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Review title: How Two Rivals became the Enron of Railroading
Product review: Wreck of the Penn Central thoroughly chronicles the merger of two rival railroads, the problems they ran into in merging their problems and how NOT to solve them. It is a classic tale of how they got caught cooking the books to prop up a pathetic earnings picture. Wreck also portrays the frustration of Alfred Perlman who was put in charge of operating the property and when he tried to operate, he was hamstrung by ex Pennsy executives put in key positions of the railroad he was supposed to run while Stuart Saunders did what he did best, deal with politicians. The cancer of this railroad's bankruptcy soon spread to its neighbors and led to the creation of Conrail with many former Penn Central executives still in charge. In the book, the reader will find out why the "merger" was really the takeover of the Central that Al Perlman said it was and how the company got looted by David Bevan and his Penphil cronies. A good case of how to wreck a railroad.
