While concerns have been building across the railroad industry for years about the growing length of trains, our Scripps News investigation found that Norfolk Southern’s top executives personally pocketed millions of dollars in incentives and cash rewar...
While concerns have been building across the railroad industry for years about the growing length of trains, our Scripps News investigation found that Norfolk Southern’s top executives personally pocketed millions of dollars in incentives and cash rewards after the company hit a controversial financial target and made its trains longer.
That same year, Securities and Exchange Commission documents Scripps News examined show Norfolk Southern began to make big changes in how top executives could qualify for large cash awards, tying more of those payouts to a number known on Wall Street as the operating ratio. "The longer they make it, the per-car-cost of labor is less. And the longer trains have greater damage done, greater, larger pileups, fires and so on," he said.
Scripps News showed Jared Cassity, safety director of the nation’s largest railroad union, how under Norfolk Southern’s rules driving down the operating ratio by just a fraction of a percent could lead to huge cash payouts. NTSB is formally consulting Cassity’s team in its ongoing investigation. Cassity says investigators are now looking into contributing factors to the East Palestine crash."If you look at East Palestine, that one car that's bad ultimately is going to derail and when it stops, it's going to stop like that . And then everything else behind it comes crashing in. It exacerbates the damage.
But that is not what we found the company told the Securities and Exchange Commission in a proxy filing when it touted its 2021"record performance for train length and weight" to justify one reason why corporate executives earned a cash payout that year.
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