Ivar Kreuger - Knowledge

526:

promised that if construction wasn't finished by a particular date Kreuger & Toll would give the client a partial refund of $ 1,200 (about $ 18,000 in today's currency) for each late day. It is noteworthy that Kreuger & Toll's entire capital would have covered just two days of being late. The client, in turn, agreed to pay a bonus for every day the building was finished before the due date. Kreuger & Toll finished early and subsequently earned completion bonuses for every project. Within a few years, Kreuger & Toll was seen as the best building company in Sweden and one of the top firms in all of Europe.

465: 940:. That issue was called Kreuger & Toll "American Certificates". American investors had never seen an investment like this. It was part bond, part preferred stock, and part profit sharing option. The certificates enabled investors to gain exposure to a foreign company that had been paying dividends of 25 percent. It would be backed by the largest private loan to a foreign government (i.e. Germany) ever. Even in the midst of the growing panic investors went crazy for the issue and promised to buy 28 million dollars of the new securities. And this happened two days after 746:, Kreuger's companies gave loans to governments to speed up reconstruction. As a security, the governments would grant him the match monopoly in their country. This means that Kreuger gained a monopoly in match production, sales, or distribution, or a complete monopoly. The monopoly agreements differed from country to country. The capital was raised to a large extent through loans from Swedish and American banks, combined with issuing a large amount of participating debentures. Kreuger also often moved money from one corporation he controlled to another. 960:, a company established to facilitate his deals, Ivar created another innovative financial provision, which meant that during the first four years until October 1, 1929, International Match Corporation had the right to appoint the managing director of Garanta who alone was entitled to sign for the company. On or after October 1, 1929, International Match Corporation had the right to acquire 60 percent of the shares at par. This option term secured both initial control over Garanta and the right to own a majority of Garanta's shares in the future. 448:, when working for different engineering companies, among them The Consolidated Engineering & Construction Co. and Purdy & Henderson in New York. This new technique had not been introduced in Sweden at that time. In 1907, he managed to get the representative rights for the system for both the Swedish and the German markets, and at the end of 1907, he returned to Sweden with the goal of introducing the new methods in both countries at the same time. At that time, one of the experts in Sweden in concrete-steel constructions was his cousin 313:

with the name Eberth. They had a daughter in 1919, Grete Eberth (later to be an actress in Stockholm, married name Mac Laury). After some years, however, she divorced Eberth and moved back to Stockholm with her daughter, reuniting with Kreuger. Mr. Eberth once kidnapped the daughter in Stockholm and brought her back to Denmark. Shortly thereafter Ingeborg, without notifying the authorities or police, went down to Denmark and brought the daughter back to Sweden by hiring a private fishing boat in Denmark that took them over

574: 322: 283: 271: 969:

in summary form, if at all. Albert D. Berning of the firm Ernst & Ernst, International Match's auditor, rationalized it at the shareholder's meeting in 1926. He said "it is only customary to consolidate the assets and liabilities of companies in such a balance sheet when a substantial majority of the outstanding shares are owned by the parent company. Where less than such a majority is owned, the shares are included as investments." This invention gained rapid acceptance by others, e.g.

2728: 1478:

that not all was above board when he said, "I've built my enterprise on the firmest ground that can be found—the foolishness of people." Andrew Beattie said: "Ivar Kreuger is still a bit of an enigma in history. ...At times it seemed that he was a solid, if ruthless, businessman, and at other times he appeared every inch a scam artist. Between those times, he either built a match monopoly that overreached or orchestrated one of the biggest pyramid schemes in history."

149: 605:, run by his father Ernst Kreuger, uncle Fredrik Kreuger and his brother Torsten Kreuger, encountered financial problems. Kreuger was then advised by his banker Oscar Rydbeck to turn the factories into a stock corporation in order to raise more capital. This was the starting point for the reformation of the Swedish match industry as well as the major match companies in Norway and Finland. The goal was to get control of the entire match industry in Scandinavia. 263: 224: 291: 1452:. These were very popular, and a firm public belief in the rising Kreuger empire convinced contemporary Swedes to invest in these "Kreuger papers". Following the Kreuger crash, both the debentures and shares became worthless, and several thousand Swedes and small banks lost their savings and investments as a result. Large investors and suppliers apart from share holders, received a total of 43% back. The banks related to the 645: 51: 586: 881:, called it "an ingenious piece of financial engineering". Ivar began with Swedish Match where he divided the common shares into two classes. Each class would have the same claim to dividends and profits, but the B shares would carry only 1/1000 of a vote, compared to one vote for each A share. In this way Ivar could double the size of his capital, while diluting his control by just a fraction of a percent. 1336:. He met with Krister Littorin (vice president of Kreuger & Toll holding) and his own banker Oscar Rydbeck in Paris on 11 March to prepare for the Berlin meeting. But the day after, he was found dead in bed in his apartment at Avenue Victor Emanuel III. After questioning Kreuger's servants (his French maid, Mademoiselle Barrault, and the 530:

Kreuger was not among the board members in the construction company. How much of Paul Toll's company Ivar Kreuger owned has not been revealed—just that Paul Toll owned 60% in 1917 and, around 1930, 66% of the construction company. Kreuger & Toll Construction Co. has never shown up in any Kreuger & Toll Holding organisation charts.

1383:(published in English as: "Ivar Kreuger: The Truth at Last") arguing that his brother Ivar had been murdered. Recently, more books have been written saying more documents have re-appeared or were finally released to public scrutiny, and supporting Torsten Kreuger's assertions that his brother was murdered: 1494:—both heavily influenced by Kreuger's actions—that generally accepted accounting principles (GAAP) began to be established. Only in the 1970s and 1980s were auditors forced to accept more responsibility for the veracity of financial statements, but loopholes continued to exist (and probably still do). 1444:

report from 1930 had judged that of the $ 630m worth of assets the company claimed to have, $ 200m came from the match business, $ 30m were in the bank, and the other $ 400m were merely categorized as "other investments". When the company finally went bankrupt at the end of March 1932, claimed assets

968:

This term means that details of an enterprise do not appear in the parent company's financial statements. Some of these entities were more or less secret. The associated debt, called "off balance sheet obligations", didn't appear in any financial statements of the companies Ivar controlled other than

707:

matches in 1832 but they were dangerous because the yellow phosphorus used was poisonous and because it was in the match head and thus could easily light by accident. The Swedes improved on the design by using a safer red phosphorus, which they put on the striking surface of the matchbox. They called

1048:

sweetheart rescue deal with Prime Minister Briand, or he was incredibly lucky. He also made $ 5M (c. $ 91 million in 2023 dollars) due to the way the loan to France was structured. (It had been discounted and although France received only $ 70 million it was obligated to pay back $ 75 million.)

919:

Ivar and Lee Higginson & Co., his investment banker in the USA, decided to have International Match issue new securities called convertible gold debentures. "Debenture" is a debt instrument not secured by physical collateral or assets. They were issued to mature in 20 years and they were payable

660:

This company group now covered the entire match industry in Sweden, including all the major companies that manufactured the production machines used in the factories. The total number of employees working in match production in Sweden in 1917 was around 9000. It also had control over major companies

537:

After Ivar got involved in his father's match factories in Kalmar, he became more focused on "constructing" new companies or taking control of other corporations - usually paying with his own securities instead of cash - rather than buildings and bridges. Thus, by 1927, Ivar had bought banks, mining

317:

to Sweden. The new period with Kreuger lasted until around 1928; after that they just met occasionally. The last time they met was in November 1931, just before Kreuger started on his final trip to America. Eberth received the news about his death in Paris on March 12, 1932, from newspaper headlines

1477:

wrote "Boiler-room operators, peddlers of stocks in the imaginary Canadian mines, mutual-fund managers whose genius and imagination are unconstrained by integrity, as well as less exotic larcenists, should read about Kreuger. He was the Leonardo of their craft." Ivar himself admitted to some extent

1349:

I have made such a mess of things that I believe this to be the most satisfactory solution for everybody concerned. Please, take care of these two letters also see that two letters which were sent a couple of days ago by Jordahl to me at 5, Avenue Victor Emanuel are returned to Jordahl. The letters

1344:

He left a sealed envelope in the room, addressed to Krister Littorin, which contained three other sealed envelopes – one addressed to his sister Britta; one to Sune Schéle; and one addressed to Littorin. In the letter to Littorin (for some reason written in English although Littorin was his closest

1011:

concerns in the USA. Towards the end, in 1932, when he frantically gambled with the securities of corporations he controlled in the vain attempt to reverse their falling prices, he played the markets himself and had friends help him in the effort to prop up share prices. Between the end of February

927:

