Railroads: A Hotbox for Pat

Patrick B. McGinnis made a million as a Wall Street railroad securities specialist, but his life became a hotbox when he switched to running rails instead of rating them. McGinnis was tossed out as Norfolk Southern chairman after a federal judge fined the line for selling securities without competitive bidding. He next was eased out of the Central of Georgia for highhanding its directors. Then McGinnis got control of the New Haven Railroad and, in an experience that still haunts its 26,000 daily commuters, brought on frequent delays and breakdowns by cutting maintenance. After leaving the New Haven, McGinnis went...

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