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Union PacificThe Reconfiguration: America's Greatest Railroad from 1969 to the Present$
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Maury Klein

Print publication date: 2011

Print ISBN-13: 9780195369892

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:osobl/9780195369892.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 28 September 2021

The New Approach

The New Approach

(p.46) 3 The New Approach
Union Pacific

Maury Klein

Oxford University Press

This chapter focuses on Union Pacific Railroad's reorganization in the early 1970s under the leadership of Frank E. Barnett. In 1972 Union Pacific and several other railroads responded to the threat of nationalization by forming holding companies. Barnett emerged as the railroad industry's most forceful voice against nationalization or even partial government ownership. Together with chief counsel Bill McDonald, Barnett devised a plan that became the basis for the Regional Rail Reorganization Act of 1973. Union Pacific's relationship to its subsidiaries gradually took shape. Barnett also recognized that the management's relationship to New York had to be redefined. The scandal involving Edd Bailey and Tedd Richardson provided a sad coda to the end of the old regime on Union Pacific.

Keywords:   reorganization, Union Pacific Railroad, Frank E. Barnett, railroads, nationalization, railroad industry, holding companies, Regional Rail Reorganization Act, subsidiaries, management

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