Ivar's popularity helped Lee Higginson sell $ 15 million of International Match gold debentures, at a price of $ 94.50 for each $ 100 of principal amount. Investors paid $ 94.50 in return for the right to receive interest of $ 6.50 per year for 20 years (6.5 percent of the hundred dollars principal

564:

became a close associate and an important teacher for Ivar in the financing business. He worked for Kreuger & Toll as a consultant from around 1912 until the Kreuger Crash in 1932 and was a member of its board of directors. For not having carried out his duties as a director he went to jail for

214:

autopsy of his financial empire stated: "The manipulations were so childish that anyone with but a rudimentary knowledge of bookkeeping could see the books were falsified." In March 1932, he was found dead in the bedroom of his flat in Paris. The police concluded that he had committed suicide, but

1497:

Kreuger got the nickname "Saviour of Europe" by lending about $ 400 million (equivalent to c. $ 6 billion today) to rebuild their shattered economies after World War I. He invented new financial instruments to help him raise funds and, of course, make him money. Indeed, many consider him to be the

1419:

which hit investors and companies worldwide, but particularly hard in the United States and Sweden. In 1933 and 1934, the U.S. Congress passed several security reform legislations that were meant to prevent a repeat of the Kreuger Crash. These bills were largely successful in their mission and the

1047:

of France decided to repay a previous $ 75 million-dollar loan from Ivar before it was due. Incredibly, the French agreed to pay this sum by April 1930, just before Ivar's first payment to Germany was due. That payment gave Ivar enough cash to make his first installment. Either he had negotiated a

1002:

He speculated with his personal funds and, especially, with the money of the corporations he controlled. Kreuger treated most of his companies as if they were exclusively his personal property. He frequently transferred funds from one corporation to another with little formality. A number of dummy

380:

He had a large private library in both his apartments in Stockholm and New York and quite a large art collection. The paintings were sold at different auctions held in September 1932, as all of Kreuger's private assets were incorporated into the bankruptcy. The collection in Stockholm comprised 88

312:

They met for the first time in Stockholm in 1913. According to the book she wrote after Krueger's death in 1932, he was not interested in marriage or children and was very much focused on his business. She broke off the relationship in 1917 and moved to Denmark, where she married a Danish engineer

1464:

took over most of the companies in the Kreuger empire. Swedish Match recovered shortly after the crash as did most of the industrial companies within the Kreuger empire. Swedish Match received a large government guaranteed loan that was fully repaid after several years. IMCO in US however did not

529:

Within six years after its incorporation, Kreuger & Toll earned annual profits of around $ 200,000 and was paying a substantial dividend of 15%. In 1917, the company was split into two separate companies: Kreuger & Toll Construction AB, with the majority of shares owned by Paul Toll. Ivar

1374:

While his family believed Ivar Kreuger to have been murdered, it was only more than 30 years after his death that many previously classified Kreuger & Toll documents and Ivar Kreuger documents were made public. Based on these and his insight in his brother's business and life, Ivar's brother

952:

The second Poland agreement also contained some extraordinary protection for International Match including a binary foreign exchange option, a kind of derivative contract, to protect International Match from any declines in the value of the dollar: "International Match Corporation shall have the

525:

of delays were assumed by the clients. Kreuger & Toll was the first firm in Europe to commit to finish projects by a fixed date, thus shifting the risk to the builder, who after all was in the best position to reduce delays. When Kreuger won the contract to build a six-story "skyscraper", he

640:

to accept the merger. He had been so persuasive in arguing for the merger that he managed to overvalue his side of the deal so that it was essentially the smaller organization taking over the larger one. It was his first big venture in inflating values, which became his prime tactic thereafter.

1314:

for the second time in his life to support him in raising a large increase in his loans. At this time his total loans from Swedish banks were estimated at half of the Swedish reserve currency, which had started to have negative effects on the value of the Swedish currency in the international

923:

Finally, these debentures were convertible, which meant that they could be converted into shares. If International Match performed well and the value of the shares increased, investors could switch from the debentures to the more valuable shares. The convertible feature made these securities

1498:

father of modern financial schemes. Oscar Rydbeck, his Swedish banker, said Ivar was the third richest man in the world. He, however, claimed "money as such means nothing to me". He controlled many legitimate, profitable businesses, some of which still exist to this day. (Examples include

924:

particularly attractive: they have both downside protection (because in the case of bankruptcy the bond holders were paid before the shareholders) and upside potential. In other words, the best of both worlds. "Ivar and Lee Higginson had designed their first financial mousetrap."

428:

After the start of the 20th century, Kreuger spent seven years traveling and working abroad as an engineer in the USA, Mexico, South Africa and other countries, but spent most of the time in the US. In South Africa, he ran a restaurant for a short time together with his friend

635:

to merge in December 1912, but they had not been interested as Vulcan was the dominating match company in Sweden. Ivar then started to acquire all of the match companies as well as most of the raw material companies he could find in and around Sweden and then finally got

337:, and a country place used during the summer season on the private island Ängsholmen in the archipelago of Stockholm. On business tours in Europe, he preferred to meet his business associates in Paris and then stayed in his flat at 5, Av. Victor Emanuel III (today named 910:

make use of some form of dual-class share structure or special voting rights. In the United States on the other hand, where rules on dual-class shares are much more restrictive and investor opposition is more vocal, just over 2% of companies issue restricted shares.

499:

The concrete-steel construction method of constructing buildings was not fully accepted in Sweden at that time and in order to market the new technique, Kreuger held several lectures and wrote an illustrated article on the subject in a leading engineering magazine,

197:

and industrial companies, besides his many match companies. Many of them have survived to this day. Kreuger & Toll, for example, was composed of bona fide businesses, and there were others like it. Another biographer called Kreuger a "genius and swindler", and

533:

Kreuger & Toll Holding became his financial holding company, with Ivar Kreuger as the general manager and major share holder. He controlled it with a tight grip. The board of directors consisted of Ivar, his father, Paul Toll and two very close colleagues.

1003:

corporations and holding companies (e.g. Garanta and Continental Investment Corporation) helped him to hide what he was doing. He also used other people as front men to conceal his actions, for example when he acquired almost half of the outstanding shares of

656:

One of the main designers behind this operation, besides Ivar, was his banker Rydbeck. The total number of shares in the new company was 450,000. Ivar Kreuger personally owned 223,000 shares and his new holding company, Kreuger & Toll Holding AB, 60,000.

680:

However, Kreuger not only "acquired" companies but also introduced a new way of thinking in the Swedish match industry with large scale production facilities as well as ideas to increase efficiency in production, administration, distribution, and marketing.

1042:

and, of course, award him a match monopoly. (He already controlled 70% of German match production before the loan agreement.) When he signed the contract, again he had no idea where he would obtain the huge amount; however, he was lucky. Prime Minister

719:

By expanding the Swedish Match company through acquisition of government-created monopolies, the Swedish company became the world's largest match manufacturer. Kreuger set up an affiliate to Kreuger & Toll AB in the United States, and together with

1340:

who had had contact with Kreuger in the morning) the French police and a physician came to the conclusion that he had shot himself some time between 10:45 a.m. and 12:10 p.m. A 9-mm semi-automatic gun was found on the bed beside the body.

1019:

His speculations were in foreign currencies, equities and derivatives and he also signed loan agreements with governments not knowing where the funds would be coming from. For example, the majority stake he had bought in a chemical company in

1485:

defied convention when it published its first audited financial statements in 1903. Indeed, accountants in the early 1900s "fiercely resisted efforts to impose strict accounting standards". It was not until the US Securities Acts' of

872:

Kreuger financed his activities by selling shares and bonds of his companies as well as through large bank loans, mainly the last two. The use of debt in addition to equity is called leverage and it magnifies both gains and losses.

855:

Obtaining a monopoly for the production and/or sale of matches in return for loans to governments was, in its essence, not a new way of doing business. Such schemes had been around for a long time (e.g. the Mississippi Bubble of

1031:

It has never been established how much Kreuger lost in these frantic efforts in early 1932, but it has been estimated to be between $ 50 million and $ 100 million (c. $ 1.7 billion and $ 2.2 billion in 2023 dollars).

376:

in 1928, a 37 ft, 4.9 ton motor yacht, equipped with a V12, 31.9 liter Hispano-Suiza engine from the US company Wright, with 650 HP output, capable of more than 50 knots (≈ 57 mph). A replica of the boat has been built.

