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The blacklist of banks threatens to backfire on the Arabs. In a strong editorial last week, the Wall Street Journal called on the U.S. Government to press for an early end to the whole blacklist and argued that it "appears less to be an attempt to undermine Israel than an attempt to inject anti-Semitism into Western business practice." Worst of all from the Arabs' standpoint, the whole episode raises doubts about the political pressures that some of them might try to exert when they invest their billions abroad.