Word: wallenbergs
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Dates: during 1960-1969
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...Swindler Ivar Krueger, who got control of the company in the late 1920s, sold off his interest in 1931 to Ericsson's archrival, the U.S.'s International Telephone & Telegraph Co. This evoked patriotic outcries in Sweden and led to the intervention of the brothers Marcus and Jacob Wallenberg, who between them head the boards of 24 Swedish companies with combined sales of $1.6 billion. Aided by a law that prohibits foreign control of Swedish firms, Marcus Wallenberg, 62, stepped in as Ericsson's chairman and fended off I. T. & T. so successfully that the U.S. company finally...