Word: kreuger
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...killed Cock Kreuger? What was the final thing which ran him to 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...
This final Kreuger chapter started in June 1931, when he sold control of L. M. Ericsson Telephone Co. to I. T. & T. He was given a down payment of $11,000,000 and promised some I. T. & T. stock as soon as an audit was made. This audit was merely a routine matter so far as I. T. & T. was concerned...
...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...
After his conferences with Kreuger, Banker Rentschler telephoned George Murnane, a partner in Lee, Higginson & Co., bankers for Kreuger's International Match Corp. Lee, Higginson had just floated a $50,000,000 International Match debenture issue in the U. S. "for important new investments in Poland . . . and 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...