Early in the antitrust trial against Visa and MasterCard, Discover president David Nelms delivered a stunning revelation: former Citigroup co-chairman John Reed had discussed with Discover the possibility of a joint takeover of MasterCard.

On Wednesday, a top Visa executive testified that Visa U.S.A. too, long before the Citi-Discover talks, had come close to its own merger with MasterCard International.

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