Opinion What a Deadbeat Tycoon's Fall Really Means for Israel

The haircut Eliezer Fishman gave his investors is irksome, but the real problem is that, barred from the rich, the banks started heaping money on everyman. Lavishly.

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It’s easy to be enraged at the story of Eliezer Fishman and his big, ugly pile of debt. His business empire ran up some 4.5 billion ($1.3 billion) in debt over the years, but he long ago stopped paying...