8 Friday, February 21, 1975

THE DETROIT JEWISH NEWS

FIRESTONE

Senators Protest Spread of Arab Boycott

(Continued from Page 1)

meet in Cairo Sunday to re-
Kuwait Investment Co. consider the status of sev-
from two transactions in eral American and Japanese
which it would have been an banks accused of dealing
underwriter together with with Israel.
Among several banking
Lazard Freres and Co.," a
Jewish-owned firm in Paris firms that may be removed
from the Arab boycott list
and New York.
(Editorial concern ex- are the First National City
pressed in The Jewish Bank of Chicago, Chemical
News, when the sale of Bank, and the French arms
control of Bank of the manufacturing firm, En-
Commonwealth was being gins Matra. Other compa-
consummated, that Arabs nies may be placed on the
may also seek control of blacklist at this meeting.
Maghoub told the Fi-
the U. S. communications
media, is gaining reality nancial Times that the most
by the report in Editor and important banks banned in
Publisher, Feb. 15, that a Arab countries include: S.G.
Lebanese publisher "is Warburg of the United
pursuing the acquisition of Kingdom and all its subsidi-
U. S. newspaper proper- axles, Bank Max Fischer of
Belgium, National Provin-
ties.")
The Senators praised cial and Rothschild
the brokerage firm, Merrill (London) Ltd. of the U.K.,
Lynch, Pierce, Fenner and London and Colonial Bank
Smith, which said last week of the U.K., Banque Belge of
it planned to go ahead with Belgium, La Societe Ban-
two international sales of caire et Financiere d'Orient
securities despite the deci- of France, Union Franciere
sion of the Kuwaiti firm to de Pa4is of France, Bank
Fuer Gemeinwirtschaft of
withdraw.
They said it was clearly West Germany, Kredit
intolerable to permit Arab, Bank Hagen of West Ger-
or any other, investors "to many, International Credit
attempt to extend such reli- Bank of Switzerland, Dis-
gious discrimination to the count Bank (Overseas) of
United States." Javits and Switzerland, Lazard Freres
Williams also asked Simon of Paris, American Bank
to "promulgate, where pos- and Trust Co. of the U.S.,
sible, such regulations as and all Rothschild banks in
may be necessary to prevent the U.S., France, Switzer-
the occurrence of any such land and the UK.
Maghoub stated that
religious discrimination"
and to propose new legisla- all activities between Arab
tion "if needed to prevent banks and banks which
are blacklisted are prohi-
such discrimination."
The Senators said they bited, and not just partici-
felt the United States was pation in international
ready "to welcome foreign loans managed by Jewish
investment, including Arab institutions. "In other
investment," if it conformed words," Maghoub stated,
to "the standards of our so- "it is not permitted to
ciety and interest but Arab deal, directly or indirectly,
oil money should not be per- with any bank in the Arab
mitted to enter our country countries."
According to another
on a basis contrary to our
morality and Constitution." report in London, conditions
(A warning to be on to which a firm must com-
guard lest the Arab boy- ply to be removed from the
cott spreads to the United blacklist include: the firm
States was sounded edito- and its subsidiaries must
rially by the Wall Street have neither main nor
Journal, Feb. 1. Its edito- branch factories nor assem-
rial branded the boycott bly plants in Israel; there
against Jewish financiers must be no general office
for regional or international
as anti-Semitism).
In London, Gen. Mo- operations from Israel; the
hamed Maghoub, secretary- firm must not grant any use
general of the Arab Boycott of patent of its products in
office in Damascus, an- Israel; there must be no par-
nounced that boycott offi- ticipation or ownership of
cers of 20 Arab states will shares in Israeli companies
or outside Israel; the firm
must not give technological
assistance to any Israeli
company; and the firm must
MIZRACHI
not represent any Israeli
business in Israel or outside.
TOURS io
In addition, the com-
pany that wants to be re-
moved from the blacklist
must sign an undertaking
that it will never in the fu-
ture break these conditions.
In Paris, Dr. Mo-
hammed Mahmoud Abu-
shadi, president of the
Fare only or with
Union of French and Arab
Banks (UFAB), said that
Accomodations
the boycotting would con-
2 and 3
tinue and the matter should
WEEK TRIPS
be left open for the market
to settle. Dr. Abushadi said
AVAILABLE
UFAB banks would con-
AND OTHERS
tinue their refusal to man-
age or otherwise participate

RAC-,

that it would not intervene
in the Arab boycott of
French Jewish financial
concerns drew an adver-
tised newspaper protest
from the International
League Against Racism
and Anti-Semitism
(LICA).

It said, "No blacklist in
France," adding that "West
German and American
banks under the same pres-
sures have refused to sub-
mit and are supported by
their governments. What is
the French government
waiting for to take an ident-
ical position?"
Banking sources re-
ported that French Jews are
withdrawing their accounts
from banks involved in the
Arab bank boycott. Officials
of Credit Lyonnais and the
Banque Nationale de Paris,
the two banks related to the
Arab boycott have said pri-
vately that they have had an
increase in the number of

accounts closed since the
news of the boycott became
public.

In New York, Rabbi
Alexander M. Schindler,
president of the Union of
American Hebrew Congre-
gations, warned that "the
weapons of boycott and
blackmail" which Arab
nations are using against
Jewish banking houses in
Europe "may also be oper-
ating to jeopardize the
civil rights of Jewish indi-
viduals in the United
States who are employed
by firms doing business
with Arab countries."

He told members of the
UAHC's executive commit-
tee that such evidence had
come to his attention both
through personal meetings
in various parts of the coun-
try and through the
UAHC's regional offices.
He asked the UAHC's
715 member congregations
to serve as "listening posts"

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managed by Jewish banks.
Meanwhile, a French
government statement

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