903:, for example, allows companies to list dual-class voting shares. Once shares are listed, however, companies are not allowed to reduce the voting rights of the existing shares or issue a new class of superior voting shares. 876:

With respect to selling shares, he invented dual class ownership shares since he did not want to lose control of his companies. He called the class of shares with reduced voting power B shares. One of Kreuger's biographers,

192:

from their own money or that of subsequent investors. Although Kreuger did this to some extent, he also controlled many legitimate and often very profitable businesses, and owned banks, real estate, a gold mine, and

1309:

already warned of a bankruptcy of Kreuger's match company. By mid-1931, rumours spread that Kreuger & Toll and other companies in Kreuger's empire were financially unstable. In February 1932, Kreuger turned to

711:

It should be remembered that in the early part of the 20th century matches were a necessity for smoking and the lighting of stoves and gas appliances among other uses, and therefore demand for them was highly

920:

in either dollars or gold, at the holder's option. These bonds gave investors the right to receive annual interest payments of 6.5 percent from International Match, which was an attractive rate at the time.

977:. The former issued 250 million dollars' worth of complex securities (equivalent to about $ 4.4 billion in 2023 dollars) in 1929. Lehman issued similar obligations, which immediately rose 30 percent. 181:

with European, Central American and South American governments, and finally controlled between two thirds and three quarters of worldwide match production, becoming known as the "Match King".

847:, equivalent to approximately US$ 100 billion in 2000, and consisting of more than 200 companies. In the same year, the total loans made by Swedish banks were barely 4 billion SEK. 557:. Its initial capital was around $ 10 million ($ 170 million in 2023 dollars) and Ivar owned about half of it, held all senior positions and controlled the board of directors. 1785:

Remark: The M. Sc. degree around 1900 cannot be compared to the present demands. Today, two MSc. covering the full education program in both faculties in four years is impossible.

445: 899:

As already stated, these types of shares are used to this day although, unlike in Kreuger's time, there are often restrictions in some markets and/or jurisdictions nowadays. The

1315:

financial market. In order to grant him more loans, the government required that a complete statement of accounts of Kreuger's entire company group be presented, as the bank's (

496:, as a consulting engineer for the company. In Germany, he formed the company Deutsche Kahneisengesellschaft together with a colleague from his time in America, Anders Jordahl. 338: 1481:

Accounting standards and auditors' responsibility for the accuracy of financial statements evolved over time. Corporations resisted publishing audited financial statements.

1860: 795: 906:

There is a wide range of dual-class share structures and their use between countries. In Canada, for example, an estimated 20% to 25% of companies currently listed on the

802:, which reported profits when there were none and paid out ever increasing dividends by attracting new investment and/or looting the treasury of a newly acquired company. 1028:. Part of his attraction for investors were the high dividends Kreuger & Toll paid. Therefore, he also had to make sure that he had money to pay those dividends. 953:

right to obtain payment of interest in Dutch guilders or US dollars according to its choice and for all such payments one dollar shall be counted as 2½ guilders."

542:& Co., Sweden's leading phone company. He controlled about 50% of the world market in iron ore and cellulose. He owned mines all over the world including the 684:

He managed to unite the Swedish match industry as well as the major match companies in Norway and Finland. With this new company structure the match industry in

1542:.) "Kreuger & Toll kept few accounting records despite the fact that it was a multibillion-dollar international conglomerate with over 400 subsidiaries." 798:

in France, often with the acquired company's own money. These maneuvers were made both necessary and possible by his invention, decades ahead of his time, of

2291: 791: 1379:, describing how Kreuger & Toll had been taken over, and how then the other Kreuger companies were taken over too. In 1965, Torsten Kreuger published 169:; 2 March 1880 – 12 March 1932) was a Swedish civil engineer, financier, entrepreneur and industrialist. In 1908, he co-founded the construction company 2126: 305:

Ivar Kreuger never married, but lived for many years in different periods with Ingeborg Eberth, family name Hässler, born in Stockholm, who worked as a

666: 2821: 416:. A five-minute film sequence of this occasion is stored in SF's film archive. Pickford, Fairbanks, Kreuger, Charles Magnusson (the manager for SF), 1191:

The total loans by Kreuger to foreign states have been estimated to US$ 387m in 1930, corresponding to about USD$ 7.1 - 10.4 bn in 2013 currency.

662: 561: 1531: 661:

supplying the raw material for the match industry. During this time Kreuger also acquired the largest match manufacturing companies in Norway (

274:

The building with address Villagatan No. 13A & 13B, where Ivar Kreuger had his apartment in Stockholm. Across the street at Villagatan 10,

538:

companies, railways, timber and paper firms, film distributors, real estate in several European cities as well as a controlling stake in L.M.

2490: 1667: 434: 2592: 2806: 2801: 2096: 1038:

He made a deal with Germany for a $ 125 million-dollar loan ($ 2.3 billion in 2023 dollars) with the conditions that Germany sign the

2543:"- click on in English > About > History and navigate to ABOUT BOLIDEN / History for info on Kreuger's involvement in the company" 696:

transforming dozens of struggling factories into a strong and profitable monopoly. The methods had become illegal in the USA because of

1322:

At that time, Ivar Kreuger was in the United States and was asked to return to Europe for a meeting with the chairman of the Riksbank,

1801: 2841: 674: 670: 864:) but Kreuger was very creative inventing new ways of financing business, while making sure that he kept control of his companies. 476:(left) and Ivar Kreuger during an inspection of an overpass in Solna in 1908, one of the first orders for the construction company. 235:, the eldest son of Ernst August Kreuger, an industrialist in the match industry in that city, and his wife Jenny Emelie Kreuger ( 215:

decades later, his brother Torsten claimed that he had been murdered, which spawned some controversial literature on the subject.

173:, which specialized in new building techniques. By aggressive investments and innovative financial instruments, he built a global 2796: 2065: 1857: 1582:(1932) is a fictionalized account of Kreuger's life. His rise and his downfall are also mentioned by characters in the 1933 film 2826: 1035:

His first sovereign loan went to Poland, and when Kreuger signed the agreement he had no idea where the funds would come from.

188:, based on the supposedly fantastic profitability of his match monopolies. However, in a Ponzi scheme early investors are paid 2679: 2500: 2159: 2516: 2381:

Sune Schéle was working for Kreuger 1919–1932. Between 1925 and 1930 Schéle was a manager for the Kreuger business in India.

2342:. The Young-loan was designed to split up the loan on a large number of countries, in order to secure that Germany paid the 1887: 708:

them "safety matches". They made Sweden the leading exporter of matches and made matches the most important Swedish export.

2771: 716:, meaning that a monopolist could raise prices (and hence profits) significantly without much affecting the quantity sold. 623:

was founded in 1913 with Ivar Kreuger as the general manager. Later, by merging with the largest match company in Sweden,

2811: 2154:

Reinhart, Carmen M., Roggof, Kenneth S. This Time Is Different, Princeton University Press, Princeton and Oxford, c.2009

521:

Innovation in the construction business also included a definite commitment to finish the building on time. Hitherto the

2195: 1642: 2856: 1012:

and early March 1932 he needed to make over $ 10 million ($ 220 million in 2023 dollars) for payments, including

2704: 2315: 1404: 1392: 812:

In the spring of 1930, he visited the United States and gave a lecture about the situation in world economics at the

493: 809:

turned out to be a major factor in exposing his accounting that ultimately proved fatal to both him and his empire.

506:. The new technology was a success and the firm won several prestigious contracts, such as the construction of the 2836: 2831: 1902:

Title (translated): "Experiences in concrete steel constructions in North America" by Ivar Kreuger in the magazine

1332:, arriving in Paris on 11 March 1932. The meeting with Ivar Rooth was scheduled to take place on 13 or 14 March in 1491: 1079: 725: 343: 211: 1123: 764: 546:

mine in Sweden, which had one of the richest gold deposits outside South Africa in addition to other minerals.

1168: 1163: 404:(SF) was founded in 1919 and because of that, sometimes met celebrities from the film industry. In June 1924, 2141: 1021: 453: 243: 170: 112: 17: 2758: 2463: 816:

with the title "The transfer problem and its importance to the United States". He was invited by President

412:

were invited by SF to Stockholm and were guided around the Stockholm archipelago in Kreuger's motor yacht

2846: 2767: 2660:(Doubleday, Garden City, NY, 1964), pp. 225–249: "Silence, Shadows, Shhhh, $ $ $ $ $ : Ivar Kreuger" 937: 697: 242:

At school, Ivar skipped ahead two classes by taking private lessons. At age 16, he began studies at the

2851: 813: 2416: 1776:

who was also Russian vice consul, a position he had inherited from his own father, Per Edward Kreuger.

1115:

Hufvudstaden AB (Real estate company. Main interests in Stockholm City. Founded by Ivar Kreuger 1915.)

