Israel - Group Requesting Regulations on Gemach Activity Without Delay |
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Published on:
March 4, 2010 08:13 PM
News Source: IsraelNN
News Source: IsraelNN
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FileIsrael - In a letter send to the supervisor of the Israeli Banks, the Movement for Quality Government is requesting regulations on Gemachs.
“The Gemach (lending) market [popular in the Haredi religious community – Ed.] accounts, according to various estimates, for hundreds of millions of shekels a year, and the government must regulate its activities through law without delay,” wrote the Movement for Quality Government in a letter sent to Bank of Israel Governor Stanley Fischer and to the Supervisor of the Banks, Rony Hizkiyahu.
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Read Comments (9) — Post Yours »
1
Mar 04, 2010 at 07:24 PM Come on Says:Report as Inappropriate
P.S.- You can regulate the Gmachs right after you regulate the Anti-Semetism coming from the so called "Movement for Quality Government"
2
Mar 04, 2010 at 08:20 PM Anonymous Says:Report as Inappropriate
A new Law was submitted this week in the Knesset by MK Harav Moshe Gafni to exampt the Gemach's from any Bank regulations and it was approved by the Stanly Fisher of the Bank of Israel, so this groups request is just a response to it.
3
Mar 04, 2010 at 09:18 PM Anonymous Says:Report as Inappropriate
Most of these Gemachs are legitimate lending institutions but some have been used as conduits to launder money for drugs, fraudulent stock and securities transactions and other illicit activities involving activities we cannot even mention here on VIN. They do need regulation like any ordinary bank.
4
Mar 04, 2010 at 11:35 PM RTJ Says:Report as Inappropriate
And who knows how much money intended for charitable purposes dissapears into someone's pockets...it would be a nice thing indeed if this law passes, but we know that waht usually happens when powerful folks have their personal gains to protect...
5
Mar 04, 2010 at 11:49 PM Anonymous Says:Report as Inappropriate
“ P.S.- You can regulate the Gmachs right after you regulate the Anti-Semetism coming from the so called "Movement for Quality Government" ”
regulations is a good think for the consumers they should not lose there savings by an unresponsble gmac"h leaders like it happened recently with a well known gma"ch....
6
Mar 05, 2010 at 02:59 AM Come on Says:Report as Inappropriate
“ regulations is a good think for the consumers they should not lose there savings by an unresponsble gmac"h leaders like it happened recently with a well known gma"ch.... ”
You are fooling yourself if you think that is what these people want. They want to shut down Gmilas Chasodim organizations under the guise of regulations, and that the want to "protect" the unsuspecting contributtor. Boone is putting their life savings into a lending gmach, and if they did, I'm sorry but regulations won't help these people.
7
Mar 05, 2010 at 04:41 AM Anonymous Says:Report as Inappropriate
Yes, only in the medine can Jews in name only and sofek Yidden place restrictions on Jews who are mekayem Torah uMitzvos. Baruch ata Hashem asher lo asani "Israeli"!
8
Mar 05, 2010 at 09:25 AM joe shmoe Says:Report as Inappropriate
“ regulations is a good think for the consumers they should not lose there savings by an unresponsble gmac"h leaders like it happened recently with a well known gma"ch.... ”
You have a wonderfull point, however, regulating the g'machs will ensure their demise! People now more then ever need access to other people lending them INTEREST free money. Now if these bums really want interest free loans, why dont they just open their own g'machs! answer: they can't stand it that they would never work over-time to help a fellow in time of need, for totally free! They can't stand us that we have such wonderful institutions. it's pure kinah.
Just a sidenote: Every good thing has people taking advantage. The main thing is that if 95% of the time it's legit, we have to work to weed out the advantage takers. If it's 95% not legit, ONLY THEN we have to regulate.
9
Mar 08, 2010 at 12:08 AM Anonymous Says:Report as Inappropriate
Once again the Zionist medinah seeks to interfere with jews doing mitzvas and trying to help their fellow Jews. After all, why borrow money interest free when you can pay interest to the bank, the medinah gets a cut, and you're oiver an isser di'oireisa, all the the things that medinah looks forward to.