Commentary: Megamergers: What's The Big Picture?

When news broke of Citicorp's merger with Travelers Group Inc., President Clinton's first question was: What are we going to say about all these deals? His National Economic Council director, Gene Sperling, had a ready answer: Steer clear of commenting on specific mergers--but launch a sweeping review of concentration and competition in the American economy. "This merger wave is a major economic trend," Sperling says. "Those of us in the policy world should be looking at it in a broad way, rather than trying to intervene in the enforcement process."

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