1319:) own calculations showed that Kreuger & Toll finances were far too weak to give him more loans. 941: 507: 2542: 981:

used them extensively and in the financial crisis of 2008 they played a major role in bringing down

1363: 936:

Kreuger invented another financial instrument, which continues to be used and is nowadays known as

843:

In 1929, at the peak of his career, the Kreuger fortune was thought to be worth 30 billion Swedish

102: 1677: 2112: 1597: 1565: 900: 829: 721: 2093: 2861: 1570: 1487: 1474: 1195: 1141: 806: 442: 401: 251: 199: 1326:. He had left Sweden for the last time on 23 November 1931 and returned to Europe on the ship 619:

A merger between this company with several other small match companies in Sweden, the company

518:(1913–14) in Stockholm. The chief engineer behind these advanced projects was Henrik Kreüger. 433:, but they soon sold the restaurant. At an early stage, he came in contact with the patented 2816: 2132: 1608: 1584: 1225: 1085: 1064: 1004: 612:

in 1912. His father, Ernst, and uncle Fredrik, became the major shareholders and his brother

737: 649: 286:

Ivar Kreuger ready for take-off for a business trip in Europe with an early passenger plane.

2791: 2786: 2672:

The Match King: Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals

2492:

Called to Account: Fourteen Financial Frauds that Shaped the American Accounting Profession

2477:

Called to Account: Fourteen Financial Frauds that Shaped the American Accounting Profession

2137: 1511: 1147: 1056:

Kreuger controlled around 400 companies, therefore the following list is highly selective.

1024:, Germany returned 15 times his investment after two years when the company became part of 857: 784: 688:

became a major competitor to large manufacturers elsewhere. Ivar's methods resembled those

608:

With the family match factories as the base, Kreuger first founded the Swedish corporation

1305:

In March 1931, during a meeting at the German Ministry of Finance in Berlin, Swiss banker

464: 8: 2710: 2321: 1555: 1352: 1201: 833: 689: 553:

by merging his father's business with other match factories he had quietly bought during

511: 438: 1327: 301:, Charles Magnusson and Ivar Kreuger (to the right) onboard M/Y Loris in Stockholm 1924. 250:, from which he graduated with combined master's degrees covering both the faculties of 2692: 2598: 2303: 1231: 728:. This group eventually came to control almost 75% of the world production in matches. 693: 515: 2062: 1063:

Holding company for most corporations Kreuger controlled. (Notable exceptions include

928:

amount.). The deal raised a total of $ 14,175,000, i.e. 94.5 percent of $ 15 million.

488:, at that time working for the construction company Kasper Höglund AB, and his cousin 2700: 2675: 2496: 2311: 2155: 2127:"Dual-class Share Structures and Best Practices in Corporate Governance (PRB 05-26E)" 1602: 1453: 1400: 1388: 1316: 1311: 1207: 1060: 1013: 578: 502: 481: 409: 298: 203: 2621: 2570:

by Kumar, Gaurav, Flesher Dale L., Flesher Tonya, Kreuger Reborn p. 2 available at:

489: 473: 449: 2732: 2406:

The other two letters to Sune Schéle and his sister Britta have not been published.

2047: 1957:

by Frank Partnoy c. 2009 Frank Partnoy(Public Affairs, New York; 2009) pp.112 - 113

1420:

American financial industry did not witness frauds of the same magnitude until the

861: 837: 767:, in 1929 Kreuger was able to acquire the majority shares in the telephone company 394: 306: 207: 165: 2753: 2174:

by Frank Partnoy c. 2009 Frank Partnoy (Public Affairs, New York; 2009) pp.42 - 43

2014:

by Frank Partnoy c. 2009 Frank Partnoy (Public Affairs, New York; 2009) pp.34 - 35

2763: 2479:, Routledge, 2008 by Paul M. Clikeman, (Routledge, 2008) pp. 3, 9, 13, 17, 20, 46 2343: 2131:

Economics Division, Parliamentary Information and Research Service (PIRS) of the

2100: 2069: 1891: 1884: 1864: 1858:

Filmsequence with Mary Pickford and Douglas Fairbanks i Stockholm 1924. SVT-Play.

1672: 1559:

features a powerful Scandinavian tycoon recognizably modeled on Kreuger, as does

1440: 1044: 974: 743: 613: 134: 2234:

by Frank Partnoy c. 2009 Frank Partnoy (Public Affairs, New York; 2009) pp.58,95

1573:

with the same title based on it, the setting is changed from Sweden to Germany.

742:

From 1925 to 1930, years when many countries in Europe were suffering after the

573: 321: 2360: 1729:

by Frank Partnoy c. 2009 Frank Partnoy(Public Affairs, New York; 2009) pp.13;51

1620: 1578: 1428: 1294: 1067:, of which he owned almost half the outstanding shares, Ohio Match Company and 817: 602: 522: 430: 282: 270: 33: 1837: 1465:

survive. The liquidation took nine years and was eventually finished in 1941.

2780: 2737: 2587: 2339: 2246:

by Frank Partnoy c. 2009 Frank Partnoy (Public Affairs, New York; 2009) p.133

1945:

by Frank Partnoy c. 2009 Frank Partnoy(Public Affairs, New York; 2009) pp.8–9

1926: 1924: 1816: 1803: 1560: 1539: 1527: 1499: 1461: 1424: 1271: 1158: 1074: 970: 896:

for instance where they carry ten times more voting power than the A Shares.

885: 878: 844: 799: 628: 550: 405: 389:

from the Netherlands. The New York collection included original paintings by

294: 194: 124: 2665:

A Rabble of Dead Money: The Great Crash and the Global Depression: 1929–1939

2270:

by Frank Partnoy c. 2009 Frank Partnoy(Public Affairs, New York; 2009) p.156

2210:

by Frank Partnoy c. 2009 Frank Partnoy (Public Affairs, New York; 2009) p.81

2186:

by Frank Partnoy c. 2009 Frank Partnoy (Public Affairs, New York; 2009) p.43

2084:

by Frank Partnoy c. 2009 Frank Partnoy (Public Affairs, New York; 2009) p.76

1765:

A Rabble of Dead Money: The Great Crash and the Global Depression: 1929-1939

1697: 1695: 749:

Kreuger did not limit himself to matches, but gained control of most of the

2222:

by Frank Partnoy c. 2009 Frank Partnoy (Public Affairs, New York; 2009) p.x

2051: 1969:

by Frank Partnoy c. 2009 Frank Partnoy (Public Affairs, New York; 2009) p.8

1918:

by Frank Partnoy c. 2009 Frank Partnoy(Public Affairs, New York; 2009) p.33

1717:

by Allen Churchill (Weidenfeld, London; Rinehart & Co., New York; 1957)

1614: 1432: 1306: 1025: 982: 776: 185: 2026:

by Frank Partnoy c. 2009 Frank Partnoy(Public Affairs, New York; 2009) p.6

1921: 349: 290: 2743: 2347: 2273: 1692: 1293:

Kreuger planned to issue a loan of $ 75m to Italy, known as the "Italian

1068: 821: 685: 598: 554: 417: 382: 148: 2532:

by Frank Partnoy (2009) Frank Partnoy (Public Affairs, New York). p. 188

1535: 1523: 1507: 1323: 1039: 1008: 704: 386: 262: 2441:

by John Kenneth Galbraith, (Alfred A. Knopf Inc. New York; 1960, p. x)

2249: 616:

was appointed the general manager. Ivar became a member of the board.

373: 314: 177:

and financial empire. Between the two world wars, he negotiated match

1449: 1277: 1255: 995: 825: 754: 713: 485: 469: 390: 275: 247: 184:

Kreuger's financial empire has been described by one biographer as a

2571: 1754:

by John Kenneth Galbraith, p.x (Alfred A. Knopf Inc. New York; 1960)

1082:, US. Holding company for countries outside Europe. Founded in 1923. 223: 2749: 2714: 2325: 1550: 1503: 1482: 1457: 1186: 1118: 889: 768: 750: 539: 400:

Kreuger became the major shareholder when the Swedish film company

189: 178: 1448:

Prior to the crash, Kreuger had issued thousands of participating

850: 333:

Kreuger had private apartments in Stockholm, New York, Paris, and

32:"Match King" redirects here. For the 1932 film about Kreuger, see 1337: 1267: 1261: 1249: 1237: 1213: 1109: 772: 644: 543: 50: 27:

Swedish civil engineer, financier, entrepreneur and industrialist

1885:

Jordahl Befeistungstechnik website, Jordahl history (in German).

585: 206:

of larcenists". Kreuger's financial empire collapsed during the

2453:

by Robert Shaplen (Alfred A. Knopf Inc. New York; 1960, p. 128)

2394: 1333: 1283: 1243: 1219: 893: 757: 594: 334: 232: 74: 2577:

by Robert Shaplen (Alfred A. Knopf Inc. New York; 1960, p. 35)

2292:

Ericsson history, Ivar Kreuger becomes the major share holder.

