Advertisement
It is a common understanding in the retail industry that "if you break it, you buy it". That same principle applies to a community destroyed by a reckless corporation as well as a community broken by a careless customer. The overdue bill owed by Norfolk Southern for its wanton destruction of East Palestine is a hefty one that far exceeds the $387 million claimed lost in its 1st Quarter Report on the "Eastern Ohio Incident". However, not a dollar has been paid so far to directly compensate property owners for their colossal loss of value. Making matters worse is Norfolk Southern's refusal to even consider purchasing damaged property at pre-disaster value. That must change.
Many families feel trapped in a toxic cage imposed upon them by Norfolk Southern, but cannot now sell and move. This a moral outrage and corporate crime. Justice requires Norfolk Southern to immediately liberate these prisoners of ultrahazardous pollutants, and to do so will not even hurt their much cherished bottom line. Insurance will pay for it. A clause within Norfolk Insurance policy contains a $75 million deductible and $800 million maximum payout. Any damage payment between $75 and $800 million is covered by insurance. In other words, Norfolk Southern could now collectively purchase damaged properties for some $500 million and not lose a penny from its bulging treasure chest. Modestly estimated at a median value of $200,000 each for these damaged residential properties, that payment would allow some 2500 East Palestine residents the option to escape their toxic cage. Even had Norfolk Southern invested that $163 million into saving lives in East Palestine rather than enriching its shareholders with another stock buyback in the first three months of 2023, it would allow some 500 residents to escape their toxic cages.
It is the right thing to do, something CEO Alan Shaw has repeatedly proclaimed as his intent. So, just do it!
