This is a massive scandal.
If these Israeli bonds go bad, which is increasingly possible, Palm Beach is done. No public entity puts 20% of their portfolio into foreign bonds. The next question that should be pursued is whether kick backs were involved.
Wrapping up part two of my Palm Beach-Israel Bonds story and I still can’t get over this part.
This man, Ned Nashban, sat on the Palm Beach County Investment Advisory Committee from 2013-2026. He is responsible for initiating 2 separate motions to increase the allowed portfolio cap on Israel Bonds, one in 2021 and one in 2024…
And of course in this role he advise Palm Beach County as they acquired an UNPRECEDENTED… completely UNHEARD OF… recording breaking position in Israel Bonds to the tune of over $1 billion which comprises between 15-18% of the county’s entire investment portfolio…
And he did this ALL while also sitting on the Israel Bonds National Advisory Council and also while having served as the Palm Beach County State of Israel Bonds Chairman AND a board member for the Development Corporation for Israel- which is the entity that issues Israel Bonds.
All of which he disclosed during his initial confirmation process… and like… literally no one on the Palm Beach County Board of Commissioners seemed to think there was a problem or conflict of interest having THIS guy advise them on investing in Israel Bonds???
This would be a huge scandal in any other context- likely triggering both state and federal investigations- but because it’s Israel Bonds it’s business as usual and anyone who complains is completely ignored.