Some 600 Israeli companies and 850 Israeli shareholders are listed in the leaked documents of Panamanian law firm Mossack Fonseca, a leader in creating shell companies that often serve to conceal ownership of assets. The leaked files, which were obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists with…
Prime Minister Benjamin Netanyahu of Israel said he will appoint Moshe Kahlon as the country’s finance minister. Kahlon, the founder and leader of the center-right Kulanu party, met with Netanyahu on Tuesday night, Haaretz reported. A day earlier, Kahlon had announced that his party, which won 10 Knesset seats in last week’s election, would join…
Ninety-two universities in North America have endowments of more than $1 billion. Yeshiva University’s was the only one that shrank in value last year. Y.U.’s endowment fell $90 million, from $1.18 billion to $1.09 billion, according to an annual survey by Commonfund and the National Association of College and University Business Officers. During the same…
Yeshiva University’s president, Richard Joel, has offered his first public explanation for Y.U.’s financial turmoil. Joel blamed several current and former members of staff, as well as the university’s “antiquated and opaque” accounting systems, for concealing the true scale of Y.U.’s deficits. In an interview with a university newspaper, The Commentator, Joel said his former…
Yeshiva University’s plan to shed its cash-draining medical school to Montefiore Health System has collapsed. The breakdown of Y.U.’s plan to hand over operational and financial responsibility for the Albert Einstein College of Medicine, revealed in a December 9 report by Moody’s Investors Service, has exacerbated Y.U.’s financial woes. Moody’s left its B3 junk status…
Jewish settlements in the West Bank and on the Golan Heights received a higher share of state funds than other communities, according to a new report. Arab towns receive the second highest amount of state funds per capita followed by development towns, according to the report by the Adva Center, which tracked Israeli government spending…
Yeshiva University’s financial turnaround will take years even if the school can correct longstanding fiscal mismanagement by its own leadership, according to a stark report from Moody’s Investor Services. The ratings agency released the report on March 25 to explain the “rapid deterioration” of Y.U.’s credit rating, which has plunged from a high investment grade…
Anxiety is building at Modern Orthodoxy’s flagship institution, Yeshiva University, as rumors swirl of looming cuts to address a financial crisis. Y.U.’s official student newspaper, the Commentator, reported November 20 that the school’s president, Richard Joel, “may announce mandatory furloughs to Y.U. employees” pending an emergency meeting of the University’s board of directors. School officials…
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