Word: kreuger
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...nervous voice regarding this interview. Spectators grew restless at the obvious suffering he was going through. Nerves almost cracked when on the street outside a tinnish German band struck up. Many times Banker Durant failed to remember things, always insisted that he and his partners had faith in Kreuger up to the time of his death...
...days after the penthouse interview a $4.000,000 unsecured loan made to International Match by several big banks fell due. Ivar Kreuger admitted he could not pay it. National City Bank, despite its recent experience in the Ericsson deal, offered to renew. S. Sloan Colt, president of Bankers Trust Co., renewed the loan after a cursory glance at a forecast of International Match's income. On the forecast were two items which should already have been collected by International Match. Neither had been received but that was not commented upon. No willing renewer, however, was Pittsburgh's Union Trust...
...debenture issue was retired at over par, so that $154,000,000 was actually invested in the company. Last week the market value of this $154,000,000 was $1,787,000. Practically all of the money received was transferred to Europe and used by Herr Kreuger as he saw fit. Not until last week did Lee, Higginson & Co.'s partners hear that International Match's chief assets are $75,000,000 owed it by little known Continental Investment Co. of Liechtenstein and $15,000,000 by Garanta Co. of Hol land. Apparently both these companies used the money...
...addition to this remarkable book keeping method which mulcted International Match for Swedish and also gave Ivar Kreuger immense sums of money to use as he wished, two other frauds were shown, I) International Match bought $50,000,000 worth of German bonds which were placed in a Kreuger- controlled bank for safekeeping. A few weeks ago these bonds turned up in Stock holm where they had been used by Ivar Kreuger for a personal loan. 2) Many of International Match's so-called concessions were false. On the stand last week Fred Allen, large senior New York partner...
Most fanciful of all were concessions listed as "X," "Y" and "Z." Lee, Higginson were content with Kreuger's story that these assets must remain anonymous for high diplomatic reasons. In 1931, when President Joseph R. Swan of Guaranty Co. asked for detailed information, Herr Kreuger reported about $70.000.000 invested in "X." "Y" and "Z" but still insisted on anonymity. Last week it was revealed that X stood for Italy, Y for Spain, Z for Diamond Match Co. But the "concessions" did not exist, the $70,000,000 "investment" was pure falsehood...