The Fall of Lev Leviev
Economy more than hubris hurt Israeli mogul, MarketWatch says
The titanic fall of Lev Leviev, the Uzbekistan-born Israeli diamond and real estate mogul, gets attention from MarketWatch today. Ranked by Forbes as the world’s 210th richest man just two years ago, Leviev and his diamond mining company, Africa-Israel, are now mired in debt. He was famous for his ego, but it was the economy that felled Leviev, argues writer Amotz Asa-El. A longtime funder of Chabad, Leviev has faced criticism (along with censure) over the years for doing business with Angola, Burma, and apartheid-era South Africa. But that was nothing compared to diving “into the U.S. property market just when the subprime bubble was about to burst” and being heavily invested in Russia “when the war with Georgia chased away foreign investors and depressed local demand.” Leviev’s bad investment luck continues, Asa-El writes: He bought a $70 million spread in the London suburbs, which he’d probably like to unload now, “but for the condition of the British property market.”
How an Israeli King of diamonds overplayed his hand [MarketWatch]
Diamond Billionaire Takes New York [Forward]
Daily rate: $2
Monthly rate: $18
Yearly rate: $180
WAIT, WHY DO I HAVE TO PAY TO COMMENT?
Tablet is committed to bringing you the best, smartest, most enlightening and entertaining reporting and writing on Jewish life, all free of charge. We take pride in our community of readers, and are thrilled that you choose to engage with us in a way that is both thoughtful and thought-provoking. But the Internet, for all of its wonders, poses challenges to civilized and constructive discussion, allowing vocal—and, often, anonymous—minorities to drag it down with invective (and worse). Starting today, then, we are asking people who'd like to post comments on the site to pay a nominal fee—less a paywall than a gesture of your own commitment to the cause of great conversation. All proceeds go to helping us bring you the ambitious journalism that brought you here in the first place.
I NEED TO BE HEARD! BUT I DONT WANT TO PAY.
Readers can still interact with us free of charge via Facebook, Twitter, and our other social media channels, or write to us at email@example.com. Each week, we’ll select the best letters and publish them in a new letters to the editor feature on the Scroll.
We hope this new largely symbolic measure will help us create a more pleasant and cultivated environment for all of our readers, and, as always, we thank you deeply for your support.