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February 15, 2002/Adar 3 5762, Vol. 54, No. 22
Closed doorsEditorialThe national press release announcing the closing of the Phoenix Israel Bonds office couched the calamitous and ill-advised decision in typical press release double-talk."State of Israel Bonds announces that the Israel Bonds Los Angeles office will expand its territory to include Arizona and the San Diego region," it stated. The release did not mention that the closure would end the presence of a local Israel Bonds office for the first time in more than 50 years. Nor did it mention that the Phoenix office and its cadre of committed leaders has significantly increased local investment in Israel under the professional direction of Executive Director Tina Sheinbein. A Valley bonds presence was established in July 1951, when a local group of volunteers pledged some $50,000 in investments in Israel. In 1998, when Sheinbein came on board, the local affiliate secured about $1 million in investments. In 1999, its investments totaled about $1.5 million, and last year, $3 million. Nationally, bond sales for 2001 totaled $650 million. Bonds provide an infusion of cash into the Israeli economy for specific projects to build the economic infrastructure of the country. While the bulk of investors have traditionally been private individuals, a more recent focus here has been cultivation of state, municipal, corporate and foundation investment. As reported by Editor Barry Cohen, the closure of the Phoenix office was the result of a "mandate from the Israeli government to economize." And surely with the continuing violence in Israel and disastrous effects on its economy, such a move to cut back could be viewed as prudent and fiscally responsible. But perhaps the organization could have trimmed expenses at all its affiliates rather than closing off opportunities for vital person-to-person contact in one of the fastest-growing Jewish communities in the country. It's penny-wise, pound foolish. Shame on Israel Bonds for discounting the accomplishments of its dedicated supporters, ignoring the enormous potential in the Valley and closing the doors of the local office. |
