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Regulators shutter bank co-founded by Jewish donor Scott Shay
(JTA) — Following the failure of Silicon Valley Bank, federal regulators have shuttered Signature Bank, whose chairman, Scott Shay, is a major donor to Jewish causes.
The New York-based bank was closed on Sunday, two days after Silicon Valley Bank’s collapse, stoking panic in the markets and assurances from President Joe Biden on Monday that the banking system was safe.
Both Signature Bank and Silicon Valley Bank shut down because of depositor runs on their holdings. In Signature’s case, the run was triggered by concerns that the bank was one of just a handful that welcomed deposits in cryptocurrency, a market that crashed over the course of 2022.
Signature specialized in deposits from realtors and lawyers. It drew scrutiny from regulators in 2018 for its relationship with people in the circle of then-President Donald Trump, including his Jewish son-in-law and senior adviser, Jared Kushner.
Shay co-founded Signature Bank in 1999 with Joseph DePaolo and received the backing of one of Israel’s major banks, Bank Hapoalim. He has been a major funder of Jewish and pro-Israel causes, with a focus on education. According to an online biography. he has served on the boards of the UJA-Federation of New York, the Partnership for Excellence in Jewish Education and the Jewish Agency for Israel, and has also been a supporter of Birthright Israel. He is the president of Chai Mitzvah, which facilitates Jewish text study in groups.
In recent years, he has also been a donor to the New York Jewish Week, which is published by the Jewish Telegraphic Agency’s parent company, 70 Faces Media.
Shay has written two books on Jewish faith and identity: “Getting Our Groove Back: How to Energize American Jewry,” in 2006, and “In Good Faith: Questioning Religion and Atheism,” in 2018. He also wrote a book about anti-Zionism on college campuses, “Conspiracy U: A Case Study,” in 2021.
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FBI Investigating Minnesota Fraud Scheme, Director Says
FBI Director Kash Patel attends the signing of an executive order by US President Donald Trump on a deal that would divest TikTok’s US operations from ByteDance from its Chinese owner ByteDance, at the White House in Washington, DC, US, Sept. 25, 2025. Photo: REUTERS/Kevin Lamarque
FBI Director Kash Patel said on Sunday the agency had deployed personnel and investigative resources to Minnesota to “dismantle large-scale fraud schemes exploiting federal programs.”
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Netanyahu Departs for Florida to Meet with Trump at Mar-a-Lago
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime Minister’s office in Jerusalem, Aug. 10, 2025. Photo: ABIR SULTAN/Pool via REUTERS
i24 News – Prime Minister Benjamin Netanyahu took off Sunday morning at 7:30 AM IST on the “Wings of Zion” aircraft to Florida ahead of his meeting with President Donald Trump, set to take place at his private estate in Mar-a-Lago. In their meeting, the two are expected to discuss the transition to Phase B of the ceasefire agreement in the Gaza Strip.
Netanyahu is scheduled to land in Florida at 2:00 PM EST. His meeting with the US president is set to take place on Monday at 3:30 PM local time at Mar-a-Lago.
In addition to the Trump summit, Netanyahu is also expected to meet with US Secretary of State Marco Rubio, as well as with members of the Jewish community in Miami and the Christian Evangelical community known for its support of Israel.
Netanyahu will attend a meeting with US Secretary of State Marco Rubio early Monday afternoon before meeting with Trump.
On Wednesday, the Israeli Prime Minister will meet with Evangelical leaders at 10:30 AM local time at his hotel and will then head to the Temple of Bal Harbour for an event with lawmakers, Jewish and community leaders, and local students.
He takes off for Israel on Thursday afternoon and is expected to land in Israel early Friday afternoon.
Netanyahu is expected to clarify Israel’s position to Trump, namely stating that the transition cannot take place before the completion of the first phase, which includes the return of the body of the last Israeli hostage, Ran Gvili.
Netanyahu will also raise the issue of the Iranian threat and the concern in Israel about the possibility of the ceasefire being exploited on the other fronts where Israel has been fighting in the past two years, including Syria and Lebanon.
i24NEWS’s Weekend Edition reported Saturday evening that the “Wings of Zion” plane will fly on a route that passes over Canada, despite the international arrest warrant against the Prime Minister.
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Iron Beam: IDF’s First Operational High-Power Laser Defense System
The “Or Eitan” system. Photo: Spokesperson and Public Relations Division of the Ministry of Defense
i24 News – Israel has achieved a major technological breakthrough in defense with the delivery of its first operational high-power laser system, “Or Eitan” (Iron Beam), to the IDF. The handover took place Sunday at Rafael’s facility, with Defense Minister Israel Katz and senior military and industry officials in attendance.
Developed over several years, “Iron Beam” is the first interception laser of its kind in the world to reach operational maturity.
During extensive testing, the system successfully intercepted rockets, mortar shells, and drones under conditions simulating real combat scenarios.
The laser will be integrated into Israel’s multi-layered air defense network, complementing the Iron Dome, David’s Sling, and Arrow systems. Operated by the Israeli Air Force, it offers a significant economic advantage: its marginal cost per interception is nearly zero, a major shift in the cost equation for missile defense.
The project was led by the Ministry of Defense’s Directorate of Research and Development in close cooperation with Rafael, Elbit Systems, responsible for the laser source, and other Israeli defense companies. Combining an advanced laser source with a unique electro-optical sight, the system provides maximum accuracy and efficiency at extended ranges.
The system’s name, “Or Eitan,” (Iron Beam) honors Captain Eitan Oster, who fell in battle in southern Lebanon.
Minister Katz described the milestone as a “game changer” that sends a strong message to Israel’s adversaries, from Tehran to Sanaa and Beirut. Rafael hailed the delivery as the beginning of the defensive laser era, placing Israel at the forefront of interception technology worldwide and reinforcing its strategic technological edge for future security challenges.