The differences between an operatinglease and a capital lease are quite small despite the rather large impact the difference in accounting can have on the balance sheet and economic earnings of the business.
But while MCI was trying to lease lines from Bell operating companies and resell telephone service, AutEx was figuring out how to arbitrage telecommunications another way.
He thinks that the offices of the two rail regulators should be merged and that operating companies should be encouraged to lease from Railtrack the lines over which they run.