Conrail Sale:

DOT's Selection of Investment Banks To Underwrite the Sale of Conrail

RCED-87-88: Published: Feb 17, 1987. Publicly Released: Mar 9, 1987.

Additional Materials:


Office of Public Affairs
(202) 512-4800

Pursuant to a congressional request, GAO reviewed the Department of Transportation's (DOT) selection of six investment banks to manage the sale of the government's interest in the Consolidated Rail Corporation (Conrail).

GAO found that: (1) although there were some discussions between DOT and investment banks which occurred outside the formal selection process, these discussions did not affect the selection of the six co-lead managers; (2) DOT complied with the statutory criteria during the first and second rounds of selection; (3) DOT consulted with the Department of the Treasury and Conrail to ensure that the investment banks had the proper mix of retail and institutional sales capabilities and significant minority participation in the final sale; and (4) the selection process was fair and proper and provided all interested parties with an equal opportunity to compete.

Feb 28, 2018

Jan 30, 2018

Jan 16, 2018

Dec 21, 2017

Dec 14, 2017

Dec 4, 2017

Nov 30, 2017

Nov 15, 2017

Nov 2, 2017

Oct 31, 2017

Looking for more? Browse all our products here