State and local governments across the U.S. are being scrutinized for purchasing Israeli bonds at record-high levels, lured by government incentives and the possibility of hefty returns on their investments for purchasing Israeli debt.
Israel needed to fund its war on Gaza, and state and local governments in the U.S. were only all too eager to buy Israeli debt, leading to states, counties and cities becoming massive investors in the country. Last year, Israel sold a record $3 billion in bonds. (Related: Israel's DEBT has doubled to nearly $43 billion since declaring war on Gaza.)
The situation has turned Palm Beach County, Florida into the world's largest investor in Israeli bonds, with $700 million of the city's $4.67 billion investment portfolio invested in Israeli bonds.
"I'm ecstatic that we have these bonds in our portfolio," said Palm Beach County Clerk of the Circuit Court and Comptroller Joseph Abruzzo, a Democrat. Abruzzo claimed that the bonds have "great returns," are safe investments and benefit Palm Beach County taxpayers.
"I am proud to stand with what I consider our greatest ally in the entire world – Israel," Abruzzo said in an interview with the Jewish Press Agency. "With that said, these are incredibly safe investments. They're making an incredible return for county taxpayers and it made perfect sense for us from a fiduciary standpoint."
Abruzzo sued by Palestinian Americans who have lost family in Gaza
Abruzzo's decision to invest $700 million in public funds on Israeli bonds has sparked outrage in the local community. So much so that a group of Palestinian Americans is suing Abruzzo for using public money to finance Israeli military efforts in Gaza.
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The lawsuit accuses Abruzzo of violating state and county laws requiring officials to avoid risky investments and manage public funds without regard for ideological considerations. Abruzzo has disregarded financial warnings about the ability of Israel to pay back its debts and is motivated by his pro-Israel politics, the lawsuit claims.
Abruzzo rejects the claims in the lawsuit, arguing that investing in the bonds is not only legal but also beneficial in that they have delivered $172 million in interest payments to county coffers so far.
"We expect this frivolous case will be quickly dismissed," he said in a written statement. "Palm Beach County has a strong, diversified portfolio designed to protect taxpayers' investment."
The lawsuit was filed in the state circuit court in Palm Beach County on May 15, just two weeks after the news broke of Abruzzo's investment spree that municipal finance experts have warned is risky due to how much taxpayer money is concentrated on one type of investment a "highly unusual and possibly risky" move, according to one of the experts interviewed by the Jewish Telegraphic Agency.
The lawsuit was brought forward by three Palestinian American residents of Palm Beach County. Their lawsuit was filed anonymously and they are asking the court to allow them to proceed without being named due to fear of harassment and possible reprisals against their family members either in Gaza or the occupied West Bank.
One plaintiff said that he has lost 37 family members due to the Israeli assault on Gaza and that he has "suffered symptoms of PTSD, anxiety and depression knowing his county tax dollars are a significant contributor to the ongoing genocide in Gaza and endangering hi family members," reads the lawsuit.
Watch this clip from Fox News with former State Department spokesperson Morgan Ortagus accusing the White House of deliberately "slow-walking" U.S. military aid to Israel.
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