Harsh Verdict: Israel's bankers are under fire

Israel's bankers are under fire

Imagine a financial scandal that forces the resignation of Federal Reserve Chairman Paul Volcker along with those of the heads of Citibank, Bank of America, Manufacturers Hanover Trust, Chase Manhattan and the First National Bank of Chicago. Such a massacre of top moneymen might seem farfetched in the U.S., but something very much like it is now going on in Israel.

A commission led by Moshe Bejski, a Justice of Israel's Supreme Court, last week censured 16 people who were top banking and government finance officials at the time of the country's infamous 1983 bank-stock crash. Most of them had left...

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