As documented by both the New York Times and the Washington Post, the Norfolk Southern company has lobbied heavily to ease rail safety regulations. In 2022, the company reported record profits
While Ohio calculates the most worst environmental disaster in its history Disturbing reconstructions emerge about the corporate decisions of the railway company that managed the train that derailed on February 3 and the resulting spill of toxic substances. Under the lens is the private company Norfolk in the south which has steadily increased its profits in recent years. But they are hand in hand the number of accidents attributable to her also increased. 2022 reported earnings for 3 billion dollars, a record met with applause from Wall Street. As documented by both the New York Times and the Washington Post, the company has also invested heavily in lobbying to relax rail safety regulations.
In the last 5 years, the New York Times recalls, members have received $18 billion in dividends and share buybacks, double the amount invested in network maintenance and security. The main shareholders of the company are financial groups Vanguard (7.7%).Black Rock (4.6%), State Street (4.4%) and JP Morgan (3.8%). “For years, railroad companies have fought against every safety regulation, from more advanced braking systems to more powerful tanks, on the grounds that the costs are too high,” he told the New Yorker newspaper Kristen Boyle, from environmental group Earthjustice, adding it was “disgusting to discover that the same companies have been making massive payments to shareholders at the same time”. Senator from Ohio Sherrod Brown he, in turn, explained that corporate policy geared towards shareholders and managers comes at the expense of security resources. However, some Wall Street analysts have defined this juxtaposition “ridiculous”.
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In the last five years, the 7 major American railroad companies have laid off one in three employees and for safety reasons closed many of the airports from which convoys of goods carrying dangerous substances were brought in transit. According to the unions, the reduction in staff has made it much more difficult to ensure the necessary controls and increased the risks. “There has been a dramatic increase in train derailments and serious accidents since the railway companies existed handle longer and heavier convoys‘ said the trade unionist CarlSmith. Last Friday, Senator Maria Cantwell announced a Senate investigation into the railroad’s handling of hazardous materials. A first official report on the dynamics of the accident is to arrive At the end of the month. Norfolk Southern said: “We are closely monitoring our trains and infrastructure to identify and invest in potential hazards about a billion dollars a year to preserve our infrastructure.” The company has announced that it will compensate the community affected by the disaster.
After the derailment and explosions i 5 thousand inhabitants of the neighboring country of East Palestine They were temporarily evacuated. They were then given permission to return to their homes, but many do not trust them. The extent of the contaminated area and groundwater is not yet clear. The company has started a controlled incineration process of the vinyl chloride it contains tanks involved at the accident. Several were started against Norfolk Southern class action. One of the lawsuits argues that way the amount of Vinyl chloride released into the atmosphere is twice the release of all US industries in one year. Combustion of vinyl chloride occurs phosgene gas, an agent also used in chemical warfare during World War I and then banned by the Geneva Convention.