Overlapping ownerships of financial and non-finance companies portend danger that worsens as the large organizations get stronger, and the small and medium ones grow weaker.
To whom are Israel’s pension managers loyal? Their bosses, who own multitude companies, or to us? What can be said is that the tycoons’ overlapping ownership of both finance and non-finance companies is not good news for pension savers, not least because of the potential for conflicts of interest.
One Thursday in August, IDB made a dramatic announcement: the sprawling investment group would invest $250 million in a huge billion-dollar fund targeting overseas. Company publicists excitedly invited a few journalists to IDB offices in the Azrieli towers. Read more