Word: krupps
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...Still, Krupp's deepest humiliation stemmed from a shocking debacle with his bankers. Alfried had planned some day to turn over his holdings to a foundation, under which the firm would be run as a public company. But Krupp's bankers last spring rebelliously refused more credit to his debt-saddled firm...
...TIME, March 17). Alfried Krupp had to seek aid from the government and accept its condition that Krupp go public by 1969. Thus, though the foundation will still be formed, the dignified exit he wanted for the House of Krupp became abject public surrender...
...Alfried Krupp such a humiliation was intolerable. In the years since the firm began as an Essen foundry in 1811, the House of Krupp had been courted by Bismarck, the Kaisers and Hitler. Kaiser Wilhelm I called it a "national institution." Wilhelm II was Alfried's godfather. And at Alfried's birth, his father Gustav wrote to his directors: "May he grow up in the Krupp works, and through practical work acquire the fundamentals he will require to take over the responsibility-laden duties...
Life with Father. Alfried followed the script. He and his seven younger sisters and brothers (none of whom shared his status as a Krupp crown prince) were cared for by tutors and servants on an ordered schedule. For one 50minute period each evening, Alfried was to play with Father, like...
When the legacy finally came, it was bitter. Ailing and verging on senility at 73, Gustav turned all over to his son, then 37, in 1943-shortly after Allied bombers began the raids that eventually turned a third of Krupp's Essen plants to rubble. After the Allied victory Alfried took the rap for Gustav, by then mentally incompetent, and was sentenced at Niirnberg to twelve years for using slave labor and "plundering occupied territory." Later, the U.S. acknowledged the injustice of the Niirnberg sentence, released Krupp and allowed him to take control of his firm once again...