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Thus, bank margins have eroded, not increased.
And thanks to the plunge in interest rates on short-term deposits, average bank margins have risen sharply in recent months.
Along the banked margins of the watercourse, sheets of earth calve into the churning, boiling torrent.
The declines were largely because of falling profits from securities sales and a squeeze on bank margins because of the rising interest rates they had to pay for deposits.
One cannot simply look at the prime rate versus the cost of funds to gauge bank margins because it is also necessary to consider who the borrowers are, and what rates they actually pay.
Mr. Lay claimed broadly, as he and his lawyers have since Enron's fall, that he never sold a share of Enron stock that was not forced by a bank margin call.
If proprietary trading returns are erratic, if investment banking margins are narrowing, if commercial lending is a shadow of its former self, where will Morgan's dependable stream of profits come from?