CSX execs must be laughing their butts off at FRA.
Wow! all these fines add up to about 7 average employees salaries for a year from
a company that employes thousands and makes millions $$$
Cheaper to pay fines than actually fix the problems.
CSX pays $350,000 in safety penalties
CHICAGO, Ill. - U.S. railroad CSX Corp. has paid nearly $350,000 in fines for violating safety regulations and should make a sustained commitment to improve safety on its network, a federal regulator said on Jan. 3, Reuters reports.
The Federal Railroad Administration launched safety inspections across Jacksonville, Florida-based CSX's network in January 2007 following a series of eight accidents between Nov. 30, 2006 and Jan. 16, 2007.
One of those accidents -- in Syracuse, New York, on Dec. 14, 2006 -- resulted in the death of a CSX employee. Another accident involved a derailment in Brooks, Kentucky, on Jan. 16 that caused a hazardous material fire.
FRA inspectors recommended that civil penalties be assessed against CSX in response to approximately 200 violations of federal regulations.
Of the 166 violations deemed serious enough for civil penalties, the FRA and CSX have resolved 141 violations with CSX paying fines of $349,265.
The remaining 25 violations are to be settled with CSX at a conference during 2008, the FRA said.
"With FRA encouragement, CSX has made significant strides in the short term to lay new rail, increase its own inspections of track and equipment, and install trackside detection systems in more locations to identify potential problems early," Federal Railroad Administrator Joseph Boardman said in a statement. "But CSX cannot make this a one-time fix."
"FRA expects CSX to make a sustained commitment to continuously improve safety for the benefit of its customers, its staff, and the public," he added.
CSX officials were not immediately available to comment.
In trading on the New York Stock Exchange, CSX was trading down 45 cents at $43.00. (Reporting by Nick Carey; Editing by Brian Moss)
(This item was distributed by Reuters Jan. 4, 2008.)
Wow! all these fines add up to about 7 average employees salaries for a year from
a company that employes thousands and makes millions $$$
Cheaper to pay fines than actually fix the problems.
CSX pays $350,000 in safety penalties
CHICAGO, Ill. - U.S. railroad CSX Corp. has paid nearly $350,000 in fines for violating safety regulations and should make a sustained commitment to improve safety on its network, a federal regulator said on Jan. 3, Reuters reports.
The Federal Railroad Administration launched safety inspections across Jacksonville, Florida-based CSX's network in January 2007 following a series of eight accidents between Nov. 30, 2006 and Jan. 16, 2007.
One of those accidents -- in Syracuse, New York, on Dec. 14, 2006 -- resulted in the death of a CSX employee. Another accident involved a derailment in Brooks, Kentucky, on Jan. 16 that caused a hazardous material fire.
FRA inspectors recommended that civil penalties be assessed against CSX in response to approximately 200 violations of federal regulations.
Of the 166 violations deemed serious enough for civil penalties, the FRA and CSX have resolved 141 violations with CSX paying fines of $349,265.
The remaining 25 violations are to be settled with CSX at a conference during 2008, the FRA said.
"With FRA encouragement, CSX has made significant strides in the short term to lay new rail, increase its own inspections of track and equipment, and install trackside detection systems in more locations to identify potential problems early," Federal Railroad Administrator Joseph Boardman said in a statement. "But CSX cannot make this a one-time fix."
"FRA expects CSX to make a sustained commitment to continuously improve safety for the benefit of its customers, its staff, and the public," he added.
CSX officials were not immediately available to comment.
In trading on the New York Stock Exchange, CSX was trading down 45 cents at $43.00. (Reporting by Nick Carey; Editing by Brian Moss)
(This item was distributed by Reuters Jan. 4, 2008.)
