Gornitzky's Chairman criticizes Israeli regulation.

Mr. Pinhas Rubin, Chairman of Gornitzky & Co., criticized the toughening of Israeli regulation at an economics conference hosted by the Globes newspaper and the Tel Aviv Chamber of Commerce. He spoke of consequential damages that he fears the evolution of Israeli regulation seems to be causing, and of regulators who mean well but only do harm, saying, “There are regulators who mean well, but do the opposite when they force the breaking up of pyramids and of companies who hold financial and non-financial assets… One should regulate out of experience, not arrogance. I watch regulators who have just entered their positions feel that they know better than everyone, and this requires restraint.  The regulations nowadays are oppressive and impossible.”