Word: shadows
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...product of interest rates: banks borrow short term and lend long term, so when long-term interest rates drop below short-term rates (as happened three times in the past 15 years), margins are squeezed. But another big factor has been the rise of nonbank competitors. The barely regulated shadow-banking system of securitization, investment banks and hedge funds took lots of business away from banks. Banks responded by relying more on fee income to pay the bills, getting in on shadow banking themselves and offering easier terms on loans - the latter two with sometimes disastrous results...
...Detroit Free Press, one of the old city dailies, on the brink of extinction and in the shadow of the failing car industry, won a Pulitzer Prize for reporting. Last year, the paper published text messages between the city's mayor, Kwame Kilpatrick, and his female chief of staff. The mayor went to jail...
...have any idea what it’s like always to hear such a giant marching behind you,” alluding to Beethoven’s towering reputation as a symphonic composer. HRO’s next conductor, to take the podium next fall, must feel a similar shadow in following such a titan as Yannatos...
...demise of competitors is good for profit margins. For the past 40 years, the rise of a shadow banking system of securitization, investment banks, hedge funds and private-equity firms has taken business from conventional banks. Now much of that shadow banking system is gone, and the surviving banks - battered as they may be - are gaining market share in everything from mortgage lending to investment banking. As Wells Fargo shareholder and Goldman Sachs bondholder Warren Buffett put it on CNBC in early March, "This is a great time to be in banking, you know, if you just get past...
...existence. He was lying on his back in the lot, in spot number twenty-eight, watching the stars, when headlights swept across his body, and he heard a car engine slow, then cut off. A car door opening, slamming shut, the sound of high-heeled footsteps, and a shadow fell momentarily across his view of the cosmos. His girlfriend’s body settled on top of him, her head on his chest in spot twenty-eight, her feet clacking to a halt in stop twenty-nine. He suddenly felt very removed from the universe, from order, from rhythm, from...