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      Archive: 12/8/2013

      News Brief

        12/8/2013, Tevet 5, 5774

      MK: IDB Vote Shows Need to Decentralize Capital

      Member of Knesset Erel Margalit (Labor) reacted, Sunday evening, to the vote of creditors to remove Nochi Dankner from control of the IDB group by saying, "Let's not be happy at Nochi Dankner's misfortune, but we will be happy that the right thing is done - the breaking down of the biggest pyramid in Israel."

      Margalit explained, "What happened today at IDB is a signal to anyone who thinks that we can hold a drug company to take money from the public and invest it in shares of a bank. Anybody raising money from the public has a responsibility. And our responsibility, as lawmakers, is to prevent such games. Tomorrow in the Knesset we'll pass the Law of [Financial] Concentration. Within six years, there will be no such pyramids in Israel."