Subscribe to Print Edition | Fri., October 03, 2008 Tishrei 4, 5769 | | Israel Time: 02:17 (EST+7) web haaretz.com   Back to Homepage Haaretz Toolbar Diplomacy Defense Jewish World Opinion National Print Edition Car Rental Books Haaretz Magazine Business Real Estate Easy Start Travel Week's End Anglo File

Israeli investment bankers find Wall St. tumble ruins Rosh Hashanah By Ofri Ilani Tags: Rosh Hashanah, Wall Street  As Avivit Mannet-Kalil sat in her Manhattan office last week, she saw a knot of people down the street. Helicopters and ambulances converged on the spot, and traffic stopped. "I was sure it was the first person committing suicide because of the crisis," said Mannet-Kalil, the co-CEO of the Oppenheimer Israel investment firm. It turned out that no one had committed suicide - a window had fallen from the upper floor of a building. But Mannet-Kalil described the situation as nerve-racking: "Everyone is waiting for something like this. They were afraid it would happen, because you know there are people losing their shirts. When you go around Manhattan you feel the tension. What's happening in the markets is all anyone talks about." Luckily for many investors, the Tel Aviv Stock Exchange "missed" the midweek drama because it was closed for the holiday. "On Monday investors told me 'it's so great there's no trading tomorrow in Tel Aviv,'" said Ilan Stark, head of the trading room of the local branch of American inventment bank Oscar Gruss. Still, people at Oscar Gruss in Israel were working throughout the holiday. "We'll all remember this holiday," Stark said. "The Dow Jones had its worst fall since October 1987. These are things you don't see every day." Advertisement Like other CEOs and brokers in Israel, Mannet-Kalil was at her family's holiday table on Monday, but she was constantly tuned in to reports from the United States. "I am sitting with my family on the eve of Rosh Hashanah, with my Blackberry on my lap under the table. I get text message after text message from clients. My partner decided he was going back to the office already. When Congress voted we were all around the computer," she said, referring to the $700 billion bailout Congress voted down on Monday. Stark said the past few weeks have been some of the most stressful he has experienced. "Meanwhile I don't see people jumping off the roof, but work is very intense. There's a lot of pressure. We have to speak to quite a few clients. Normally, the investment offices would be almost empty on the holidays. But that was not the case this week. "I decided ahead of time to keep people on standby in any case. The moment it became clear that the bailout did not pass, people came from home. There were a lot of calls from investors. I couldn't enjoy the holiday dinner," Stark said. "I went through the bursting of the high-tech bubble, but this is much more powerful," added Mannet-Kalil. "This is fear, a feeling of damage to the foundations. When there is a financial crisis, companies can't pay the next salary. When you live it you are so excited, so upset. You understand that you are witnessing a historic moment, one that will be studied academically for decades to come." Mannet-Kalil said she had met many people who had lost their job or were afraid of losing it soon. "People call me and check whether I'm hiring, but at the moment, naturally, I'm not." Related articles: U.S. stocks bounce as senate agrees to vote Wed. on bailout ANALYSIS / How will the U.S. economic crisis affect Israelis? Washington Mutual collapses in biggest bank failure in U.S. history Bookmark to del.icio.us   Rise in anti-Semitism ADL warns financial crisis is causing upsurge in anti-Jewish activity on the internet. Bubbes for Obama Comedian posts video calling on Jews to lobby Florida grandparents to vote Obama.   1.   Wall street tumble ruins Rosh Hashana 05:16  |  Eliezer Cohen 02/10/08   2.   Very lame article 08:10  |  x-ray 02/10/08   3.   Silly fools, Rosh Hashana cant be ruined by Wall Street 12:51  |  Harvey 02/10/08   4.   A little humor during the holidays 16:11  |  Sam C 02/10/08

Read & React Ex-U.S. weapons hunter: Iran 2-5 years from bomb Responses: 112 Iran supreme leader: Israel is on a path to destruction Responses: 98 IDF commander: Rightist violence encouraged by settler leaders Responses: 48 Aluf Benn: Israel has become a schizophrenic state Responses: 44 More Headlines 01:39 ADL: Financial crisis sparking upsurge in anti-Semitism on internet 01:26 Deri: Court punishing my supporters by barring me from Jerusalem vote 22:03 Iran official: We may halt enrichment for nuclear fuel guarantees 21:45 Pakistan President gets fatwa for 'flirting' with Sarah Palin 00:53 VIDEO / Comic tells U.S. Jews to make sure their bubbes vote Obama 22:21 From The Fringe, Post II / Israel and modern-day slavery 13:30 NEW ON HAARETZ.COM / Play the news: Build your own Israeli government 22:21 TASE suffers sharp losses as Senate okays $700b bailout 18:50 Man charged with raping mentally disabled girl, infecting her with AIDS 17:49 Top IDF general: Don't be fooled by the quiet in the North 01:43 Olmert refuses to respond to questions on Rishon Tours affair 12:09 Report: Israel believes Syria renewing its nuclear activity 13:09 Rightist MK: Attack on leftist prof. being used as excuse to sully settlers 20:59 Lake Kinneret drops to lowest ever recorded water level 10:26 VIDEO / Israeli, Palestinian women come together to lose weight Previous Editions Select Day 02 oct 01 oct 30 sep 29 sep 28 sep 26 sep 25 sep 24 sep 23 sep 22 sep 21 sep 19 sep

Special Offers Advertisement Fattal Hotel Chain Perfectly located hotels on best resorts of Israel. Dial 013 for your long-distance calls and get all your money back US CITIZENS Vote for real change. Request your ballot today! Eldan Rent a Car Israel's leading car rental company offers you a 20% discount on all online reservations Jewish Singles Personal Ads Find the love of your life on JDate.com Israel's Premier Real Estate Website www. israel-property.com Hebrew Summer courses From $39.95 Junkyard Junk a car - get free towing nationwide and a tax-deductible receipt

Home | TV | Print Edition | Diplomacy | Opinion | Arts & Leisure | Sports | Jewish World | Underground | Site rules |

Real Estate in Israel | Travel to Israel with Haaretz | Hotels Israel | Restaurants Israel | Tourist attractions Israel | Shops Israel

birthright Israel | Search engine marketing

Haaretz.com, the online edition of Haaretz Newspaper in Israel, offers real-time breaking news, opinions and analysis from Israel and the Middle East. Haaretz.com provides extensive and in-depth coverage of Israel, the Jewish World and the Middle East, including defense, diplomacy, the Arab-Israeli conflict, the peace process, Israeli politics, Jerusalem affairs, international relations, Iran, Iraq, Syria, Lebanon, the Palestinian Authority, the West Bank and the Gaza Strip, the Israeli business world and Jewish life in Israel and the Diaspora.

© Copyright  Haaretz. All rights reserved