Are Fischer Rumors Indicative of a Major Israeli Economic Crisis
Source: http://israelnewsletter.com/2008/12/02/are-fischer-rumors-indicative-of-a-major-israeli-economic-crisis/Posted on Tuesday, December 2nd, 2008 | In Israel
Will current Bank of Israel head Stanley Fischer be leaving Israel for the New York Fed? According to a report in the Wall Street Journal, Fischer is considered to be a dark horse to fill the vacancy left by Timothy Geithner, who is joining Pres. elect Barack Obama as Treasury Secretary.
According to the Journal, “Outsiders who could be considered include Peter Fisher, a former Treasury official who is now a senior executive at BlackRock Inc.; Stanley Fischer, an economist who runs Israel’s central bank; and Roger Ferguson, a former deputy Fed chairman who is now chief executive of TIAA-CREF, an investment firm that specializes in serving academic institutions.”
The question is whether if this is so, does this mean the Israeli economy is about to go into the gutter. Fischer has a history of bailing out just in the nick of time, before disaster strikes. Just look at where he was before he came to Israel. He was a hot shot at Citigroup (C), Vice Chairman. I may be wrong but I think that he was involved with risk management. Funny that he left in 2005. Humm.. Think he may have known a thing or two about what ‘toxic’ things were on their balance sheet?????
Just today the ‘09 growth estimates fro Israel were slashed again. This must make 3-4 times in the last month. That doesn’t look all that promising to me.
To be fair, Fischer’s name always seems to pop up when there are top level economic vacancies to fill, so I wouldn’t be jumping to any conclusions just yet.
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Aaron Katsman is Managing Editor of the Israel Opportunity Investor newsletter. He is lead portfolio manager for the Israel Growth Portfolio and Managing Director of America Israel Investment Associates, LLC. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email aaron@profile-financial.com.
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 About Aaron Katsman (http://israelnewsletter.com/)
Aaron is a managing director and the senior portfolio manager of America Israel Investment Associates, Israel Growth Portfolio (www.israelgrowth.com) where he manages a portfolio of Israeli stocks that trade in the US. He is also president of the Global Investments for Profile Investments. Aaron is a frequent contributor to StraightStocks.com, focusing on Israeli stocks. He was a founder and managed the private banking group for Citigroup in Israel for three and a half years. From 1999-2001, he was a senior analyst at a leading Israeli venture capital fund, where he gained an intimate working knowledge of the Israeli hi-tech scene. Aaron holds a B.A. in Political Science from Yeshiva University in New York. He is licensed as an investment advisor by the Israel Securities Authority and holds NASD series 7, 63, 65 in the US. |
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