CSX Chief Says He ‘Can’t Be Part of’ Obama High-Speed Rail Plan
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CSX Corp. “can’t be part of” President Barack Obama’s rail vision because passenger trains don’t make money and high-speed trains don’t belong on freight tracks, Chief Executive Officer Michael Ward said.
“I’m a corporation. I exist to make money, OK?” Ward said today in an interview at Bloomberg’s New York office. “You can’t make money hauling passengers, so why would I want to do that? That wouldn’t be fair to my shareholders.” CSX is the third-largest major freight railroad in the U.S. by revenue.