Bank of Israel chief warns 'worst is yet to come'

Bank of Israel Governor Stanley Fischer likened Bernard Madoff's alleged $50 billion fraud to the global financial crisis: In both, sophisticated investors missed warning signs that something was awry.

"You get into a way of thinking," Fischer, who's been a student of the world economy for the past quarter century as an academic, banker and policy maker, said in an interview at the central bank's Tel Aviv offices.

"You get into a way of accepting things that people do," said Fischer.