Antitrust Concerns A Non-Issue Amid Meltdown

Law360, New York (September 29, 2008, 12:00 AM EDT) -- With Citigroup's acquisition of Wachovia's banking operations, the U.S. retail banking market is now suddenly heavily concentrated between only three major players.

But antitrust concerns have completely faded into the background as the government desperately tries to shore up the critical banking sector amid the worst financial crisis in memory.

Brokered by the Federal Deposit Insurance Corp., the latest $2.16 billion deal leaves Citigroup with the bulk of Wachovia's assets and liabilities, including five depository institutions, the FDIC said.

Under the terms of the deal, Wachovia...
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