Word: ivar
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...still unanswered. But much that may have an important bearing on it was revealed when the receiver for bankrupt International Match held hearings in Manhattan in an attempt to learn just what the company's position was. Out of the testimony could be gathered the first detailed account of Ivar Kreuger's manipulations. The whole afforded a remarkable close-up picture of the U. S. banker at work...
...ground? Last week it became clear that his end was written when Sosthenes Behn, Chairman of International Telephone & Telegraph, with all the deliberateness of a Dane, refused to believe in the sly Swede; and when Gordon Rentschler, astute president of National City Bank, stood by Mr. Behn and asked Ivar Kreuger for facts, more facts, clearer facts...
...Stockholm went the accountants of Price, Waterhouse & Co. After much investigation they cabled I. T. & T. that Ericsson's cash account had been misrepresented, cheap foreign bonds being carried in the cash account at par value. In Manhattan Ivar Kreuger tried to pass this off. It was a mistake in translation he insisted. Oh yes, the bonds had been placed in lieu of cash but that was just a temporary loan Ericsson Telephone had made to Kreuger & Toll?he would soon put the cash back and take the bonds in return. And did not Sosthenes Behn see that Ivar Kreuger...
...Sosthenes Behn cared little for the guaranty he had been given. And neither, apparently, did his bankers, J. P. Morgan & Co. and National City Bank. Soon Ivar Kreuger was closeted with National City's Rentschler. After ten days of meetings Mr. Rentschler said that Ivar Kreuger would have to cancel the deal, give back the $11,000,000. These dollars...
...other purposes." Banker Rentschler suggested that Banker Murnane ought to hear Kreu-ger's explanation of the failure of the Ericsson deal. It was Sunday, Feb. 21. Banker Murnane went off to church, then summoned his good friend and partner Donald Durant who was personally very close to Ivar Kreuger. Together they went to the Kreuger penthouse at No. 791 Park Avenue. Asked for his explanation Herr Kreuger again muttered something about "an error in translation." grew white, slumped into a chair. Bankers Murnane and Durant politely did not press the issue, called a doctor, withdrew. If they smelled...