an end to the fruitless mergers and often-massive bankruptcies that had become common. [more inside]
posted by Godbert on Apr 1, 2006 - 12 comments