FOR Goldman Sachs, it was losses in private equity. For Wells Fargo and JPMorgan Chase, it was a decline in the spread between what they pay for deposits and what they get on assets. For Citigroup, Morgan Stanley and Bank of America, it was the accounting lunacy that allowed them to extract profits from a decline in the value in their own debt. Almost every big American bank provided its own depressing jolt to their third-quarter announcements of what were once known as "earnings" but now are more accurately termed "results".
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