Word: kreugered
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...able to state that in our opinion without doubt the balance sheet of Aktiebolaget Kreuger & Toll as at Dec. 31, 1930, as well as the consolidated balance sheet accompanying it... grossly misrepresented their true financial position...
Last week Publisher Lorimer and Reporter Marcosson may have regretted their coup. For in one of the most smashing statements ever made by a firm of auditors, Ivar Kreuger was last week pronounced a crook, a swindler, a falsifier of books...
When in 1928 the famed Boston-born firm of Lee, Higginson prepared to issue millions of Kreuger securities to U. S. investors, it naturally demanded an audit of the Kreuger business. It was persuaded by Ivar Kreuger?one of the most charmingly persuasive men who ever lived ?that it was not necessary for a U. S. firm to audit his vast affairs. He had not only one but three great Swedish firms of auditors which over a period of years and throughout the civilized world had learned how to keep track of the globe-girdling assets and liabilities...
...Higginson discovered last week that it had been gulled, it suffered the most stinging blow to its moral sensibilities in all its 84 years, first devoted to the China Tea Trade, then under Boston's Symphony-founding Major Henry Lee Higginson to railroads and later to industrials. Its Kreuger affairs were handled mainly in New York. The partner chiefly associated with the Kreuger business is a physically big and distinguished figure, Frederick Winthrop Allen, long head of Yale's rowing committee...
...truth about Kreuger came from Price, Waterhouse, famed auditors of a large part of all Big Business in Britain and America. Its British partners, called to investigate by the Swedish Government, minced no words in their preliminary report. Their points...