Word: dresdner
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Dates: during 1960-1969
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Krages' nemesis was Frankfurt's Dresdner Bank, one of West Germany's three biggest (the other two: the front-ranking Deutsche Bank and the Commerzbank, now third largest in Germany). Caught with heavy margin loans in the recent fall of the German stock market, Krages scrambled for fresh cash to protect at least part of his holdings, finally got it on harsh terms dictated by Dresdner. To fatten its own portfolio, the bank wanted Krages' shares in a major chemical maker called Chemie-Verwaltungs, A.G., and in Germany's biggest coal company, Gelsen-kirchener Bergwerks...
...Kingbreakers. Controlling so many shares, banks exercise tremendous powers in Germany's thinly held stock markets. As German stock markets turned down recently, Dresdner shrewdly sold off selected shares from its own vast holdings, which further depressed the market. The issues owned by Hermann Krages plunged, and he was obliged to make a deal. Unlike many small investors, Krages has not been ruined by his paper loss of close to $100 million. But the bank has eliminated him as a major force in the market for quite a time to come...
...years. If the court and creditors agreed to receivership on these terms, the company would continue to operate under a state-appointed administrator. There was also some hope that Schlieker KG could avoid receivership entirely by working out a rescue operation through the banks. During the week, the Dresdner Bank arranged to beef up Schlieker's capital base by $1,000,000, and Munich Private Banker Rudolf Münemann, another of Germany's postwar millionaires, hustled up to Hamburg to huddle with Schlieker. Said Schlieker with tears in his eyes, "In the past five days, I have...
...biggest hotbeds of mutual funds. In 1956 the Deutsche Bank, under its imaginative chief, Hermann Abs (TIME, Dec. 15), established the Investa Mutual Fund, whose holdings have soared from $58 million to $161 million. Next largest German mutual fund is Concentra, which is sponsored by Frankfurt's Dresdner Bank, has $124 million in assets and hooks customers with a clever come-on: "For $25 become a stockholder in 30 first-rank companies...