760:. He also attempted to create a telephone monopoly in Sweden. 459: 2258:

by Robert Shaplen (Alfred A. Knopf Inc. New York; 1960) p.182

1795: 1421: 978: 805:

By 1931, Kreuger controlled some 200 companies. However, the

631:) was founded in 1917. Ivar had originally tried to convince 174: 2282:

by Robert Shaplen (Alfred A. Knopf Inc. New York; 1960) p. 6

2002:

by Robert Shaplen (Alfred A. Knopf Inc. New York; 1960) p.44

1981:

by Robert Shaplen (Alfred A. Knopf Inc. New York; 1960)p.237

1704:

by Robert Shaplen (Alfred A. Knopf Inc. New York; 1960, p.9)

824:

to discuss the subject and in June he was awarded the title

753:

industry in northern Sweden and planned to become head of a

1933:

by Robert Shaplen (Alfred A. Knopf Inc. New York; 1960)p.44

1519: 1103: 1051: 1375:

Torsten Kreuger wrote a book in 1963 (2nd edition) called

2546: 1515: 1399:('The Kreuger Murder: An Investigation with New Facts') ( 1097: 907: 780: 589:

Oscar Rydbeck, Ivar Kreuger's banker. Photo: around 1930.

2658:

Sudden Endings, 13 Profiles in Depth of famous Suicides

2653:(Weidenfeld, London; Rinehart & Co., New York; 1957) 593:

In 1911 and 1912, the Kreuger family match factories in

2359:

The loan to Italy has been referred to as the "Italian

1741:

by Robert Shaplen (Alfred A. Knopf Inc. New York; 1960)

1643:"A 3-part series on the life and death of Ivar Kreuger" 577:

Ivar Kreuger in the headquarters of Swedish Match, the

1300: 700:, but were not against the law in Sweden at the time. 2688:. Published by Samtid och Framtid AB, Stockholm 1965. 836:, where he had worked as a young chief engineer when 2699:. Translated by Thiel, George. Stockholm: Fischer. 2036: 1155:

Trafik AB Grängesberg-Oxelösund (Railroad company.)

