The market blew up when Penn Central went under in 1970, precipitating a serious financial crisis.
When Penn Central went into receivership Michaels strongly recommended that investors not panic.
Then in 1970 came the staggering bankruptcy of the nation's largest railroad, Penn Central, a heavy user of commercial paper.
And talk about keeping your head--in 1970 the Penn Central railroad went bankrupt, at that point the most spectacular corporate collapse in history.
History seldom affords such perfect analogies: In 1968, the Penn Central merger (a proxy for GM-Chrysler) was touted as a fix for a sagging rail business.
Then came the staggering Penn Central railroad bankruptcy in 1970.
Problems began to mount in the twilight of the go-go 1960s when a rash of notorious bankruptcies and frauds shook the public's confidence in certified public accountancy: Penn Central, National Student Marketing, Equity Funding, Stirling Homex.
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In that case, Penn Central declared bankruptcy a little more than two years after the merger, an outcome that was all but ensured by the long-held rivalry between the two railroads, preventing them from ever effectively joining forces.
The building is to be the first of five planned in Riverside Center, which is the southernmost and final piece of the larger Riverside South apartment development that runs above a former set of Penn Central rail yards by the West Side Highway between 59th and 72nd streets.
Bomb-sniffing dogs could be seen today in Penn Station and Grand Central Station.
Even people who commute to the city from the suburbs rely on the subway to get from Penn Station or Grand Central Station to their offices.
Regardless of the structural, administrative and disciplinary failures at Penn State, the central moral failing was that the school cared more about its reputation, its football team, and even Sandusky than about his victims.
So it was entirely fitting that Penn Station and Grand Central were conceived and constructed on the most lavish scale, as triumphal departure points for those travelling great distances across a land of teeming possibilities, and as monumental entrances for those many people who were visiting New York to get a glimpse of the future.
Several thousand cameras, many provided by private companies, will now cover transport hubs like Grand Central Station, Penn Station and Times Square.
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About 2, 100 National Guard troops will be dispatched throughout New York state, with a large concentration at stationed at power plants, Grand Central Station, Penn Station and the George Washington Bridge.
At times, the complaint filed by the state reads less like a legal document and more like a press release, extolling the fine virtues of a Penn State education amidst the hard-working townsfolk of central Pennsylvania.
She was so upset when Penn Station was torn down, the Metropolitan Opera house, and when it came to Grand Central it was just too much.
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