Sirius Satellite Radio Inc.'s (NASDAQ: SIRI) $5 billion acquisition of XM Satellite Radio Holdings Inc. (NASDAQ: XMSR) was cleared by the U.S. Department of Justice. Now, all eyes turn to Federal Communications Commission to determine if satellite radio lives or dies.

The acquisition -- not a merger -- has been held up for eons by phony arguments that combining these two floundering companies would limit choice. Terrestrial radio and consumer groups have been lobbying hard against the deal, arguing that anything that benefits Howard Stern can't be good for America.

I can't see how the FCC can block a deal that the DOJ approved after examining the deal under and electron microscope. The medium won't survive if the companies stay separate. Even fans of satellite radio admit that it is a niche medium. Then again, so is cable TV.

For me satellite radio is a godsend, particularly on long road trips. I enjoy listening to Sirius while tapping out my blog posts. I particularly like the commercial-free music channels. Regular radio has annoyed music fans by piling on commercial after commercial between tiny slivers of music.

Satellite radio can avoid the fate of BetaMax by continuing to produce high-quality content that people want to buy. It's that simple and that complicated.

Freelance writer Jonathan Berr edits the blog Ketchup and Eggs.

This near-lifelong private equity buyout of Clear Channel Communications (NYSE: CCU) may finally be coming to an end. Today the Department of justice issued a statement after the close of the market. This merger is being cleared with some conditions. Assuming this closes at the stated price of $39.20, this would be indicative of a 32% merger-arb gain. Not bad at all for a near-$20 Billion private equity deal at a time when it seems like all super-deals in private equity are dead.

Bain Capital and Thomas H. Lee can acquire the radio conglomerate if it divests radio stations in Houston, Las Vegas, Cincinnati, and San Francisco. This will prevent higher advertising prices in those markets. The Antitrust Division of the DOJ filed a suit today blocking the deal, but it filed a proposed settlement that would resolve competitive concerns.

This does allow any person to submit written comments during a 60-day comment period. Just in the last couple weeks the merger-arb spread was indicating that this deal was looking at-risk.

Now if we can just get these guys to approve the Sirius Satellite Radio (NASDAQ: SIRI) and XM Satellite Radio (NASDAQ: XMSR) merger. There was a boutique research report yesterday noting that a DOJ approval may be imminent.

Jon Ogg is a partner at 247WallSt.com.

Alberto Gonzales, probably the most incompetent and unpopular attorney general in history, resigned today effective September 17. This move is long, long overdue.

The Bush Administration is so out of touch with the American Public that it's frigtening. The anonymous official who leaked the resignation to the New York Times said, "The unfair treatment that he's been on the receiving end of has been a distraction for the department."

Oh brother.

People who are worried about negative publicity shouldn't do negative things.

The hypocrisy is stunning.

Microsoft Corp. (NASDAQ: MSFT) is saying that Google Inc. (NASDAQ:GOOG) acquisition of DoubleClick could lead to privacy issues for online consumers. Microsoft has asked regulators to look into the deal.

"This proposed acquisition raises serious competition and privacy concerns in that it gives the Google-DoubleClick combination unprecedented control in the delivery of online advertising, and access to a huge amount of consumer information," said Brad Smith, Microsoft's chief legal counsel, in a statement. "We think this merger deserves close scrutiny from regulatory authorities to ensure a competitive online advertising market."

Rather than add my voice to the chorus of shock on this one, I'll just quote what other pundits are saying.

"Microsoft as the pot; Google as the Kettle" -CNBC's Jim Goldman

"How's this for the pot calling the kettle black" - ComputerWorld's Preston Galla

"Talk about the pot calling the kettle black." Wall Street Journal's James B. Stewart

The sentiment is right but these guys need to find a new cliche.

The recent tidal wave of private equity deals may be attracting the attention of federal antitrust regulators, according to the Wall Street Journal.

General Electric Co. (NYSE:GE) has told buyers interested in its plastics unit, which is valued at as much as $10 billion, that they "face restrictions on their ability to team up with other private-equity buyers," the paper said.The exact nature of these restrictions isn't clear but you can bet that the bankers are complaining loudly about them.

At issue are so-called private equity clubs where two or more firms join forces to bid on large deals, such as GE's plastics business, to spread out the risk, the Journal said, adding that "some takeover professionals have voiced concern that clubs may also limit the number of competing bidders and the value of potential bids."

You can be that GE isn't alone. It also wouldn't surprise me if the DOJ was reviewing past private equity deals involving clubs going back a few years. Antitrust regulators are probably going to look for a pattern of behavior. Whether they will find one won't become apparent for a while yet. Meanwhile, bankers, who aren't the type that get scared easily, are no doubt emailing that Journal article around to their colleagues and wondering what's going to happen next.

Jonathan Berr is editor of http://www.desperateinvestors.com.