'The industry is doing everything they can to make sure we never hold them accountable.'
After FDR died, President Harry Truman continued seizing companies that were using the war as an excuse to jack up profits to the detriment of the nation. He meatpacking facilities across the country, the Monongahela Railroad Company, the nation's steel mills, and hundreds of railroad companies.
In 1974 Congress created another nationalized entity to deal with freight rail, the Consolidated Rail Corporation , which absorbed dozens of failing rail companies. Conrail was government held until 1987, when it was privatized in the then-largest IPO in American history. When the government agency that insured them, FSLIC, went bankrupt itself in 1987, Reagan and Congress created an umbrella agency—the Resolution Trust Corporation —to nationalize over 740 of America's S&Ls with combined assets of over $400 billion.
The airlines' minimum-wage security screeners failed miserably on 9/11, so Bush didn't even bother with the normal acquisition process that would protect the hundreds of small contractors running security at airports across the nation. We ended up holding 7.64 million shares in US Airways, 18.7 million shares of America West Airlines, 3.45 million shares in Frontier Airlines, 1.47 million shares in American TransAir, and 2.38 million shares in World Airways.
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