Legal Commentary

Anyone remotely familiar with the Getty-Texaco-Pennzoil ordeal can't help but see a version of it recurring in the Wachovia-Wells Fargo-Citigroup affair.  But although the clients have changed, two of the lawyers from the old ordeal seem to be involved in the new affair:  David Boies and Wachtell Lipton.  But this time Wachtell Lipton isn't representing the Getty in the deal (that would be Wachovia); it is representing Wells Fargo (the Texaco).  And Boies isn't representing Texaco (that would be Wells Fargo); it is representing Wachovia (that would be Getty).  If Citigroup were smart, it would dump Gregory Joseph and hire Joe Jamail (who got Pennzoil its win).