1983 Israel bank stock crisis

The Bank stock crisis was a financial crisis that occurred in Israel in 1983, during which the stocks of the four largest banks in Israel collapsed. As a consequence, these banks were nationalized by the state.

Background

During the 1970s, Bank Hapoalim, and its dominant manager, Yaakov Levinson, began control the bank's stock price in the Tel Aviv Stock Exchange. To this end they recommended to their customers to invest in the bank's stocks. These investments allowed the bank to increase its available capital for investments, loans, etc. To get customers to continue investing in the bank's stock, the bank began buying back its own stock, thus creating the appearance of constant demand for the stock, and constantly increasing its value. The bank also gave out generous loans to allow the customers to continue their investments, also profiting from the interest.

These manipulations, or adjustments of the stock prices seemed to the other banks like a good way of procuring capital from the public, and they slowly adopted the practice as well. Eventually all major banks manipulated their stock price this way, among them Bank Leumi, Discount Bank, Bank Igud, Bank HaMizrachi, and Bank Clali (General Bank, now U-Bank). The only prominent bank not to join the adjustments frenzy was HaBank HaBinleumi (a.k.a. the First International Bank of Israel - FIBI).

Israel

Coordinates: 31°N 35°E / 31°N 35°E / 31; 35

Israel (/ˈɪzreɪəl/ or /ˈɪzriːəl/; Hebrew: יִשְׂרָאֵל‎ Yisrā'el; Arabic: إِسْرَائِيل‎ Isrāʼīl), officially the State of Israel (Hebrew: מְדִינַת יִשְׂרָאֵל‎ Medīnat Yisrā'el [mediˈnat jisʁaˈʔel]; Arabic: دولة إِسْرَائِيل‎ Dawlat Isrāʼīl [dawlat ʔisraːˈʔiːl]), is a country in the Middle East, situated at the southeastern shore of the Mediterranean Sea and the northern shore of the Gulf of Aqaba in the Red Sea. It shares land borders with Lebanon to the north, Syria in the northeast, Jordan on the east, the Palestinian territories (which are claimed by the State of Palestine and are partially controlled by Israel) comprising the West Bank and Gaza Strip to the east and west, respectively, and Egypt to the southwest. It contains geographically diverse features within its relatively small area. Israel's financial and technology center is Tel Aviv, while Jerusalem is both its self-designated capital (unrecognised by the United Nations) and its most populous individual city under the country's governmental administration. Israeli sovereignty over Jerusalem is internationally disputed.

Wall Street

Wall Street is a 0.7-mile-long (1.1 km) street running eight blocks, roughly northwest to southeast, from Broadway to South Street on the East River in the Financial District of Lower Manhattan, New York City. Over time, the term has become a metonym for the financial markets of the United States as a whole, the American financial sector (even if financial firms are not physically located there), or signifying New York-based financial interests.

Anchored by Wall Street, New York City has been called both the most economically powerful city and the leading financial center of the world, and the city is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ. Several other major exchanges have or had headquarters in the Wall Street area, including the New York Mercantile Exchange, the New York Board of Trade, and the former American Stock Exchange.

History

Early years

There are varying accounts about how the Dutch-named "de Waal Straat" got its name. A generally accepted version is that the name of the street was derived from an earthen wall on the northern boundary of the New Amsterdam settlement, perhaps to protect against English colonial encroachment or incursions by Native Americans. A conflicting explanation is that Wall Street was named after Walloons— the Dutch name for a Walloon is Waal. Among the first settlers that embarked on the ship "Nieu Nederlandt" in 1624 were 30 Walloon families. The Dutch word "wal" can be translated as "rampart". However, even some English maps show the name as Waal Straat, and not as Wal Straat.

The Weeknd

Abęl Makkonen Tesfaye (born 16 February 1990), known professionally by his stage name The Weeknd (pronounced "the weekend"), is a Canadian singer, songwriter and record producer. In late 2010, Tesfaye anonymously uploaded several songs to YouTube under the name "The Weeknd". He released three nine-track mixtapes throughout 2011: House of Balloons, Thursday and Echoes of Silence, which were critically acclaimed. The following year, he released a compilation album Trilogy, thirty tracks consisting of remastered versions of the mixtape material and three additional songs. It was released under Republic Records and his own label XO.

In 2013, he released his debut studio album Kiss Land, which was supported by the singles "Kiss Land" and "Live For". His second album, Beauty Behind the Madness, which became his first number one album on the Billboard 200, included the top-five single "Earned It" and produced the number-one singles "The Hills" and "Can't Feel My Face". The songs have simultaneously held the top three spots on the Billboard Hot R&B Songs chart, making him the first artist in history to achieve this.

Neve Dekalim

Neve Dekalim (Hebrew: נְוֵה דְּקָלִים‎) (lit. "Oasis of Palms") was an Israeli settlement and a community in the Gush Katif settlement bloc in the Gaza Strip. It was founded in 1983 after the Israeli withdrawal from the Sinai Peninsula. Neve Dekalim served as a regional center for the Gush Katif region and was the seat of the Hof Aza Regional Council. It was located between the Khan Yunis Palestinian refugee camp and the Mediterranean Sea. Neve Dekalim was evacuated in August 2005 as part of Israel's unilateral disengagement plan. It was turned into a training camp by Hamas, which described it as a "military training camp for martyrs."

History

The population consisted of about 520 families (2,600 people), mainly Orthodox Jews. It was the largest Jewish settlement in the Gaza Strip and a major commercial center for the region. The Gush Katif industrial zone was located in Neve Dekalim. The 10-acre Katifari Zoo housed hundreds of snakes, birds and other animals.

From the Second Intifada until its evacuation in 2005, Gaza militants fired some 6,000 mortars and Qassam rockets at Neve Dekalim. In July 2005, shortly before the disengagement plan was implemented, two people were injured by mortar fire.