When Citigroup and Morgan Stanley finally came to an arbitrator-assisted agreement on their Morgan Stanley Smith Barney joint venture, the headlines reported a victory for Morgan Stanley and a loss for Citigroup.

The deal for Morgan Stanley to buy out Citi's stake in Smith Barney was basically done in 2009. It's the price that's been in negotiations. The final valuation favored Morgan Stanley, but Citigroup gets some much-needed capital.

Fool analyst Anand Chokkavelu explains his thoughts on the deal in the following video.

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