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Israel Bonds
Continued from preceding page
"Instead of competing with
the dollars that might be go-
ing to the federation or other
Jewish charities, I've em-
phasized that people have
money sitting in all these
plans."
However, in the Feb. 25
issue of Barron's, a finan-
cial news weekly, an edito-
rial said municipal pension
funds — which hold and in-
vest money to finance the
retirement of hundreds of
thousands of government
workers —"have no business
buying State of Israel
Bonds."
"Our investment opinion:
not for widows and or-
phans," Robert M. Bleiberg
wrote for Barron's.
He based his evaluation on
Israel's "socialist practices
and policies now proven un-
workable," its overwhelm-
ing bureaucracy that seems
to "stifle individual in-
itiative and creativity" and
the bonds' informal grading.
The editorial said Israel
Bonds, which are not formal-
ly graded, carry an implicit
Standard & Poor's rating of
Triple B minus — "that's the
lowest investment-grade
rating on the scale."
Letters to the editor in
following issues of Barron's
blasted the editorial.
Writers said Mr.
Bleiberg's comments were
off base, "vindictive,"
"venomous," "extraneous"
and "just plain vicious."
Eli Warach, a tax attorney
in Hackensack, N.J., who
writes about investments,
noted in his letter that the
bonds are backed by the full
faith and credit of Israel,
which has never failed to
pay its borrowers on time
and in full.
"We have done quite well
selling to banks, outside
pension plans, union plans
and a number of states and
municipalities," said Mr.
Warach, a board member of
the national Israel Bonds
organization. "One of the
keys is that Israel has never
defaulted. That can't guar-
antee the future. But you
judge the future somewhat
by what happened in the
past."
❑
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One Price
PRICE One Price
A Variety of Choices
Israel Bonds come in a selection
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INCORPORATED
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FRIDAY, JUNE 28, 1991
477.7344,
he Israel Bonds organ-
ization offers several
types of securities ---
ranging from relatively inex-
pensive, no interest cer-
tificates to large, high-yield
bonds.
"Most people look at Israel
Bonds and see them as the 4
percenter," said George
Frankenstein, vice president
of a national securities firm
and chairman of the bonds
campaign in Northern
California. "They don't real-
ize the magnitude of the
others that are available."
At the economy end are
State of Israel $250 Cer-
tificates. Popular as gifts for
children and teen-agers,
these bonds pay no interest.
They are useful, however,
should the holder of the cer-
tificate travel to Israel,
either in paying for the
flight, or defraying the costs
of a stay in the country.
After a year, the cer-
tificates can be used as cash
to pay for tickets on El Al
Israel Airlines. Within
Israel's borders, they can be
cashed for Israeli currency
— $260 after one year, $275
after two, $295 after three,
$320 after four and $360
after five years.
Also after five years —
when the certificate matures
— it counts as $300 dollars
toward the purchase of a
$500 State of Israel Bond,
which does generate interest
income. Otherwise, the cer-
tificate may be cashed in for
the original $250 in-
vestment.
Current Income Bonds are
the next most affordable.
They pay 4 percent simple
interest, sent annually by
check to the bond-holder.
Purchased at $500 per
bond, they mature in 15
years. After one year from
the date of issue, the bond
can be cashed in Israel for
local currency, up to a max-
imum of $2,500 a month per
person.
Ervin Benedict, a trader
with New York-based
Transmittal Securities, Inc.,
deals extensively with Cur-
rent Income bonds.
"They are bought by peo-
ple who want to help Israel
with a secure investment,"
he said. "Sometimes,
however, they give less than
what other securities would
bring."
Zero Coupon Savings