David R. Kotok quoted in…

US banks, tech firms offer support for Israel victims, announce aid

By Lananh Nguyen and Aditya Soni – REUTERS – OCT 13, 2023




Excerpt follows:

Oct 13 (Reuters) - As big U.S. corporations kicked off corporate earnings season this week, executives addressed the Israel-Hamas conflict and some companies launched fundraising efforts.

Fundraising efforts to relieve the crisis have been mobilized swiftly. Billionaires and members of the U.S. and Canadian Jewish community have contributed millions of dollars, military gear and clothing, and food and household supplies.


On Thursday, in a memo to employees, UBS (UBSG.S) said it would match $5 million in donations from employees and clients and would work to expand its network of partners to provide aid with resettlement for displaced families.


"There's pretty much universal condemnation of violence with civilian casualties," said David Kotok, co-founder of Florida-based investment advisor Cumberland Advisors.


He noted that firms have refrained from mentioning specifics, given the political sensitivities of the conflict. "Once someone ventures into the space of, 'who is the perpetrator and who is the victim,' you enter into the exposure of social media disinformation and risk," Kotok said.


Bosses at large tech companies have also issued strong statements.


Hewlett Packard Enterprise (HPE.N) CEO Antonio Neri said: "The attack by Hamas on Israeli civilians is unjustified and inexcusable" and Amazon CEO Andy Jassy called the attacks "shocking and painful to watch."


Read the full story at Reuters: https://www.reuters.com/world/us-banks-tech-firms-offer-support-israel-victims-announce-aid-2023-10-13/



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