AIG-Collapse Player Appointed Bank of Israel Governor


he that is glad at calamities shall not be unpunished – Proverbs 17:5


by Roy Tov

On June 24, 2013, Prime Minister Netanyahu announced that Jacob Frenkel had been appointed to be the next Governor of the Bank of Israel.
“He is the best of the bests, the most excellent among the excellent,” said Netanyahu. Carried away by the frivolity of his own poetry, Netanyahu forgot to mention Frenkel’s involvement in the collapse of USA’s insurance giant AIG.
Shocked by this, I almost forgot to mention that Frenkel’s first two terms were plagued with personal corruption.
Startled by that, I almost skipped the fact that under the current law regularizing the function of the Bank of Israel, no Governor can serve more than two terms. Frenkel was governor in two consecutive terms between 1991 and 2000. Netanyahu must change the law to allow his good friend a way back home.
Jacob Frenkel
Speaking at the Interdisciplinary Center in Herzliya The Center is a bastion of Israel’s Security Services*Confessions of an Economic Hit Man
Israel, USA
Let’s be sincere, without the USA, Israel cannot even feed itself. Despite the kibbutz-propaganda, Israel depends on grains imported from the USA. The same goes for oil and several other strategic resources. Expectedly, this led to extensive and intensive economic links between these two organizations, which like to portray themselves as “democracies.”**
Even in the limited topic of today, the links are obvious. The current Governor is an American, Stanley Fischer. Before being appointed in 2005, he served between 2002 and 2005 as Vice Chairman of Citigroup, President of Citigroup International, and Head of the Public Sector Client Group. In 2001, he had joined the Washington-based financial advisory body, the Group of Thirty. From 1994 to 2001, he was the First Deputy Managing Director of the International Monetary Fund (IMF). From January 1988 to August 1990, he was Vice President, Development Economics and Chief Economist at the World Bank. I needed to check twice that he hadn’t been a member of any American Government in this period. Maybe he will run for the American presidency after he leaves the Bank of Israel. He got Israeli citizenship only after having got the exclusive position.

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Compared to our Stanley, Jacob resume is not less worrying, but for different reasons. Since 2009, he was Chairman of JPMorgan Chase International and Chairman and CEO of the abovementioned Group of Thirty. Between 2004 and 2009, he had been Vice Chairman of American International Group (AIG), role that he filled during the company’s collapse. From 2000 to 2004, he was Chairman of Merrill Lynch International, and Chairman of Merrill Lynch’s Sovereign Advisory and Global Financial Institutions Groups. As mentioned, before that he had been Governor of the Bank of Israel.
AIG Share Value 2008—2013
It Is Circumstantial Evidence!
Our Frenkel is not a fool. Let me skip all his honorifics and just state that he was the one to stabilize Israel’s economy after years of hyper-inflation followed by a scary stagnation. Was this the reason for Netanyahu’s surprising attempt at poetry?
The collapse of AIG almost brought down the American economy. Was it engineered abroad?
This outstanding Israeli economist and patriot was Vice Chairman of AIG while it collapsed. He claims to have failed to predict the sub-prime disaster. He can say that to a senatorial committee; he would never dare to mention that to an Israeli. The State of Israel would have benefited from the fallout in a myriad of ways as it did from the collapse of its own banks.
An American would be surprised how tightly the Israeli banks are controlled by the government, especially after the 1982 collapse.+ Credit cards in Israel are different from the Americans. Banks don’t give credit but offer a sophisticated payment system based on the client’s guarantees. The AIG collapse couldn’t have happened in Israel, where citizens are practically slaves of the State in a tightly controlled system of mortgages (see Mossad, Matrix and Mortgage).
This was true also during the Frenkel period as Governor of the Bank of Israel. He knew that. Yet, once he was parachuted at the very top of AIG, he forgot all his studies and was unable to recognize a simple bubble-scheme. Frenkel, go tell the story to an American. Don’t try it with one of your former Israeli-slaves. The collapse had been engineered; maybe from outside America.
Shortly after the collapse, Frenkel left AIG. Things were left to cool down for a while, and now, Netanyahu had done everything to thank Frenkel, who got back his fiefdom as the main banker of the Zionists, even at the cost of changing the law.
“It is circumstantial evidence!” Cried our Frenkel.

full version at
‘The book I was reading was the classic “Typee: A Peep at Polynesian Life,” by Herman Melville and I was feeling at the moment like one of his sailors who were being chased by cannibals. Anxious to get away from his prying eyes, I moved to my bed and hid behind the opaque curtain separating me from his line of sight, to read:
“What a striking evidence does this operation furnish of the wide difference between the extreme of savage and civilized life! A gentleman of Typee can bring up a numerous family of children, and give them all a highly respectable cannibal education, with infinitely less toil and anxiety than he expends in the simple process of striking a light; whilst a poor European artisan, who through the instrumentality of a lucifer performs the same operation in one second, is put to his wit’s end to provide for his starving offspring that food which the children of a Polynesian father, without troubling their parents, pluck from the branches of every tree around them.” Deprived from any real possibility of providing for a utopian offspring, I knew that my society would let me perish without giving me a slice of bread or a cup of water…’
Excerpt from The Cross of Bethlehem

* The Interdisciplinary Center in Herzliya is the only private college in Israel. Looking at its website it looks pretty innocent. However, this is the main university in Israel serving IDF officers. Professional officers need an academic degree if wishing to advance beyond lieutenant colonel. Most of them don’t qualify for proper universities. The Interdisciplinary Center is their main provider of easy academic titles (see From the Third Reich to Reichman).
** De·moc·ra·cy [noun] 1: Government by warmongering corporations. Typical of the Late Western Period.
+ The bank was owned by the Histadrut workers union until 1983, when it was nationalized following the Bank Stock Crisis. The bank was held by the Israeli government until 1996 when it was sold to a group of investors led by Ted Arison in a circular deal. He took a loan from Israel second largest bank, Leumi, whiich at the time was alsoowned by the State, and with this loan paid for the other bank. With the profuits of Bank HaPoalim, he paid the loan. Shari Arison was born in New York to Ted Arison. She inherited from him the shares of Bank Hapoalim, Israel’s largest bank. These were practically given to her father for free by the State of Israel (see The Cross of Bethlehem). This gift wasn’t the result of Ted’s pretty smile, but because of a lifetime collaboration with the Mossad.


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Roi Tov is a graduate—among others—of Tel Aviv University and the Weizmann Institute of Science. In addition to his memoir, Tov is published in the Proceedings of the National Academy of Sciences, Molecular Physics and other scientific journals. He won various travel writing and photography awards. In his writings, he tries to reveal life in Israel as a Christian Israel Defense Force (IDF) officer—from human rights violations to the use of an extensive network of underground agents. He was recognized first as a refugee and subsequently as political prisoner of Bolivia.