Word: kreugers
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Dates: during 1930-1939
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Delvers into Kreuger, With pointed innuendoes against "the'illustrious banking houses that offered these debentures for public subscription as 'secured' debentures," last week a new committee was formed to delve into the Kreuger & Toll-International Match fiasco. Heading the committee was Bainbridge Colby, onetime (1920-21) Secretary of State, onetime lawyer for Mark Twain. Co-counsel was sharp-tongued Samuel Untermyer. Lee Higginson & Co., Kreuger's U. S. bankers, have formed protective committees, asked for stock deposits...
...among the Big Seven is "the American Bank of Poland," founded by Swedish Ivar Kreuger, suicided Match King, unmasked cheat (TIME, March 21 et seq.). Last week the Kreuger bank announced that only 60% of its depositors have withdrawn their accounts as a result of the Kreuger scandal. It had discharged only 50% of its staff and remained serenely open for further business...
...Kreuger Scandal, already grown into one of the ugliest affairs in business history, last week increased in malignancy. At the time of Herr Kreuger's suicide it was suspected that there were '"irregularities" in his books. By last week the '"irregularities" had been disclosed as fraud of the worst type. Then came two disclosures which shattered the last vestige of admiration which could have attached itself to the late great maker of matches. Disclosure No. 1, coming with the arrest of three of Kreuger's associates, was that the "irregularities" were not born of falling markets...
This scene occurred in 1931. Kreuger, failing to get a match monopoly in Italy, needed funds. From an Italian engraver he got copper plates that bore the likeness of an Italian Government bond. On a piece of paper he sketched the way he would like an English-worded statement printed. He furtively took the plates to a Stockholm printer. The printer, knowing Kreuger's affairs were vast, did not become suspicious when he was asked to print 42 bonds, each of ?500,000 denomination. Kreuger took the counterfeits, forged on them the name of E. Drelli, gave them...
Other developments during the week were: a charge that Kreuger supported a Stockholm Communistic paper (as did many a Russian capitalist before the Revolution) ; an opinion that Sweden's high income taxes must be upped another 15% to make up for the loss of Kreuger & Toll's big payments. "Only the beginning" was the gloomy warning of the Government's newspaper, Svenska Morgonbladet: "The coming week will be one of the most nerve-wracking ever experienced by the Swedish nation...