Citigroup's purchase of Wachovia concentrates power, reduces competition

[Auggie]

Bank of America, Citigroup and JPMorgan Chase & Co will control more than 30% of the industry's deposits.

Link: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/09/29/MNEB137RML.DTL&hw=wachovia&sn=002&sc=695

"Together, those three (would be) so large that they would dominate the industry, with unrivaled power to set prices for their loans and services. Given their size and reach, the institutions would probably come under greater scrutiny from federal regulators. Some small and midsize banks, already under pressure, might have little choice but to seek out suitors." -- Ed Dash, N.Y Times.

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Oh, let's not forget lobbying power.