Walgreen Co. is being "applauded by U.S. Sen. Dick Durbin and labor unions" for a business decision that led to a one-day drop in the value of its stock of nearly 15%, reports Lynn Sweet of the Chicago Sun-Times. The company is moving ahead with its plan to acquire Alliance Boots GmbH, a multinational pharmacy chain based in Switzerland. But the merged company's headquarters will be based in the U.S., so that its world-wide income will be subjected to America's unusually high tax rate of 35%.

As we noted yesterday,...