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Call 354-6060 We Buy and Sell Good Used Books LIBRARY BOOKSTORE P Toll Free 1 800 826 2039 - BOOKS 14 Your Home Sempljner SID & NAOMI SIEGEL ARE MAKING VIDEO DOCUMENTARIES In Good Taste At Affordable Prices at the best Simchas In Town 626-7707 FOREIGN AID page 41 in the future, especially as Israel continues with the peace process. "Israel's security is ex- tremely important to us. It has the highest priority and I think particularly as Israel takes risks for peace, the United States needs to re- spond in a way to give reassurance by our aid levels," the secretary said. Jewish leaders have been assured repeatedly by the administration that Israel's aid will remain intact for now. But some pro-Israel sources on Capitol Hill have expressed concern about what will happen to other longtime practices, such as congressional designations of exactly how and when and under what circumstances aid to Israel is disbursed, in a future with fewer ear- marks. "We want to find out what to substitute for that if there are no earmarks," one Hill aide commented. And some in the Jewish community are looking to the long term, concerned that competition for foreign aid will increase, and that Israel, the largest recipient of foreign aid, will be the focus of much of this atten- tion. The Conference of Presi- dents of Major American Jewish Organizations, for example, is studying the long-term implications of foreign aid reform. Overall, some pro-Israel sources on the Hill believe that the administration's proposal will be changed as it goes through the relevant committees dealing with foreign aid. The House Foreign Affairs Committee, for example, has a good proportion of pro- Israel members, they note. Some are watching closely to see if both houses of Con- gress actually decide to move on the reform plan this year. Some in the Jewish community are looking to the long term, concerned that competition for foreign aid will increase. And some think foreign aid reform will not pass this year. "I'm doubtful it's going to happen," said one Hill staffer. "It's an election year, and foreign aid votes are really unpopular, espe- cially in an election year." The plan is "an exercise in theory," the staffer said. "If the Jewish community doesn't support it, it's not go- ing to pass." ❑ Bank Official Arrests Behind Market Crisis Jerusalem (JTA) — More than $4 billion were wiped out on the Tel Aviv stock market this week in what was described as a psychological — rather than an economic — phenomenon. It is widely believed that the panic and crisis in con- fidence that was so spec- tacularly evident Wednes- day and Thursday were a re- sponse to a wave of arrests and investigations of senior bank officials, notably those of the Discount Bank. Earlier this week, two senior Discount Bank offi- cials and the portfolio man- ager of the Central Securi- ties Corp. were remanded on bail. They are suspected of fraudulently manipulating shares and of giving and taking bribes in a series of business deals affecting the shares of 13 companies over the past year. The companies, some formerly regarded as blue- chip stocks, include Tadiran, Osem and the Dead Sea In- . dustries. The market fell across the board as small investors began to sell heavily amid rumors of further arrests of senior banking staff on suspicion of fraudulent deal- ing. Ten years ago, Israel was shaken by a bank-shares crisis. The recommendations of the judicial committee of inquiry set up to investigate the scandal have largely been ignored. The committee particular- ly stressed the need to sever the banks' overly intimate connection with the stock market. ❑