He likened the price to "highway robbery" and said Wachovia, which agreed to the deal on the day Congress passed the $700 billion bailout plan, was, essentially, involved in a "shotgun marriage."

"Why does the government get to decide who wins and who loses?" Moore said. "And is it appropriate to have a shotgun marriage where the shareholders don't get a fair vote?"

The deal with Wells Fargo includes Wachovia relinquishing 39.9 percent of its voting power to Wells, the Charlotte (N.C.) Observer reported Wednesday.

By giving away that much voting power, shareholder approval is virtually a shoe-in when votes are cast in December, the Observer said.

Although Wells Fargo agreed to pay $7 per share, "they're getting a great deal," Moore said on a CNBC television interview.

That price is far better than the offer Citigroup Inc. (NYSE:C) made for Wachovia's banking operations, but a fraction of the company's $40 per share value of a year ago, the Observer said.