999:companies Ivar controlled, he was an avid gambler. 423: 2591: 2517:"10 Questions for the Financial Crisis Commission" 1289:Part of the "Young-loan" to Germany, 1930: US$ 15m 480:In May 1908, Kreuger formed the construction firm 266:Ingeborg Eberth and Ivar Kreuger. Photo from 1914. 1526:, one of largest forestry companies in the world 1514:, largest ball-bearing manufacturer in the world 1473:One biographer called him a genius and swindler. 947: 492:, working at the faculty of civil engineering at 2778: 1187:Kreuger group loans to foreign states, 1925–1930 2482: 1545: 1387:('The Reason for the Murder of Ivar Kreuger') ( 1129:Högbroforsens Industri AB (Cellulose industry.) 851:Financial innovations and financial engineering 914: 892:having more voting power, as is the case with 2372:Felix Somary - Erinnerungen aus meinem Leben. 1990:In English, "Swedish United Match Companies". 963: 420:and various SF employees appear in the film. 1297:" in 1930 but the deal was never completed. 884:Presently such shares are sometimes called 510:(1911–12); the foundation work for the new 460:The building contractor and his innovations 1397:Kreuger-Mordet: En utredning med nya fakta 1198:I, 1925: $ 6m and Poland II, 1930: $ 32.4m 49: 2409: 2124: 1848:Pampas Shipyard and Yacht Club, Stockholm 1445:of $ 250m turned out to be non-existent. 1216:I, 1927: $ 2m and Ecuador II, 1929: $ 1m 254:and civil engineering, at the age of 20. 2822:KTH Royal Institute of Technology alumni 2691: 2488: 2302: 1052:Companies controlled by Kreuger, c. 1930 931: 643: 584: 572: 463: 320: 289: 281: 269: 261: 222: 2754:"Kreuger: The Original Bernard Madoff?" 348:). He owned several specially designed 14: 2779: 2764:Newspaper clippings about Ivar Kreuger 1875:In English, German Kahn-steel Company. 621:AB Svenska Förenade Tändsticksfabriker 227:Kreuger as a graduate at the age of 16 2586: 2464:"5 History-Making Wall Street Crooks" 1518:, largest iron ore mine in the world 1369: 1210:I, 1926: £1m and Greece II, 1931: £1m 763:After founding the pulp manufacturer 381:original paintings, among them 19 by 164: 1075:Svenska Tändsticks Aktiebolaget-STAB 610:AB Kalmar-Mönsterås Tändsticksfabrik 2807:Burials at Norra begravningsplatsen 2802:20th-century Swedish businesspeople 2614: 1660: 1624:, 1932 film based on Kreuger's life 1301:End of the Kreuger empire and death 514:(1912–13) and the department store 24: 2740:– bibliography at Project Runeberg 2643: 2489:Clikeman, Paul M. (January 2009). 2338:Named after the Young Plan led by 2310:(in Swedish). Stockholm: Fischer. 1510:, - Europe's largest gold mine -, 25: 2873: 2722: 2667:(PublicAffairs, 2017), pp. 167–77 2572:https://ssrn.com/abstract=1025525 2437:Robert Shaplen's Introduction to 1415:Kreuger's death precipitated the 1182:Bank Amerykański w Polsce, Poland 800:Enron-style financial engineering 731: 568: 239:Forssman). He had five siblings. 2842:Swedish people of German descent 1410: 1152:Stockholms Inteckningsgaranti AB 1148:Skandinaviska Kreditaktiebolaget 785:Skandinaviska Kreditaktiebolaget 424:Early years in the United States 257: 147: 2686:Ivar Kreuger: the truth at last 2580: 2561: 2535: 2523: 2509: 2470: 2456: 2444: 2431: 2400: 2384: 2375: 2366: 2353: 2332: 2296: 2285: 2261: 2237: 2225: 2213: 2201: 2189: 2177: 2165: 2148: 2118: 2106: 2087: 2075: 2056: 2041: 2029: 2017: 2005: 1993: 1984: 1972: 1960: 1948: 1936: 1909: 1896: 1878: 1869: 1851: 1842: 1831: 1788: 1779: 1676:. 21 March 1932. Archived from 1080:International Match Corporation 775:(gold); major interests in the 726:International Match Corporation 2797:20th-century Swedish engineers 2729:Works by or about Ivar Kreuger 1770: 1757: 1744: 1732: 1720: 1707: 1635: 1356:– Goodbye now and thanks. I K. 1345:Swedish colleague), he wrote: 1135:Szikra Ungar. Zundholzfabriken 1112:(Mining company, mainly gold.) 1094:Stora Kopparbergs Bergslags AB 948:Binary foreign exchange option 703:A German chemist had invented 565:10 months after Ivar's death. 446:Trussed Concrete Steel Company 171:Kreuger & Toll Byggnads AB 13: 1: 2827:Suicides by firearm in France 2419:. Economist. 19 December 2007 1628: 692:used in the formation of the 364:(1925), and the most famous, 244:Royal Institute of Technology 218: 113:Royal Institute of Technology 2697:Ivar Kreuger: the match king 2575:Kreuger: Genius and Swindler 2451:Kreuger: Genius and Swindler 2363:" in the Kreuger literature. 2125:Gry, Tara (18 August 2005). 1546:Influence in popular culture 1385:Därför mördades Ivar Kreuger 993:Despite the large number of 938:American depositary receipts 484:in Sweden with the engineer 468:Kreuger & Toll founders 439:concrete-steel constructions 339:Avenue Franklin-D.-Roosevelt 7: 2768:20th Century Press Archives 2651:The Incredible Ivar Kreuger 2439:Kreuger Genius And Swindler 2395:National Archive, Stockholm 2280:Kreuger Genius And Swindler 2256:Kreuger Genius and Swindler 2000:Kreuger Genius And Swindler 1979:Kreuger Genius And Swindler 1931:Kreuger Genius And Swindler 1752:Kreuger Genius And Swindler 1739:Kreuger Genius And Swindler 1715:The Incredible Ivar Kreuger 1702:Kreuger Genius And Swindler 1591: 1569:(1935), though in the 1973 1169:Banque de Suède et de Paris 988: 915:Convertible gold debentures 867: 581:, in Stockholm around 1930. 10: 2878: 2812:Great Depression in Sweden 2037:National Library of Sweden 2035:Speech held May 15, 1930. 1138:Alsing Trading Co, England 964:Off balance sheet entities 814:Industrial Club of Chicago 807:Stock Market Crash of 1929 735: 31: 2857:Unsolved deaths in France 2759:The Ivar Kreuger Homepage 2593:"Film: 'England Made Me'" 1468: 1381:Sanningen om Ivar Kreuger 840:was built there in 1907. 627:, Svenska Tändsticks AB ( 508:Stockholm Olympic Stadium 166:[ˈǐːvarˈkry̌ːɡɛr] 146: 141: 130: 118: 108: 98: 82: 60: 48: 41: 1522:, Swedish Film Industry 1364:Norra begravningsplatsen 1362:Kreuger was interred in 1173:Hollandsche Koopmansbank 1164:Union de Banques à Paris 1119:Telefon AB L.M. Ericsson 1098:Svenska kullagerfabriken 796:Union de Banques à Paris 724:in New York, formed the 722:Lee, Higginson & Co. 103:Norra begravningsplatsen 2837:Swedish civil engineers 2832:Swedish anti-communists 1817:59.369500°N 18.739778°E 1598:List of unsolved deaths 1176:Aktienbauverein Passage 901:New York Stock Exchange 830:Business Administration 202:wrote that he was the " 2746:at www.ivarkreuger.com 1838:Drawing sketch Swallow 1475:John Kenneth Galbraith 1360: 1100:(Ball bearing company) 1061:Kreuger & Toll AB. 653: 590: 582: 477: 441:that was exploited by 402:AB Svensk Filmindustri 385:and a great number by 330: 302: 287: 279: 267: 228: 200:John Kenneth Galbraith 2391:Police report-Kreuger 2133:Library of Parliament 1609:Night of January 16th 1347: 1126:(Cellulose industry.) 1065:Diamond Match Company 1005:Diamond Match Company 985:and Lehman Brothers. 956:To retain control of 932:American Certificates 771:; the mining company 647: 588: 576: 467: 324: 293: 285: 273: 265: 226: 2590:(19 November 1973). 2138:Parliament of Canada 1822:59.369500; 18.739778 1512:Skandinaviska Banken 652:by Georges Chevalier 231:Kreuger was born in 2693:Thunholm, Lars-Erik 2663:Charles R. Morris, 2549:on 26 February 2009 2304:Thunholm, Lars-Erik 2198:, at NYTimes Topics 1813: / 1763:Charles R. Morris, 1680:on 15 December 2008 1556:Night of January 16 1536:Stora Kopparberg AB 1460:company group, and 1007:so as not to raise 834:Syracuse University 792:Deutsche Unionsbank 790:Abroad he acquired 690:John D. Rockefeller 638:AB Jönköping-Vulcan 633:AB Jönköping-Vulcan 625:AB Jönköping-Vulcan 560:The Swedish banker 512:Stockholm City Hall 2847:People from Kalmar 2599:The New York Times 2519:. 