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December 11, 2016 / 11 Kislev, 5777

Posts Tagged ‘CEO’

Official: Israeli CEO Salary Cap Law May Result in Hundreds Fleeing Banking Industry

Monday, June 20th, 2016

As many as 80 senior employees at Israel’s two largest banks, Hapoalim and Leumi, are threatening to leave shortly, in response to a new law capping the salaries of senior bank officers, Israel Army Radio reported Monday. The report cites a letter from the Supervisor of Banks in Israel Bank Hedva Bar to Justice Minister Ayelet Shaked (Habayit Hayehudi), which warns that as many as 215 senior bank administrators are expected to retire from the two top banks. Bar added that in the rest of Israel’s banks the numbers of departing administrators would be smaller.

So far Bank Hapoalim CEO Zion Keinan and the number two administrator at Bank Leumi Danny Tsiddon have already retired, and according to Bar there are 39 high ranking administrators at Hapolalim and 43 at Leumi who are at a very high risk of retiring.

These figures are particularly worrisome to Bar, who wrote that such mass departure could expose the banks to a real crisis — a managerial breakdown as well as a loss of knowledge and experience. The banks are preparing for such a scenario and have set aside the funds in case all these CEOs would be leaving close to one another and the banks would have to lay out their severance pay all at once — about $70 million.

Meanwhile, the banks have lost their first appeal to the Supreme Court against the salary cap law. And the Knesset, the Finance Ministry and Israel Bank have informed the court that they object to an interim ruling on the senior CEO salary cap law. The banks were asking for the time out to try to figure out whether the salary cap would include the severance and pension benefits the senior bank administrators have accumulated — would those funds also be limited to $650 thousand a year like the capped salaries? The banks fear that if the caps apply retroactively and include severance pay and pensions, a much larger number of bank officials would be seeking to leave before the law goes into effect in October.

The Knesset and the State argued in court that the banks are actually requesting the suspension of a law that otherwise passes constitutional muster in the eyes of the high court — something the court has applied on very rare occasions in the past.

The Knesset and the State also told the court that, assuming the appeal hearings would take roughly three weeks, this should be ample time for the banks to figure out the intricacies of the law and whether or not it applies retroactively.

JNi.Media

SodaStream CEO Angry, But Not at BDS [video]

Wednesday, June 1st, 2016

The CEO of SodaStream Daniel Birnbaum was asked at the anti-BDS conference that was held at the UN building in New York Tuesday, if SodaStream moved from Mishor Adumim, east of Jerusalem, to the Negev because of the intimidation and pressure from the BDS. Well, it turns out The CEO of SodaStream is furious, but not at the BDS movement, which he doesn’t believe has touched his company, but at the Israeli government.

He had 74 Arab employees from the PA who needed entry permits to be able to continue working in the new, huge SodaStream plant, and the Israeli government just wouldn’t issue them. Birnbaum believes Israel has thus lost 74 good will Arab ambassadors.

David Israel

Las Vegas Billionaire Sheldon Adelson Pledges $100M for Trump Presidential Campaign

Sunday, May 15th, 2016

Las Vegas casino magnate Sheldon G. Adelson has reportedly pledged $100 million, and possibly more, to help finance GOP candidate Donald Trump’s presidential campaign.

The news was reported in the Friday’s edition (May 13) of the New York Times.

The two men met last week to discuss the issue, according to two nameless Republican sources quoted by NYT who said they were not authorized to speak about the matter publicly.

Adelson, 82, and his wife Miriam met with Trump and his campaign manager, Corey Lewandowski at the St. Regis Hotel in midtown Manhattan, while the couple were in town for a gala dinner to benefit a Jewish organization.

During their chat, Trump reportedly told the Adelsons he is dedicated to protecting Israel’s security.

The billionaire has financed Republican causes over the years to the tune of hundreds of millions of dollars – but this year he plans to scale back contributions to Congressional campaigns to focus on helping Trump, according to the report.

There is, however, the thorny problem of logistics: there is a limit on how much money a single individual can give to political campaigns in the United States. In order to give really “big” money, one requires a “super PAC” — super political action committee.

On Thursday, one such group announced it would aim to raise $20 million for Trump. The Committee for American Sovereignty was formed by Doug Watts, a former aide to Ben Carson’s campaign. Watts now serves as the executive director of the group, which he said “will not accept special interest PAC contributions.”

