A "Consolidated Rail Corporation" (hence the name), formed by the United States government from the carcasses of several bankrupt railroads in 1976:

Conrail operated as an independent entity until 1997, when it was purchased jointly by Norfolk Southern and CSX, and most of its trackage was split between them. Conrail still exists as a separate entity, but only owns trackage and yards under its name in the Detroit and Philadelphia, PA areas, and in New Jersey. Most of their rolling stock was not subsumed, and you can still see blue Conrail locomotives pulling away in places.