13 January 2010. 2099:2010-06-24 at the 2068:2011-06-22 at the 1890:2009-08-21 at the 1863:2009-08-21 at the 1603:Kreuger & Toll 1377:Kreuger & Toll 1370:Murder allegations 1232:Kingdom of Hungary 1014:Kreuger & Toll 738:Zündwaren monopoly 694:Standard Oil Trust 669:) and in Finland ( 654: 591: 583: 482:Kreuger & Toll 478: 331: 307:physical therapist 303: 288: 280: 278:had his residence. 268: 229: 2852:People in finance 2684:Torsten Kreuger: 2680:978-1-58648-743-0 2649:Allen Churchill: 2502:978-0-415-99697-6 2160:978-0-691-14216-6 2144:on 25 April 2010. 2115:, at Investopedia 2072:, at Investopedia 1904:Teknisk Tidskrift 1454:Wallenberg family 1317:Sveriges Riksbank 1312:Sveriges Riksbank 1202:Free State Danzig 1179:AG für Hausbesitz 1144:(Movie industry.) 579:Matchstick Palace 503:Teknisk Tidskrift 410:Douglas Fairbanks 299:Douglas Fairbanks 155: 154: 16:(Redirected from 2869: 2733:Internet Archive 2718: 2637: 2636: 2634: 2632: 2622:"The Match King" 2618: 2612: 2611: 2609: 2607: 2595: 2584: 2578: 2565: 2559: 2558: 2556: 2554: 2545:. Archived from 2539: 2533: 2527: 2521: 2520: 2513: 2507: 2506: 2486: 2480: 2474: 2468: 2467: 2460: 2454: 2448: 2442: 2435: 2429: 2428: 2426: 2424: 2417:"The Match King" 2413: 2407: 2404: 2398: 2388: 2382: 2379: 2373: 2370: 2364: 2357: 2351: 2336: 2330: 2329: 2300: 2294: 2289: 2283: 2277: 2271: 2265: 2259: 2253: 2247: 2241: 2235: 2229: 2223: 2217: 2211: 2205: 2199: 2193: 2187: 2181: 2175: 2169: 2163: 2152: 2146: 2145: 2140:. Archived from 2122: 2116: 2110: 2104: 2103:, at Stocks site 2091: 2085: 2079: 2073: 2060: 2054: 2045: 2039: 2033: 2027: 2021: 2015: 2009: 2003: 1997: 1991: 1988: 1982: 1976: 1970: 1964: 1958: 1952: 1946: 1940: 1934: 1928: 1919: 1913: 1907: 1900: 1894: 1882: 1876: 1873: 1867: 1855: 1849: 1846: 1840: 1835: 1829: 1828: 1827: 1825: 1824: 1823: 1818: 1814: 1811: 1810: 1809: 1806: 1792: 1786: 1783: 1777: 1774: 1768: 1761: 1755: 1748: 1742: 1736: 1730: 1724: 1718: 1711: 1705: 1699: 1690: 1689: 1687: 1685: 1664: 1658: 1657: 1655: 1653: 1639: 1110:Bolidens Gruv AB 1106:(Mining company) 862:South Sea Bubble 838:Archbold Stadium 395:Anthony van Dyck 347: 212:Price Waterhouse 208:Great Depression 168: 163: 151: 89: 70: 68: 53: 39: 38: 21: 2877: 2876: 2872: 2871: 2870: 2868: 2867: 2866: 2777: 2776: 2725: 2707: 2670:Partnoy, Frank 2646: 2644:Further reading 2641: 2640: 2630: 2628: 2620: 2619: 2615: 2605: 2603: 2585: 2581: 2566: 2562: 2552: 2550: 2541: 2540: 2536: 2528: 2524: 2515: 2514: 2510: 2503: 2487: 2483: 2475: 2471: 2462: 2461: 2457: 2449: 2445: 2436: 2432: 2422: 2420: 2415: 2414: 2410: 2405: 2401: 2389: 2385: 2380: 2376: 2371: 2367: 2358: 2354: 2344:War reparations 2337: 2333: 2318: 2301: 2297: 2290: 2286: 2278: 2274: 2266: 2262: 2254: 2250: 2242: 2238: 2230: 2226: 2218: 2214: 2206: 2202: 2194: 2190: 2182: 2178: 2170: 2166: 2153: 2149: 2123: 2119: 2111: 2107: 2101:Wayback Machine 2092: 2088: 2080: 2076: 2070:Wayback Machine 2061: 2057: 2046: 2042: 2034: 2030: 2022: 2018: 2010: 2006: 1998: 1994: 1989: 1985: 1977: 1973: 1965: 1961: 1953: 1949: 1941: 1937: 1929: 1922: 1914: 1910: 1901: 1897: 1892:Wayback Machine 1883: 1879: 1874: 1870: 1865:Wayback Machine 1856: 1852: 1847: 1843: 1836: 1832: 1821: 1819: 1815: 1812: 1807: 1804: 1802: 1800: 1799: 1793: 1789: 1784: 1780: 1775: 1771: 1762: 1758: 1750:Introduction to 1749: 1745: 1737: 1733: 1725: 1721: 1712: 1708: 1700: 1693: 1683: 1681: 1666: 1665: 1661: 1651: 1649: 1641: 1640: 1636: 1631: 1594: 1566:England Made Me 1548: 1471: 1456:company group, 1441:Foreign Affairs 1413: 1372: 1303: 1189: 1054: 1045:Aristide Briand 991: 975:Lehman Brothers 966: 950: 934: 917: 870: 853: 794:in Germany and 744:First World War 740: 734: 698:anti-trust laws 571: 549:Kreuger formed 462: 426: 356:built in 1906, 341: 318:the day after. 260: 221: 161: 135:Torsten Kreuger 123: 94: 91: 87: 78: 72: 66: 64: 56: 55:Kreuger c. 1920 44: 37: 28: 23: 22: 15: 12: 11: 5: 2875: 2865: 2864: 2859: 2854: 2849: 2844: 2839: 2834: 2829: 2824: 2819: 2814: 2809: 2804: 2799: 2794: 2789: 2775: 2774: 2761: 2756: 2747: 2741: 2735: 2724: 2723:External links 2721: 2720: 2719: 2705: 2689: 2682: 2668: 2661: 2654: 2645: 2642: 2639: 2638: 2613: 2588:Canby, Vincent 2579: 2568:Kreuger Reborn 2560: 2534: 2530:The Match King 2522: 2508: 2501: 2481: 2469: 2455: 2443: 2430: 2408: 2399: 2383: 2374: 2365: 2352: 2331: 2316: 2306:(1995). "11". 2295: 2284: 2272: 2268:The Match King 2260: 2248: 2244:The Match King 2236: 2232:The Match King 2224: 2220:The Match King 2212: 2208:The Match King 2200: 2188: 2184:The Match King 2176: 2172:The Match King 2164: 2147: 2117: 2105: 2086: 2082:The Match King 2074: 2055: 2040: 2028: 2024:The Match King 2016: 2012:The Match King 2004: 1992: 1983: 1971: 1967:The Match King 1959: 1955:The Match King 1947: 1943:The Match King 1935: 1920: 1916:The Match King 1908: 1895: 1877: 1868: 1850: 1841: 1830: 1787: 1778: 1769: 1767:(2017), p 167. 1756: 1743: 1731: 1727:The Match King 1719: 1706: 1691: 1659: 1633: 1632: 1630: 1627: 1626: 1625: 1621:The Match King 1617: 1612: 1605: 1600: 1593: 1590: 1579:The Match King 1547: 1544: 1470: 1467: 1429:Bernard Madoff 1412: 1409: 1395:) (1990), and 1371: 1368: 1366:in Stockholm. 1302: 1299: 1291: 1290: 1287: 1281: 1280:, 1930; $ 2.5m 1275: 1265: 1259: 1253: 1247: 1241: 1240:, 1929: $ 125m 1235: 1229: 1223: 1217: 1211: 1205: 1199: 1188: 1185: 1184: 1183: 1180: 1177: 1174: 1171: 1166: 1161: 1156: 1153: 1150: 1145: 1139: 1136: 1133: 1130: 1127: 1121: 1116: 1113: 1107: 1101: 1095: 1092: 1091:Ohio Match, US 1089: 1083: 1077: 1072: 1053: 1050: 990: 987: 965: 962: 949: 946: 933: 930: 916: 913: 869: 866: 852: 849: 733: 732:Other business 730: 570: 569:Match business 567: 523:financial risk 490:Henrik Kreüger 474:Henrik Kreüger 461: 458: 456:in Stockholm. 450:Henrik Kreüger 431:Anders Jordahl 425: 422: 325:Ivar Kreugers 309:in Stockholm. 259: 256: 220: 217: 153: 152: 144: 143: 139: 138: 132: 128: 127: 120: 116: 115: 110: 106: 105: 100: 96: 95: 92: 90:(aged 52) 84: 80: 79: 73: 62: 58: 57: 54: 46: 45: 42: 34:The Match King 26: 9: 6: 4: 3: 2: 2874: 2863: 2862:1932 suicides 2860: 2858: 2855: 2853: 2850: 2848: 2845: 2843: 2840: 2838: 2835: 2833: 2830: 2828: 2825: 2823: 2820: 2818: 2815: 2813: 2810: 2808: 2805: 2803: 2800: 2798: 2795: 2793: 2790: 2788: 2785: 2784: 2782: 2773: 2769: 2765: 2762: 2760: 2757: 2755: 2751: 2748: 2745: 2742: 2739: 2736: 2734: 2730: 2727: 2726: 2716: 2712: 2708: 2706:91-7054-958-3 2702: 2698: 2694: 2690: 2687: 2683: 2681: 2677: 2673: 2669: 2666: 2662: 2659: 2655: 2652: 2648: 2647: 2627: 2623: 2617: 2601: 2600: 2594: 2589: 2583: 2576: 2573: 2569: 2564: 2548: 2544: 2538: 2531: 2526: 2518: 2512: 2504: 2498: 2495:. Routledge. 