That's the headline the pros at the Globe and Mail and the Financial Post forgot to write.
When CP Rail released their Q2 results a few weeks ago the business press was full of adulatory twaddle over the phoenix-like rebirth that the genius Bill Ackman and his hired gun, Hunter "Hitman" Harrison have engineered at the railroad.
Revenues up! Net income up! Earnings per share, up up and away!...
Hallelujahs abounded and champagne corks popped as the journos outdid themselves lavishing praise on the "activist investor" and his hatchet-man.
In fact, they were so busy praising the results that they entirely forgot to mention the other item that's taken an impressive leap; The FRA train accident rate.
Right there on page 20 of the Q2 report; the year-to-date accident rate per million train-miles was 1.51 in 2012 and 1.91 this year, an increase of over 26%.
Given that this stat came out barely two weeks after the Lac Megantic disaster, one would think that the newshounds would be all over the revelation that CPR's accident rate has gone up 26% while thousands of employees were being pink slipped.
An accidental oversight, I'm sure.
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