The decision by former President Shimon Peres to cancel his business agreement with Bank Hapoalim is too little, too late.

The affair began April 19 when journalist Sharon Shpurer of the economic daily TheMarker disclosed that Peres, 92, would receive a monthly retainer of $30,000 from the bank in exchange for promoting the bank’s affairs. In other words, Peres, of course, has an extensive contact network from his 70 years in public affairs. As part of this agreement, he was supposed to participate in the bank’s glitzy celebration April 28 in New York on the 40th anniversary of the bank’s activities in the United States

If Peres’ deal with the bank had not been disclosed, he probably would have flown with his assistants to New York. But as part of damage-control tactics, the trip was canceled. Initially, Peres’ closest aides argued that he is a private citizen and that the agreement had been made through Peres and Associates Co., which he founded with his son Chemi Peres. According to Peres’ associates, this company provides services to international companies abroad and the lion’s share of the money goes to philanthropy.

Immediately after Peres’ deal with the bank became public, the former president came under harsh criticism from both the right and left; social justice organizations called on Peres to annul the agreement. Knesset member Zehava Gal-On, the Meretz Party chairwoman, called him “a money-power lobbyist,” who will help the bank fight reforms. Knesset member Shelly Yachimovich of the Zionist Camp tweeted, “I knew that Peres loves honor, it turns out that he also loves money.”