Kreuger, Ivar

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Kreuger, Ivar

(ē`vär kro͞o`gər), 1880–1932, Swedish financier. After studying engineering in Stockholm and engaging in construction enterprises in the United States, he returned to Sweden and organized the firm of Kreuger and Toll. In 1913 he began to form a trusttrust,
in law, arrangement whereby property legally owned by one person is administered for the benefit of another. Three parties are ordinarily needed for the relation to arise: the settlor, who bequeaths or deeds the property for another's benefit; the trustee, in whose hands
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 to control all aspects of the production of matches in Sweden, and later throughout the world; it eventually became a huge international finance agency, and he also controlled construction, mining, and communications companies. Speculation and questionable practices during the 1920s led to the ruin of the trust after the 1929 crash, but through fraud he managed largely to hide the distressed state of his businesses until his suicide. Much of his money was obtained from U.S. backers.

Bibliography

See studies by A. Churchill (1957), R. Shaplen (1960), and F. Partnoy (2009).

References in periodicals archive ?
Luckily, I had met the owner of the tea house, the mild- mannered Ashok Kapoor, who has spent 32 years in Sweden, at the Indian Ambassador's residence in a fashionable part of Stockholm named Villagatan, which was once home to Ingmar Bergman and the Swedish " Match King' Ivar Kreuger, whose 1932 suicide had set off tremors on Wall Street.
Ivar Kreuger was so successful developing a monopoly on match production across Europe and Central and South America that he was able to control almost three quarters of worldwide production and became known as the 'Match King'.
The Match King: Ivar Kreuger, the Financial Genius Behind a Century of Wall Street Scandals, by Frank Partnoy, New York: Public Affairs, 272 pages, $26.
Shiller; Good Value: Reflections on Money, Morality and an Uncertain World by Stephen Green; Imagining India: Ideas for the New Century by Nandan Nilekani; In Fed We Trust: Ben Bernanke's War on the Great Panic by David Wessel; Lords of Finance: 1929, The Great Depression, and the Bankers who Broke the World by Liaquat Ahamed; and The Match King: Ivar Kreuger and the Financial Scandal of the Century by Frank Partnoy.
THE MATCH KING: IVAR KREUGER, THE FINANCIAL GENIUS BEHIND A CENTURY OF WALL STREET SCANDALS surveys an overlooked figure in history, showing how the world's must famous business mind built an empire on matches, raising money from American investors and loaning it to European governments in exchange for monopolies on their sales during the height of the 1930s depression.
Nowadays, the name of Ivar Kreuger is remembered by very few, but in the early thirties, the flamboyant Swedish businessman and financier was the toast of investors and bankers in both Europe and the United States.
Partnoy's mission in his new book, The Match King: Ivar Kreuger, the Financial Genius Behind a Century of Wall Street Scandals, is to revive Kreuger, and to reconsider him--to assess how much of the man's business was legitimate, and how he pulled off the illegitimate parts.
Ivar Kreuger, the "Match King"--an influential proponent of financial secrecy for corporations--dies and his pyramid stock swindle is uncovered.
They pointed out that Ivar Kreuger, a Swedish-born tycoon who built his worldwide empire selling matches, was supporting a number of European governments with loans from his private treasury.
Ivar Kreuger, the "Match King," lit the fire of Bermuda's beginnings, when the island's second exempted company, one formed to collect Kreugar's far-flung assets after his suicide, caught the attention of others.
The Match King: Ivar Kreuger, the Financial Genius Behind a Century of Wall Street Scandals is the true-life biography of Swedish emigre and 1920's financier Ivar Kreuger, who amassed an immense amount of money raising capital from American investors and loaning it to European governments in exchange for matchstick monopolies--in an era when matches were a common household staple.
The infamous Ponzi scheme run by the Swedish "match king" Ivar Kreuger in the early years of the Great Depression defrauded individuals and entire countries of hundreds of millions of dollars.