Word: wallenbergs
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...Wallenbergs either control outright-or persuasively advise-no fewer than 50 Swedish companies, or more than half of Sweden's industry. Directly under Wallenberg management are most of Sweden's international companies, including plane-and automaking SAAB, the $275 million telephone equipment manufacturer L. M. Ericsson, the $500 million ballbearing producer SKF, and Stora Kopparberg, a diversified mining and mineral complex (TIME, March 15). The family also guides Stockholm's largest department store and the company that runs the city's three most luxurious restaurants. In no other industrialized nation in the world does one family...
Sweden for Swedes. The Wallenberg who started it all was André, who visited the U.S. and Scotland as a young naval lieutenant, became fascinated by banking and founded Stockholm's first commercial bank in 1856. His Enskilda Bank became the chief funnel through which foreign capital entered Sweden, and André and the succeeding Wallenbergs directed the flow of foreign funds to finance Swedish industrialization...
...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...
Shrewd Banker Wallenberg, however, has restricted himself to overseeing Ericsson's finances. To handle company operations, he brought in as president Sven Ture Aberg, 58, an imperturbable electrical engineer who negotiates with uncommon skill in five languages (Swedish, English, Spanish, French and German...
Cranking up the printing presses is no solution, says Wallenberg. It would simply cheapen currencies. Neither are proposals such as are made in some undeveloped countries for huge new government income taxes that would be used eventually to pay pensions, would be invested meanwhile in new enterprises. Business and labor groups would simply add such taxes to their selling price and wages, concentrate on "take-home pay" and "profit after taxes." Worse yet, says Wallenberg, voluntary savings would dry up or seek sanctuary abroad...