There is something deeply un-American about asking Washington for permission to eliminate your competition, then insisting the resulting corporate giant will be a wonderful deal for everybody else. Yet that is essentially the pitch behind the proposed $85 billion merger between Union Pacific and Norfolk Southern, a transaction that would put nearly half of America’s freight rail traffic under one corporate roof.
The sales pitch sounds familiar. Two enormous companies promise efficiencies, a stronger supply chain, and billions in annual shipper savings. Who could possibly object to efficiency? Anyone who has watched a supposedly competitive industry consolidate into a handful of giants knows better than to confuse a corporate promise with a consumer benefit.
