With preservation enthusiasts generally having their eyes on the mechanical changes in rolling stock; only a few observers- outside industry insiders have noticed the historic nature of the change in [url]ownership[/url] of the cars running the rails enough to comment on this change.

For railroads; the issue is obvious. The whole enterprise is capital intensive and cyclical. Having an investment in something that can't constantly be deployed in revenue service is a strategic business risk, and keeping the "right" number of units requires the roads to retain extra folks dedicated to something other than MOVING the freight, so they are happy to tow somebody else's cars.

As a result, over the past couple decades more and more direct owners and non-rail lessors have their reporting marks (X) on the consists of the big railroads. Apparently one lessor is in trouble, despite being made a Bank Holding Company and being availed of certain advantages inherent in that. I wonder how much their rail assets have helped/hindered, but I can't get at the annual report-perhaps because of this news.

http://finance.yahoo.com/news/CIT-files-for-Chapter-11-apf-1202955938.html?x=0&sec=topStories&pos=main&asset=&ccode=