Word: kreuger
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...circus was killed by a fall from a trapeze. Next week the Post carried an article about their professional risks by her husband, Alfredo Codona. Title: "Taking the Fall." In 1932, an issue of the S. E. P. hit the stands a week ahead of the Ivar Kreuger financial scandals with a long write-up of the Swedish 'match magnate by oldtime Postman Isaac Marcosson. In 1927, when the submarine S-4 was lost, the Post came on the stands the same week with an article by Commander Edward Ellsberg about the salvage of its sister ship...
...basis of material gathered at such hearings as those of Paramount Publix, Celotex Co., Kreuger & Toll, the SEC wants to extend its power to: 1) assure selection of independent trustees in reorganizations; 2) vest in the SEC extraordinary authority over solicitations of proxies and over deposits and assets of protective committees; 3) allow the SEC to intervene in an advisory capacity when reorganizations are under the jurisdiction of the courts as in 776 cases. Some of the powers asked by the Commission are incorporated in bills introduced by Kentucky's Senator Alben William Barkley and Tennessee's Representative...
Nucleus of the Kreuger enterprises, the originally honest construction business of Kreuger & Toll had become by 1932 nothing but a holding company for International Match and Swedish Match and a catch-all for Kreuger's credit deals. The report of the Swedish investigating committee seemed to confirm popular belief that Kreuger & Toll was hollow right down to the ground, that the Kreuger & Toll debentures sold by Ivar Kreuger in Europe and the U. S. in 1929 were about as worthless as any Kreuger securities except those that Kreuger had forged by hand...
Nevertheless the great Manhattan banking houses of issue through which these debentures had been sold-old Lee, Higginson & Co., old Guaranty Co. of New York, old City Co. of New York-clung to the belief that when Mr. Kreuger had said "secured" he meant, in this instance, "secured." They staffed and supported the protective committee of Mr. Murphy and another formed by Bainbridge Colby and Samuel Untermeyer. These committees sent lawyers to Stockholm, verified the existence of collateral for the debentures, petitioned the Supreme Court of Massachusetts to appoint for its safekeeping a New York trustee. They fought the claims...
First result of these was the formation of an International Committee headed by Norman H. Davis. In the spring of 1934 the International Committee reported not only that valuable assets remained to Kreuger & Toll but that a three-way re-organization was still possible. Eventually, however, the committee-changed its mind about rehabilitating the whole match business, and principal groups got busy again hunting for realizable assets...