SPSF = "Shouldn't Paint So Fast"


But disastrous? It depends on who you are.

If you are John Q. Public, then yes - an absolute unmitigated disaster, that we all will be paying for - forever. Especially considering the alternative history that actually and inevitably resulted; from the attempted merger and the botched regulatory action that followed.

But if you were a stockholder of the holding company "Santa Fe Pacific Industries" (or something like that), you couldn't have helped laughing all the way to the bank! And then all the home again! And then perhaps, even in your sleep! And certainly over breakfast the next day!

When the FEDs overruled the merger and ordered divestiture of at least one of the railroads, SFI of course dutifully and quickly complied - dumping SP like a hot potato. But the FED failed to make sure that ALL the assets went back to where they came from. Rather than divest them back with the railroad, SFI kept the millions of acres of SP land grant holdings that had been a huge source of income for the railroad company, a permanent subsidy congress had intended all along with the land grants.

Stripped of its only money making assets, SP was then doomed - and they all knew it! Why bother repainting a dead horse. It was then only a matter of time, no matter who bought 'em out and tried to make a go of it.

In a very practical way, "Credit Mobilier" all over again!