Among the several books I got for Christmas, I started on The Men Who Loved Trains: The Story of Men Who Battled Greed to Save an Ailing Industry. Despite the rather strange title, the book is about the complete collapse of the Penn Central Railroad (and by extension, all of the other Northeast railroads) in the 1970s and how it came about from an interplay of business administration, the regulatory environment, politics, and just plain short-sightedness by the executives and board of directors.
Like most books written by a journalist instead of a historian, it moves along at a pretty quick pace and stays lively. The author does a good job at highlighting the similarities with Enron, in how the company executives -with the complicity of the auditors and indifference/complicity of the board- were able to engage in fraud to cook the books to try and hide how the company was hemorrhaging money like a wounded piggy bank. Money borrowed at ruinous interest rates to pay dividends, playing shell games with subsidiaries, you name it. (Alongside some distinctly Penn Central problems, like agreeing to union contracts that involved maintaining all employees following a massive railway merger AND rehiring employees previous let go for reasons unrelated to the merger.)