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“We have never seen a deal with more regulatory risk be attempted in the U.S.”

That was the initial assessment of AT&T’s $39 billion agreement to acquire T-Mobile, from Jonathan Chaplin, one of the most thoughtful telecommunications analysts on Wall Street.

“It is unlikely that AT&T would attempt a deal that they knew would fail,” he said. “However, we can’t see how they would get this through without massive divestitures and concessions.”

In Washington, though, the question is whether the deal should get through at all. And if it is approved, how much will AT&T ultimately have to give up?Why not buy a cheap guess handbag? Free shipping!

The deal is a classic duopoly case study: if AT&T and T-Mobile combined, it would set up a match-up like Coca-Cola vs. Pepsi, with AT&T pitted against Verizon. The other rivals become almost irrelevant. AT&T and Verizon would control roughly 80 percent of the national market. The next biggest is not that big at all: Sprint is just cracking double digits, at about 12 percent. After that is the bottom tier — MetroPCS, Leap and the like — all in single digits, though their numbers have been growing.Online 2011 R us has received a good reputation.