However, up to this week Trump had not yet decided whether he will allow PACs to help finance his campaign. Last October he disavowed nine unauthorized groups and demanded they return all funds they had raised to support his campaign. It seems that now, however, he has come to the realization that for a general campaign there is no way he can gather the needed $1.5 billion through individual contributions alone. Several of the bigger powerhouse Republican superPACs are quietly gearing up to begin the job of rounding up their major givers — something that Democratic opponent Hillary Clinton  had already gotten busy with months ago — and have hired top-flight fundraisers and campaign managers to crank up the party machine.

Meanwhile, Adelson explained his reasons for throwing his support behind his fellow business mogul in an op-ed he wrote that was published in Friday’s Washington Post: “He is a candidate with actual CEO experience, shaped and molded by the commitment and risk of his own money rather than the public’s.

“I am endorsing Trump’s bid for president and strongly encourage my fellow Republicans – especially our Republican elected officials, party loyalists and operatives, and those who provide important financial backing – to do the same,” Adelson wrote.

Hana Levi Julian

Top Jewish Foodies at ‘Devil’s Thumb’ in Colorado

Wednesday, September 30th, 2015

Top restaurateurs, chefs, farmers, entrepreneurs, bloggers, cookbook authors and other Jewish food world stars are at The Devil’s Thumb Ranch Resort in Colorado’s Rocky Mountains for a three-day “Harvest” festival.

The learning and cooking event is aimed at serving up Jewish cuisine as the next major global food movement, and Jewish food leaders will explore such critical challenges as humane meat and kosher dietary guidelines as part of a dialogue aimed at enriching Jewish cuisine as a global food trend.

The Harvest issued applications by invitation to 60 participants who represent a Who’s Who of Jewish food professionals, including writer and tour guide Katharine Romanow; acclaimed chef and author Ann Cooper; Goodie Girl CEO Shira Berk; wine expert Alexander Fox; cookbook celebrity author Joan Nathan; Gefilteria founder Jeffrey Yoskowitz; Nigel Savage, founder of Hazon, one of The Harvest’s partner organizations; and Charles and Lynn Schusterman Family Foundation Vice President Lisa Eisen.

Jewish Press News Briefs

Technion Ranked with MIT for Graduates Who Are High-tech CEOs

Sunday, September 1st, 2013

Ever wondered where the most successful tech CEOs get their degrees? Bloomberg Rankings has the answer.

After analyzing the alma maters of 250 CEOs of U.S. tech companies with a market value of more than $1 billion, Bloomberg found the Technion-Israel Institute of Technology tied for seventh with MIT, Rice University and the University of Texas.

Israel is home to one of the world’s top tech hubs and Technion is where many of the country’s brightest go to train, according to the rankings.

One of those brightest is Stratasys CEO David Reis. According to Bloomberg, Reis’ 3-D printer maker acquired New York-based MakerBot Industries for at least $403 million earlier this year. The listing also cited the Technion’s collaboration with Cornell University to build a $2 billion tech campus and startup incubator on New York City’s Roosevelt Island.

JTA

Natural Gas in Israel – the Promise of Energy Independence

Friday, November 9th, 2012

(((CLICK BELOW TO HEAR AUDIO)))

Yishai is joined by Tamir Druz, the CEO of Israel CNG to discuss massive natural gas fields recently discovered in Israel. They talk about the discovery of the fields along with the potential uses for clean natural gas including its use in cars and buses throughout Israel.  Don’t miss this segment!

Yishai Fleisher on Twitter: @YishaiFleisher
Yishai on Facebook

Moshe Herman

AARP Throws Granny Under the Bus

Wednesday, October 24th, 2012

If any single business lobby—yes, business lobby—stands as an obstacle to entitlement reform, it is the American Association of Retired People [AARP]. There is nothing wrong with being a successful business, and the AARP should be credited for being just that. But there is something unsavory, at least, about being in the business of duping the elderly. Dissimulating—even to the elderly—is not illegal, nor should it be. A government powerful enough to prevent the AARP from duping old people is a more powerful government than any of us should want. There is no evidence that the AARP is technically breaking the law. But what they are doing is exploiting the elderly for a fast buck while lobbying—consistently—for the massive expansions of the federal government.

Let’s start with this statement from the AARP’s website:

Barry Rand is chief executive officer (CEO) of AARP, the world’s largest nonprofit, nonpartisan membership organization dedicated to social change and helping people 50 and over to improve the quality of their lives. Mr. Rand is a dynamic leader and change agent who brings to AARP a proven track record of leading both multibillion-dollar businesses and smaller, private equity-driven businesses. He has served as chairman and chief executive officer of Avis Group Holdings, CEO of Equitant Ltd., and executive vice president, Worldwide Operations, at Xerox Corporation. He serves as chairman of the Board of Trustees of Howard University.

