The Rise and Fall of the Penn Central

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This week, we return to the United States and June 1970, where after years of poor management, stringent regulation and a loss of market to air and motor transport, the Penn Central, a gigantic railroad formed through the merger of two companies with completely different personalities and methods, collapsed into what was the largest bankruptcy in history at the time, but in its fall from grace highlighted how the over-regulation of the system had led to an inability for all of the railroad firms to compete.
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References:
Rush Loving Jr. - Trains Magazine (and his respective sources)
Wikipedia (and its respective references)