Yousef Beidas
Encyclopedia
Yousef Beidas (December 1912 - 28 November 1968) was a Palestinian
Lebanese
banker. As the founder and Chairman of Intra Bank
he was the central figure in one of the Middle East's greatest financial success stories and later one of its most disastrous financial collapses.
Born in Jerusalem, Palestine
under Ottoman
rule, Beidas was the son of Palestinian
author and scholar Khalil Beidas
. Having fled Palestine with his pregnant wife in 1948 he took up Lebanese nationality on account of his Beirut-born mother.
The collapse of Intra Bank
in October 1966 brought the Lebanese economy to a halt and sent shockwaves throughout the Middle East. The circumstances which surrounded Intra's fall remain to this day controversial issues. The surprisingly weak support from the Lebanese government and the very public allegations over Charles Helou
's role in the affair have been attributed to such issues as Beidas' Palestinian origin and envy over Beidas' almost complete control of the Lebanese economy.
Najib Alamuddin wrote in his autobiography The Flying Sheikh:
"I am convinced the affair was the beginning of the disintegration of Lebanon and its old type of Lebanese government - a system corrupt in style and morals that had plagued Lebanon since independence and finally plunged the nation into a civil war that threatened its very survival as an independent state."
Edward Said
had a slightly different take on the events in his autobiography Out of Place:
"Beidas' astounding rise and fall was considered by some to presage the terrible Lebanese-Palestinian disputes of the seventies, but it seemed to me to symbolize the broken trajectory imposed on so many of [the Palestinians] by the events of 1948"
Palestinian people
The Palestinian people, also referred to as Palestinians or Palestinian Arabs , are an Arabic-speaking people with origins in Palestine. Despite various wars and exoduses, roughly one third of the world's Palestinian population continues to reside in the area encompassing the West Bank, the Gaza...
Lebanese
Lebanon
Lebanon , officially the Republic of LebanonRepublic of Lebanon is the most common term used by Lebanese government agencies. The term Lebanese Republic, a literal translation of the official Arabic and French names that is not used in today's world. Arabic is the most common language spoken among...
banker. As the founder and Chairman of Intra Bank
Intra Bank
Intra Bank was a Lebanese bank, and the largest financial institution in the Middle East until its collapse in 1966.-Foundation and Rise of the Bank:...
he was the central figure in one of the Middle East's greatest financial success stories and later one of its most disastrous financial collapses.
Born in Jerusalem, Palestine
Palestine
Palestine is a conventional name, among others, used to describe the geographic region between the Mediterranean Sea and the Jordan River, and various adjoining lands....
under Ottoman
Ottoman Empire
The Ottoman EmpireIt was usually referred to as the "Ottoman Empire", the "Turkish Empire", the "Ottoman Caliphate" or more commonly "Turkey" by its contemporaries...
rule, Beidas was the son of Palestinian
Palestinian people
The Palestinian people, also referred to as Palestinians or Palestinian Arabs , are an Arabic-speaking people with origins in Palestine. Despite various wars and exoduses, roughly one third of the world's Palestinian population continues to reside in the area encompassing the West Bank, the Gaza...
author and scholar Khalil Beidas
Khalil Beidas
Khalil Beidas was a Palestinian Christian scholar, educator, translator and novelist...
. Having fled Palestine with his pregnant wife in 1948 he took up Lebanese nationality on account of his Beirut-born mother.
The collapse of Intra Bank
Intra Bank
Intra Bank was a Lebanese bank, and the largest financial institution in the Middle East until its collapse in 1966.-Foundation and Rise of the Bank:...
in October 1966 brought the Lebanese economy to a halt and sent shockwaves throughout the Middle East. The circumstances which surrounded Intra's fall remain to this day controversial issues. The surprisingly weak support from the Lebanese government and the very public allegations over Charles Helou
Charles Helou
Charles Helou was President of Lebanon from 1964 to 1970.Born in Beirut, Helou was the scion of a powerful Maronite family from Baabda. He graduated with honours from St. Joseph's University in Beirut in 1929, and went on to complete a Law degree in 1934...
's role in the affair have been attributed to such issues as Beidas' Palestinian origin and envy over Beidas' almost complete control of the Lebanese economy.
Najib Alamuddin wrote in his autobiography The Flying Sheikh:
"I am convinced the affair was the beginning of the disintegration of Lebanon and its old type of Lebanese government - a system corrupt in style and morals that had plagued Lebanon since independence and finally plunged the nation into a civil war that threatened its very survival as an independent state."
Edward Said
Edward Said
Edward Wadie Saïd was a Palestinian-American literary theorist and advocate for Palestinian rights. He was University Professor of English and Comparative Literature at Columbia University and a founding figure in postcolonialism...
had a slightly different take on the events in his autobiography Out of Place:
"Beidas' astounding rise and fall was considered by some to presage the terrible Lebanese-Palestinian disputes of the seventies, but it seemed to me to symbolize the broken trajectory imposed on so many of [the Palestinians] by the events of 1948"