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February 14, 1975 - Image 16

Resource type:
Text
Publication:
The Detroit Jewish News, 1975-02-14

Disclaimer: Computer generated plain text may have errors. Read more about this.

iday, February 14, 975

It

Tle°T9 1T,
nv f s
Arabs Boycotting - Jewish Banks

'.p

Rated \., I in .the
I:
• in and
■O■
before ■ 011 1)11, !

From $79.50

(Continued from Page 1)
Another deal involved raising
$25 million for Air France
through a French banking syn-
dicate. The most recent syndi-
cation was an issue of $60 mil-
lion for the European
Investment Bank, a Common
Market agency. Also listed was
an earlier transaction involving
„. 150 million marks for the same
bank. –
The Arabs were understood to
have tried to apply pressure for
similar exclusion in West Ger-
many but the Germans refused
to be coerced, the sources re-
ported.
The French Government has
reportedly decided upon a
"wait and see" attitude toward
Arab blacklisting. The govern-
ment, according-to reports, has
decided not to intervene for the

Wayne County Circuit Court
Denies Commonwealth Petition

time being either way: not to
protest against Arab interven-
tion nor to support the demand
by the Jewish banks that they
be allowed to pa;ticipate in
loan underwriting as they have
done in the past.
French 'officials explained that
this decision was taken because
of Finance Minister Pierre Four-
cade's absence. Fourcade is cur-
rently attending a ministerial
committee in Brussels and has
been unable to study the com-
plaint lodged by one of the Jewish
banks, Lazard Freres and Co.

