While much of Wall Street remains mesmerized by huge mergers sweeping the financial sector, notably that of Citicorp and Travelers Group, at least one analyst has the feeling of history repeating itself.

"As April blossoms in New York, a Yankees team filled with high-priced free agents begins the season, heavy favorites to win the pennant," wrote Sean J. Ryan, an analyst at Bear, Stearns & Co. in a recent report.

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