2494: 2493: 2485: 2478: 2473: 2465: 2459: 2452: 2447: 2440: 2434: 2418: 2412: 2403: 2396: 2392: 2387: 2378: 2369: 2362: 2356: 2349: 2345: 2341: 2340:Owen D. Young 2335: 2327: 2323: 2319: 2317:91-7054-757-2 2313: 2309: 2305: 2299: 2293: 2288: 2281: 2276: 2269: 2264: 2257: 2252: 2245: 2240: 2233: 2228: 2221: 2216: 2209: 2204: 2197: 2192: 2185: 2180: 2173: 2168: 2161: 2157: 2151: 2143: 2139: 2135: 2134: 2128: 2121: 2114: 2109: 2102: 2098: 2095: 2094:Google Shares 2090: 2083: 2078: 2071: 2067: 2064: 2059: 2053: 2049: 2044: 2038: 2032: 2025: 2020: 2013: 2008: 2001: 1996: 1987: 1980: 1975: 1968: 1963: 1956: 1951: 1944: 1939: 1932: 1927: 1925: 1917: 1912: 1905: 1899: 1893: 1889: 1886: 1881: 1872: 1866: 1862: 1859: 1854: 1845: 1839: 1834: 1826: 1797: 1791: 1782: 1773: 1766: 1760: 1753: 1747: 1740: 1735: 1728: 1723: 1716: 1710: 1703: 1698: 1696: 1679: 1675: 1674: 1669: 1668:"Poor Kruger" 1663: 1648: 1644: 1638: 1634: 1623: 1622: 1618: 1616: 1613: 1611: 1610: 1606: 1604: 1601: 1599: 1596: 1595: 1589: 1587: 1586: 1581: 1580: 1574: 1572: 1568: 1567: 1562: 1561:Graham Greene 1558: 1557: 1552: 1543: 1541: 1540:Deutsche Bank 1537: 1533: 1529: 1525: 1521: 1517: 1513: 1509: 1505: 1501: 1500:Swedish Match 1495: 1493: 1489: 1484: 1479: 1476: 1466: 1463: 1462:Handelsbanken 1459: 1455: 1451: 1446: 1443: 1442: 1436: 1434: 1430: 1426: 1423: 1418: 1417:Kreuger Crash 1411:Kreuger Crash 1408: 1406: 1405:91-630-9780-X 1402: 1398: 1394: 1393:91-7055-019-0 1390: 1386: 1382: 1378: 1367: 1365: 1359: 1358: 1355: 1354: 1350:were sent by 1346: 1342: 1339: 1335: 1331: 1330: 1329:Ile de France 1325: 1320: 1318: 1313: 1308: 1298: 1296: 1288: 1286:, 1930: $ 10m 1285: 1282: 1279: 1276: 1273: 1269: 1266: 1264:, 1930: 2 $ m 1263: 1260: 1257: 1254: 1252:, 1930: $ 30m 1251: 1248: 1245: 1242: 1239: 1236: 1234:, 1928: $ 36m 1233: 1230: 1228:, 1928: $ 22m 1227: 1224: 1222:, 1927: $ 75m 1221: 1218: 1215: 1212: 1209: 1206: 1203: 1200: 1197: 1194: 1193: 1192: 1181: 1178: 1175: 1172: 1170: 1167: 1165: 1162: 1160: 1159:Deutsche Bank 1157: 1154: 1151: 1149: 1146: 1143: 1140: 1137: 1134: 1131: 1128: 1125: 1122: 1120: 1117: 1114: 1111: 1108: 1105: 1102: 1099: 1096: 1093: 1090: 1087: 1086:Diamond Match 1084: 1081: 1078: 1076: 1073: 1070: 1066: 1062: 1059: 1058: 1057: 1049: 1046: 1041: 1036: 1033: 1029: 1027: 1023: 1017: 1015: 1010: 1006: 1000: 998: 997: 986: 984: 980: 976: 972: 971:Goldman Sachs 961: 959: 954: 945: 943: 939: 929: 925: 921: 912: 909: 904: 902: 897: 895: 891: 887: 882: 880: 879:Frank Partnoy 874: 865: 863: 859: 848: 846: 841: 839: 835: 831: 827: 823: 819: 815: 810: 808: 803: 801: 797: 793: 788: 786: 782: 779:manufacturer 778: 774: 770: 766: 761: 759: 756: 752: 747: 745: 739: 729: 727: 723: 717: 715: 709: 706: 701: 699: 695: 691: 687: 682: 678: 676: 672: 668: 664: 658: 651: 646: 642: 639: 634: 630: 629:Swedish Match 626: 622: 617: 615: 611: 606: 604: 600: 596: 587: 580: 575: 566: 563: 562:Oscar Rydbeck 558: 556: 552: 551:Swedish Match 547: 545: 541: 535: 531: 527: 524: 519: 517: 513: 509: 505: 504: 497: 495: 491: 487: 483: 475: 471: 466: 457: 455: 451: 447: 444: 443:Julius Kahn's 440: 436: 432: 421: 419: 415: 411: 407: 406:Mary Pickford 403: 398: 396: 392: 388: 384: 378: 375: 371: 367: 363: 359: 355: 352:, among them 351: 345: 340: 336: 328: 323: 319: 316: 310: 308: 300: 296: 295:Mary Pickford 292: 284: 277: 272: 264: 258:Personal life 255: 253: 249: 245: 240: 238: 234: 225: 216: 213: 209: 205: 201: 196: 191: 187: 182: 180: 176: 172: 167: 159: 150: 145: 140: 136: 133: 129: 126: 125:Industrialist 121: 119:Occupation(s) 117: 114: 111: 107: 104: 101: 99:Resting place 97: 93:Paris, France 86:12 March 1932 85: 81: 76: 63: 59: 52: 47: 40: 35: 30: 19: 18:Kreuger crash 2817:Ivar Kreuger 2744:Ivar Kreuger 2738:Ivar Kreuger 2696: 2685: 2671: 2664: 2657: 2656:M.J.Meaker: 2650: 2631:20 September 2629:. Retrieved 2625: 2616: 2606:14 September 2604:. Retrieved 2602:. p. 53 2597: 2582: 2574: 2567: 2563: 2551:. Retrieved 2547:the original 2537: 2529: 2525: 2511: 2491: 2484: 2476: 2472: 2458: 2450: 2446: 2438: 2433: 2421:. Retrieved 2411: 2402: 2390: 2386: 2377: 2368: 2355: 2334: 2308:Ivar Kreuger 2307: 2298: 2287: 2279: 2275: 2267: 2263: 2255: 2251: 2243: 2239: 2231: 2227: 2219: 2215: 2207: 2203: 2191: 2183: 2179: 2171: 2167: 2150: 2142:the original 2130: 2120: 2108: 2089: 2081: 2077: 2063:Dual Control 2058: 2052:Investopedia 2043: 2031: 2023: 2019: 2011: 2007: 1999: 1995: 1986: 1978: 1974: 1966: 1962: 1954: 1950: 1942: 1938: 1930: 1915: 1911: 1903: 1898: 1880: 1871: 1853: 1844: 1833: 1808:18°44′23.2″E 1805:59°22′10.2″N 1790: 1781: 1772: 1764: 1759: 1751: 1746: 1738: 1734: 1726: 1722: 1714: 1709: 1701: 1682:. Retrieved 1678:the original 1671: 1662: 1650:. Retrieved 1646: 1637: 1619: 1615:Ponzi scheme 1607: 1583: 1577: 1575: 1564: 1554: 1549: 1532:Hufvudstaden 1496: 1480: 1472: 1447: 1439: 1437: 1433:Ponzi scheme 1416: 1414: 1396: 1384: 1380: 1376: 1373: 1361: 1357: 1351: 1348: 1343: 1328: 1321: 1307:Felix Somary 1304: 1292: 1258:, 1930: $ 6m 1246:, 1928: $ 6m 1204:, 1930: $ 1m 1190: 1055: 1037: 1034: 1030: 1026:I. G. Farben 1018: 1001: 994: 992: 983:Bear Stearns 967: 957: 955: 951: 942:Black Monday 935: 926: 922: 918: 905: 898: 883: 875: 871: 854: 842: 811: 804: 789: 787:and others. 777:ball bearing 762: 748: 741: 718: 710: 702: 683: 679: 659: 655: 637: 632: 624: 620: 618: 609: 607: 592: 559: 548: 536: 532: 528: 520: 501: 498: 479: 472:(standing), 427: 413: 399: 379: 372:), built at 369: 365: 361: 357: 353: 350:motor yachts 332: 326: 311: 304: 241: 236: 230: 186:Ponzi scheme 183: 158:Ivar Kreuger 157: 156: 88:(1932-03-12) 71:2 March 1880 43:Ivar Kreuger 29: 2792:1932 deaths 2787:1880 births 2348:World War I 2196:Derivatives 2113:Fundamental 1820: / 1652:4 September 1069:I.G. Farben 1016:dividends. 822:White House 783:; the bank 686:Scandinavia 599:Fredriksdal 555:World War I 452:working at 435:Kahn System 418:Greta Garbo 387:old masters 383:Anders Zorn 342: [ 122:Businessman 2781:Categories 1629:References 1524:SF Studios 1508:Boliden AB 1450:debentures 1407:) (2000). 1324:Ivar Rooth 1226:Yugoslavia 1040:Young Plan 1009:anti-trust 860:, and the 736:See also: 705:phosphorus 650:Autochrome 329:boat, 1930 252:mechanical 219:Early life 179:monopolies 67:1880-03-02 2752:article: 1794:Position 1585:Forgotten 1576:The film 1563:'s novel 1278:Guatemala 1256:Lithuania 1132:Sirus A/G 1022:Griesheim 996:bona fide 944:in 1929. 888:with the 755:cellulose 714:inelastic 603:Mönsterås 486:Paul Toll 470:Paul Toll 391:Rembrandt 276:Paul Toll 248:Stockholm 190:dividends 142:Signature 137:(brother) 131:Relatives 109:Education 2750:BBC News 2695:(2002). 2674:, 2008. 2423:14 April 2097:Archived 2066:Archived 2048:Leverage 1888:Archived 1861:Archived 1713:see in: 1684:16 April 1592:See also 1553:'s play 1551:Ayn Rand 1504:Ericsson 1483:US Steel 1458:Stenbeck 1353:Majestic 1270:, 1928: 989:Gambling 890:B Shares 886:A Shares 868:B-shares 858:John Law 769:Ericsson 751:forestry 540:Ericsson 360:(1913), 204:Leonardo 162:Swedish: 77:, Sweden 2770:of the 2766:in the 2731:at the 2715:8505964 2626:afi.com 2553:22 July 2326:7596507 1906:, 1908. 1647:Fortune 1425:scandal 1338:janitor 1268:Estonia 1262:Bolivia 1250:Romania 1238:Germany 1214:Ecuador 958:Garanta 820:to the 773:Boliden 675:Kekkola 671:Wiborgs 614:Torsten 544:Boliden 374:Lidingö 370:Swallow 315:Öresund 2713: 2711:SELIBR 2703: 2678: 2499: 2324: 2322:SELIBR 2314: 2162:, p.42 2158: 1469:Legacy 1403: 1391: 1334:Berlin 1284:Turkey 1244:Latvia 1220:France 1208:Greece 1196:Poland 894:Google 845:kronor 826:Doctor 818:Hoover 758:cartel 667:Halden 595:Kalmar 366:Svalan 362:Tärnan 335:Warsaw 327:Svalan 233:Kalmar 210:. The 75:Kalmar 2361:bonds 2346:from 2050:, at 1796:WGS84 1422:Enron 979:Enron 648:1930 414:Loris 358:Loris 346:] 175:match 2701:ISBN 2676:ISBN 2633:2024 2608:2024 2555:2010 2497:ISBN 2425:2008 2312:ISBN 2156:ISBN 1686:2008 1673:Time 1654:2020 1571:film 1520:LKAB 1492:1934 1490:and 1488:1933 1427:and 1401:ISBN 1389:ISBN 1295:Bond 1274:7.6m 1104:LKAB 1088:, US 973:and 673:and 665:and 663:Bryn 601:and 437:for 408:and 393:and 354:Elsa 195:pulp 83:Died 61:Born 2772:ZBW 1528:SCA 1516:SKF 1431:'s 1272:SEK 1124:SCA 908:TSX 832:by 828:of 781:SKF 765:SCA 677:). 494:KTH 454:KTH 246:in 237:née 2783:: 2709:. 2624:. 2596:. 2393:. 2320:. 2136:. 2129:. 1923:^ 1694:^ 1670:. 1645:. 1588:. 1538:, 1534:, 1530:, 1506:, 1502:, 1438:A 1435:. 1142:SF 1071:.) 597:, 516:NK 397:. 344:fr 297:, 2717:. 2635:. 2610:. 2557:. 2505:. 2466:. 2427:. 2397:. 2350:. 2328:. 1798:: 1688:. 1656:. 368:( 160:( 69:) 65:( 36:. 20:)

Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.

Index