JPMorgan Out-Squids Goldman As Frenkel Tentacles The Bank Of Israel

Tyler Durden's picture

Following the 'coup' that led to JPMorgan's Matt Zames running the TBAC (and implicitly the US Treasury and Fed if one were inclined to believe that is where the real smarts are), it seems Goldman Sachs has once again been out-'vampire-squid'-ed as Jacob Frenkel - Chairman of JPMorgan Chase International - is set to take back the reins of the Bank of Israel.

As The Jeruslaem Post notes, aside from his time at JPMorgan, Frenkel was also vice chairman of insurance giant AIG, and chairman of Merrill Lynch International. Intriguingly, in his prior term at the Bank of Israel (13 years ago), Frenkel "was known in his time as having fought inflation, even at the expense of growth."

Replacing Fischer, who Bloomberg notes educated Ben Bernanke and Mario Draghi while at MIT, Frenkel holds one other key position - Chairman and CEO of the all important Group of 30 (G-30) - which is basically the shadow central planners of the world (don't believe us? check out the roster of current members) and do not forget what they have proposed in the past.

 

Via The Jerusalem Post,

... “It’s important to note that the problems the economy faces today are totally different than those Prof. Frenkel dealt with in his previous term.

 

The biggest problem today is slowed growth. [Frenkel] was known in his time as having fought inflation, even at the expense of growth.

 

...

 

[The opposition party noted] the decision proved that, despite Frenkel’s previous achievements, Netanyahu “is unable to think outside the box. What has been is what will be.”

 

Earlier in June, Netanyahu hinted that he was seeking to replace Fischer with a candidate residing abroad, saying at a Likud Beytenu faction meeting that his next nominee would “continue the impressive list of Frenkel and Fischer”