That’s a a heavy-hitting resume for the head of “a non-profit, non-partisan nonprofit, nonpartisan organization that helps people 50 and over improve the quality of their lives,” isn’t it? It should be a clue. It is. Barry Rand is the CEO not only of a non-profit organization, but a very profitable organization that is also called the AARP.

The AARP, in principle, is a 501(c)(4) tax-exempt non-profit association. The (c)(4) designation is reserved for “Civic Leagues, Social Welfare Organizations, and Local Associations of Employees;” the key constraint upon its operation is that its net earnings must be devoted exclusively to charitable, educational, or recreational purposes.

What is poorly understood—particularly by the elderly—is that there are eight entities linked to the AARP label, of which five are taxable, for-profit companies: AARP Insurance, AARP Services, Inc., AARP Global Network LLC, AARP Properties LLC, and AARP Financial, Inc. The profit-making and non-profit AARP entities are not only linked by their name—there is a great deal of overlap among boards of directors.

This is not illegal, but it is clearly unethical, in so far as these companies are using AARP’s reputation as a neutral advocate for the elderly to sell stuff to the elderly. Given that only the Catholic Church has a larger American membership, the AARP’s endorsement is to the old-people market as a Papal indulgence is to sinners.

To put it crudely, the non-profit part of the AARP is a front. The non-profit arm, as advertised, “provides a wide range of unique benefits, special products, and services for our members.” If you join the AARP for a low annual membership fee, you get discounts on hotels and cruises, and lots of magazines and newsletters about graying gracefully and staying spry. You can even listen to AARP radio and watch AARP TV—in Spanish, too!

But the media organs are the loss leaders: The revenue comes from the massive mailing list and the AARP name, which it licenses to for-profit companies—health insurers, in particular. In other words, it uses advocacy for the elderly as a sales tool. And indeed, AARP does conduct useful research and provide useful services to the elderly. But this is not its primary function. Its primary function is to sell stuff to old people via AARP Services Inc., which is not only a profit-making company, but a very profitable one: supplemental health insurance, discounts on prescription drugs, entertainment and travel packages, long-term care insurance, and automobile, home and life insurance, anything old people like—that’s what AARP sells. If you want to speak to the elderly, sell anything to the elderly, or get the elderly to vote for you, the AARP is the gatekeeper. This gives AARP an almost unrivaled power to blackmail Congress—which it does.

The profit and non-profit parts of AARP combined amount to an organization that in 2009 enjoyed gross receipts of $2.2 billion. The NRA—the second-largest officially non-profit advocacy group—is only one-eighth this size, financially speaking. The highest-spending lobbyists in Washington are, in descending order, the US Chamber of Commerce, General Electric, the American Medical Association, the American Hospital Association, the Pharmaceutical Research and Manufacturers of America, and the AARP. They are all business lobbies, whether or not they claim non-profit status. Only the AARP, however, has managed to persuade the public that it is not.

There can be no entitlement reform unless a barrier is placed between the AARP and the legislative process, and so far, no politician has figured out how to do this without looking as if he is throwing granny under a bus. This is an immensely difficult problem: The elderly cannot be disenfranchised, nor can the AARP be deprived of its First Amendment rights.

There is only one realistic solution to this. Parents have a responsibility to protect their children. They also have a responsibility to protect their parents. Just as it is up to parents to protect their kids from exploitation by industries that are fundamentally unconcerned with their welfare, it is up to parents to protect their parents from exploitation by the AARP. It is even more difficult to persuade stubborn, aging parents to listen than it is to get through to recalcitrant teenagers. But it must be done. How? I suggest they follow the AARP’s advice. In its eldercare literature, it advises children to:

* Talk to your parents about scams that target the elderly.
* Educate yourself on current scams.
* Warn your older family members not to sign any forms or documents without reviewing the materials with another family member or attorney.
* Contact the media and the police about any fraudulent activity.
* Close any bank or credit card accounts that were involved in a scam.
* It is also important to remember not to blame your parent or older relative for falling victim to financial fraud. Be sure to explain to them what happened and the steps they can take to prevent against future scams.

Originally published at the Gatestone Institute.

S.K. Bhattacharya

Printed from: http://www.jewishpress.com/indepth/opinions/aarp-throws-granny-under-the-bus/2012/10/24/

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