Word: bank-stock
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...banks' troubles began in the late 1970s, when many Israeli investors started buying bank stocks as a hedge against inflation, which was then surging higher than 100%. The banks encouraged this speculation and helped drive up the stock prices by buying their own shares on the Tel Aviv exchange. By October 1983, bank-stock prices had reached unsustainable levels. When fear of a shekel devaluation led some investors to sell stocks in order to buy U.S. dollars, the value of bank shares plunged by one-half...
...commission led by Moshe Bejski, a Justice of Israel's Supreme Court, last week censured 16 people who were top banking and government finance officials at the time of the country's infamous 1983 bank-stock crash. Most of them had left their jobs after the debacle. Now the Bejski panel has recommended that six senior banking officials be fired if they refuse to resign. The six are the heads of five major private banks and Moshe Mandelbaum, governor of the government-run Bank of Israel, which is the country's counterpart to the U.S. Federal Reserve. The commission urged...
...paying a big premium for the other. Shareholders still get a (more modest) pop, but in both stocks, not just the target's. So you can do well owning the buying bank--say, a NationsBank, First Union or Chase Manhattan. In many cases, that will be the better long-term investment anyway. But I'd also consider simply plunking some money in a well-run regional bank-stock mutual fund like Fidelity's or John Hancock's. Both are up more than 55% in the past 12 months. There are still some 9,100 banks out there. A fund gives...
...Japan's leading commercial banks, the Bank of Tokyo and Mitsubishi Bank, announced that they were discussing merger plans expected to lead to the creation of the world's biggest bank next year. Said a bank-stock analyst: "It's like marrying the two most beautiful people in the world." The new behemoth, with $823 billion in assets, would be 50% larger than the current biggest bank, Japan's Sumitomo, and would dwarf America's top-ranking Citicorp, with its mere $250 billion in assets...
...investigation, Tunik blamed the banks for bringing on "a catastrophe for the economy" and faulted the government of former Prime Minister Menachem Begin for doing nothing to prevent the crash. The roots of the trouble go back more than a decade. In the early 1970s Israeli banks started buying and selling their own shares on the Tel Aviv exchange to help regulate the stock prices. In 1979 Israel's inflation passed 100%, and the public bought bank stocks as a hedge against rising consumer prices. The banks encouraged this speculation and helped keep the bank-stock values climbing by dipping...