Tuesday, April 30, 2013

13-04-30 OpEdNews.com: IDB bankruptcy in the Tel Aviv District Court - corruption of the courts and banking regulation

IDB bankruptcy in the Tel Aviv District Court - corruption of the courts and banking regulation

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OpEdNews Op Eds 4/30/2013 at 08:43:36
The case ushers the financial crisis into the State of Israel, and  provides perfect documentation of the tight links between corruption of the courts and corruption of banking regulation.  It can further be seen  as the  parting gift of Stanley Fischer (Governor of Bank of Israel, and Bernanke's teacher) before packing his bags and leaving for good...

http://www.opednews.com/articles/IDB-bankruptcy-in-the-Tel-by-Joseph-Zernik-130430-581.html#comment431108

UPDATE: Apriil 30, 2013

"Too big to fail, too big to jail" established in the State of Israel...

This afternoon, in the second hearing within 48 hours, Judge Eitan Orenstein approved an out of court settlement, which leaves Tycoon Nochi Dankner at the helm of his failing pyramid scheme.

This is the largest financial scandal in the history of the State of Israel. But if the courts can help it, the People of the State of Israel will never know:
* Which bankers issued huge loans with no collaterals, through blatant conflicts of interests.
* Which banking regulators knew of the practice, but turned a blind eye.
* What part of Dankner's corporate financial reports was fraud.

Israel is now deep into the global financial crisis... all the components are here.

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