WASHINGTON — The Federal Railroad Administration handed a rare victory to the American taxpayer last week by denying a questionable $2.33 billion loan application by the Dakota, Minnesota and Eastern (DM&E) Railroad. What makes this news of special interest is the paramount role Republican Sen. John Thune of South Dakota played in boosting the loan. Here is a cautionary tale of political life in Washington and how it corrupts.

Legislative changes that made the loan possible w ...

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