Stanley Fischer nice background 512.
(photo credit: REUTERS)
Former Bank of Israel governor Stanley Fischer on Tuesday expressed regret over
the circumstances that led Jacob Frenkel to withdraw his candidacy to succeed
“I regret that the recent developments did not allow Jacob
the privilege to serve the country as governor an additional time, something I’m
certain would have contributed greatly to the State of Israel, its citizens and
the Israeli economy,” said Fischer, who stepped down in June after eight years
in the position.
Frenkel, a former governor himself, withdrew his
candidacy following revelations that he was detained in 2006 after allegedly
shoplifting from a duty free store in the Hong Kong airport, an incident he said
was simply a misunderstanding.
Fischer praised Frenkel for his economic
achievements as governor, his intellect and his prestigious
Frenkel’s attorney Eli Zohar termed the rehashing of the Hong
Kong incident “persecution” and “abuse.”
“We take an issue that’s done
and closed that has nothing to it, and we consider whether this, whether that. I
see in it far more than persecution,” Zohar said in an interview with Army
“Authorities in the country where the episode took place said
there’s nothing behind it, and they very much hope Frenkel won’t sue over what
Having been met with a wave of harsh media criticism after
deciding to leave a lucrative position as chairman of JPMorgan International to
take up a third term as governor, Zohar said, his decision to step down was
Aside from the Hong Kong incident, Frenkel was also
criticized for taking a hefty compensation package at the end of his previous
The state comptroller at the time forced him to return some NIS
230,000 following an investigation of the issue.
Zohar also expressed
concern that the incidents affected the 70- year-old’s health.
media have speculated that the top two choices in consideration for the
position, now that Frenkel has taken himself out of the running, are Karnit
Flug, Fischer’s former deputy and the current acting governor, and Bank
Hapoalim’s chief economist Leo Leiderman.