and Syria, but not in Egypt or
The motion filed-in Wayne George T. Mavtin told Kraiz-
Moroddo, where the club has
County Circuit Court seeking to man that he could not block the
large installations.
_ TYPEWRITER
A deputy of the presidential block the sale of controlling in- sale based on "speculation" or
CO, INC.
1717 STEPHENSON HWY.
majority, Claude-Gerard Marcus, terest in the Bank of the Com- "apprehension."
(North of Maple)
has addressed a written question monwealth to Saudi Arabian
The bank's board of directors
TROY • 689-8000
to the French Minister of Finance Gaith Pharaon was denied this will hold their first meeting
asking for an explanation of the week.
since the sale was announced on
government position on the
Attorney Jack Kraizman and Jan. 27. .
ATTENTION SINGLES!
blacklist.
his son Sidney based their mo-
Meanwhile, Oakland County
The governor of the Bank of tion on the contention that the Commissioner Dennis M.
France has also requested that a sale might harm public confid- Aaron (D-Oak Parklasked the
decision be made on governmen- ence in the bank, and therefore ' Board of Commissioners to
18 to 70 Years Old
tal_level, authorizing the central hurt • stockholders and deposi- adopt a resolution to deal only
bank to- interrupt any loans tors.
with banks controlled by Amer
Write or Phone
where discrimination in choosing
The court denied the mo- ican citizens.
the
underwriters
could
be
proven.
778-0303
tion, but -the sale must still be
Oakland County has af•–.,_(-C
It was also reported that the approved by the Federal De-
The other Jewish Bank hit by
proximately $120 million in
City
of
New
York
recently
re-
the Arab measure, Rothschild,
Universal Friendship
posit Insurance Corp., the certificates of deposit at
has so far refused to complain or jected a $200 million, 20-year Federal agency which has county banks, including . $10
39 Crocker Blvd.
loan
from
Saudi
Arabian
inter-
make any comment.
ests because the terms were un- some control over the bank's million at Bank of the Com-
- A director of the Discount
Mt. Clemens, Mich. 48043
0
banksaid the Discount "is known favorable to the citY.'New York assets after it helped the bank monwealth.
Fr ,
'e
r, or Re • - •
Aaron's resolution was re-
as Israeli and Zionist and was has been having serious financial over a major financial crisis
several years ago.
ferred to the commission's gen-
thus traditionally barred from problems with its city budget.
The FDIC decision may not eral government committee for
In London, the Anglo-Israel
loan floats undertaken in cooper-
ation with Arab financial inter- Chamber of Commerce is pre- be made for up to four months. consideration over the objection
paring a.-confidential list of Brit- Wayne County_ Circuit Judge of eight commissioners.
ests."
A govirnment owned com- iSh firms believed to be bowing to
pany "Elecfricite de France" Arab pressure not to enter into
announced Tuesday that it has business arrangements with Jew-
indefinitely postponed a $40 ish interests.
The list is expected to be used
million loan. Paris bankers
make no secret of the fact that to support representations to the
(Continued from Page 1)
after his return to Washington
the loan was postponed for British government for more ef-
Rabin in the Knesset said _— and to reach a climax during
fective counter-measures against
"diplomatic" reasons.
a second scheduled visit of his
Lazard • Freres has lodged an what is shaping up as an Arab fi- forcefully, "It would be the hap-
official protest with the French nancial blockade directed against piest day of my life, both_ as the -to the area, probably beginning
March 10. -
Finance Ministry. It has already some of the leading Jewish- Prime Minister and as a former
An Israeli negotiator said
been twice victim of the Arab ' owned banks in Britain and on chief of staff" were the Egyp-
the Continent. '
WHETHER A DIAMOND FROM SOUTH AFRICA, A
blacklisting.
there had been few real differ-
tians to agree to his terms and
RUBY OR SAPPHIRE FROM THE FAR EAST OR AN
In January, under pressure
ences of opinion during Tues-
The New York Times re- effectively pull out of the war.
from the Intra Investment Co.. of ported Wednesday that Bri-
EMERALD, AQUAMARINE OR TOURMALINE FROM
day's talks — "just the occa-
This would mean a signed
Beirut, the Banque Franco-Ar- tish banker Gerald Thomp- Egyptian commitment ren-
SOUTH AMERICA, WE, AT DAVID WACHLER &
sional flexing of muscles by
abe, and the Koweit Investment son, chairman of Kleinwort, ouncing war, and Egyptian
each side."
SONS CAN USE THEM TO CREATE AN INDIVIDUAL
Co.,
the
bank
was
excluded
from
PIECE OF JEWELRY JUST FOR YOU.
The Israeli side was gratified
Benson, Ltd. predicted that commitments not• to become
underwriting two bond issues.
• DIAMONDS INTERNATIONAL AWARD '71
by a "categorical" statement
the exclusion of Jewish inter- involved in future develop-
A spokesman for one of the ests from financial deals in- ments between Israel and any
from Kissinger at the lunch at
• AMERICAN DIAMOND JEWELRY COMPETITION '72
Arab financial groups told the volving Arab investors would other of its neighbors, and
Rabin's home Tuesday that the.
• AMERICAN DIAMOND JEWELRY COMPETITION '73
Herald Tribune in. Paris that it
7 „
continue as long as the Arabs ironclad arrangements for the U.S. did not intend to recognize
was
"impossible
for
any
Arab
"DaVid
xnier and
0.-ative yem.lers
demilitarization of the areas or to hold contacts with. the
banks to participate in the loan if wished.
(-.
PLO and that he, Kissinger,
Thompson made it clear that vacated.
247.00 NORTHWESTERN HWY. AT
the
Jewish
banks
are
in."
10 MILE AND EVERGREEN IN THE LOBBY
would see the establishment of
his
organization,
one
of
the
-
On
those
terms,
he
said,
he
The
spokesman
said
the
OF AMERICAN SAVINGS BUILDING.
SOUTHFIELD, MICHIGAN
blacklist differs from one coun- largest/Ion-Jewish financial would be glad to cede the passes a separate Palestinian state in
TELEPHONE 356-7322
try to another. He said the houses in Britain, would not and Abu Rodeis — and he the area as a harmful factor.
MICHIGAN BANKARD MASTERCHARGE
On the eve of the talks, the
firmly believes that the great
French guided tour group, Club resist the Arab pressures.
FOR YOUR CONVENIENCE, PHONE FOR AN APPOINTMENT.
The Times reported that majority of the nation would Likud opposition demanded a
Mediterranee, which is black-
national referen-d-um or new
listed in the Gulf States, Libya some bankers feel that the Ar- support such an agreement.
abs' financial power will grow
President Ford, meanwhile, elections before the government
until it dominates the financial . declared at a press conference agrees_ to any further with-
markets. Thompson said the in Topeka, Kan. Tuesday, that drawals in Sinai. The Likud
unless there is progress in Kis- leader's contended that the Ra-
banking community Was pow-
erless to interfere with the singer's current trip to the Mid- , bin government lacks the legal
Arab efforts, and ruled out a dle East, "There is the very seri- and moral authority to agree to
united front of opposition ous prospect , of another war," such concessions without prior
among the banking interests.
which would raise the possibil- approval of the electorate. They
His firm was criticized re-
ity "of another oil embargo."
insisted that Egypt is not inter-
- cently for. excluding Jewish in-
The President also said that ested in peace with Israel.
terests fr m several loan deals.
the possibility existed for "a
Elimelech Rimalt, of the jib-
He said it was crucially impor-
step by step progress in the eral party wing of Likud, sug-
tant for Arab surplusses to be
Middle East but no one can be gested that it would be better to
reinvested productiliely.
certain about that very volative go to Geneva to try to hammer
Critics believe that his re- • And very difficult area."
out an overall settlement with
fusal to participate will seri-
Ford did not mention, as he the Arabs than to continue the
ously weaken an expected for-
has in past comments on the Kissinger approach of piece-
mal protest to be lodged by
Middle East conflict, the pos- meal withdrawals by Israel
British bankers with the
sibilitrof a reconvening of the while a state of war still exists
Bank of England.
Geneva Middle East peace with Egypt and Syria.
conference but sources here
Thompson said his_ firm
Labor Party circles flatly re-
said there was no indication jected Likud's demand. They
would continue to respond to
that the president had given said the Rabin government was
Arab requests to prevent Jew-
up hope on the Geneva talks.
ish firms from participating in
pledged to go to the electoratp
Arab loan syndications.
Apparently in response to before conceding any territo'
growing criticism of Kissinger's on the West Bank in future IL-I
approach to major trouble gotiations with Jordan. But
spots, including the Middle that does not apply to a second
East, the President added that stage agreement with _Egypt if
the Middle East task was a dif- the government is satisfied that
Cong. Shaarey Zedek is spon-
soring a reunion March 15 for , ficult one and that Kissinger Cairo is offeringpeace.
At the same time, in Rome, it
`deserves the full support of the
its members and former mem-
American people and the Con- was reported that United Na-
bers who were Bar Mitzva in
gress, because it's in our benefit tions Secretary General Kurt
1941-42.
and the world as a whole."
Waldheim and Italian leaders
A special reunion committee
Israeli policymakers pre- had agreed that the Qeneva con-
is seeking eligible persons and
pared to enter a second round of ference must be reconvened to
their families to participate in
talks with Kissinger Thursday avoid new Mideast fighting.
aliyot during the Sabbath serv-'
Waldheim's talks with Ital-
night believing knowledge the
ices, and a kiddush and recep-
Secretary does not intend to ian government leaders pre-
29281 Southfield Rd.
1
• tion.
press either Israel or Egypt to ceeded a visit with Pope Paul VI
. The committee includes Dr.
y
• Daniel
Southfield, Mich. 48076
soften positions or take new and visits to Saudi Arabia, Per-
Gilbert, Leonard Baron,
Herb Shevin, Martin Kohlen-
decisions on this current Mid- sian Gulf states, Greece and
Mon., Tues., (Farrell 's Shopping Plaza) :
berg, Irving Laker, Seymour
east trip. Kissinger made it Turkey.
& Sat.,
clear during his talks Tuesday
Levine and Leonard Baruch.
that the trip was to serve as
Persons interested in partici-
On earth there is nothing
'exploratory" only — with the great but man; in man there is
pating should call Baruch at
down-to-earth Lir gaining to nothing great but mind. —
353-2437, or the synagogue,
357-5544.
begin in diplomatic contacts William Hamilton

QUIST

Ethnic Dating Club

IMFCRTERS CF RARE GM-TONES
CREATORS CFAWARD WINNING JEWELRY

Kissinger Has Hope

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