![]()
Ivar Kreuger Geschenk des Himmels
Ivar Kreuger war der Gründer der Svenska Tändsticks AB und die zentrale Figur im europäischen Zündwarenmonopol, ein europäischer Tycoon. Im Jahr gründete er die Firma Svenska Cellulosa Aktiebolaget, die noch heute existiert. Ivar Kreuger [ˌiːvar ˈkryːgər] (* 2. März in Kalmar, Schweden; † März in Paris) war der Gründer der Svenska Tändsticks AB (STAB) (deutsch. Mithilfe des Zündholzmonopols begründete der schwedische Industrielle Ivar Kreuger sein Imperium. Sein Selbstmord schockierte die. März Ivar Kreuger wird in Kalmar/Schweden geboren. schließt er mit Bestnoten sein Studium zum Bauingenieur ab. Er leitet in Südafrika als. Aus seiner kleinen Konstruktionsfirma Kreuger & Toll schmiedete Bauingenieur Ivar Kreuger (gesprochen wie Krüger), geboren in Kalmar, einen. Ivar Kreugers Vater Ernst Kreuger (–) kaufte weitere Firmen hinzu. Ivar Kreuger studierte zunächst Ingenieurswissenschaften, bevor er Geschäftsmann. Schwedischer Finanzmogul Ivar Kreuger Imperium aus Streichhölzern. Die beispiellose Karriere des Finanzmoguls Ivar Kreuger gründete auf.

Ivar Kreuger Navigeringsmeny Video
Savior of Europe - Ivar Kreuger - The Swedish Match KingHuvuddelen av aktiekapitalet tecknades av hans far Ernst Kreuger och farbrodern Fredrik Kreuger. Detta blev startpunkten för en total omstrukturering, ledd av Ivar Kreuger, av den starkt splittrade svenska tändsticksindustrin.
Kreugerkoncernens verksamhet kom därefter att under talet, parallellt med tändstickstillverkningen, att inriktas mot uppbyggnad av en kombinerad finans- och industrikoncern med Svenska Tändsticks Aktiebolaget som grund.
Systemet med participating debentures innebar att man utgav skuldebrev med utdelningsmöjlighet. I debenturen kombineras obligationens relativt sett högre säkerhet med aktiens möjlighet till del av uppkommen vinst.
När tändstickskoncernen var som störst omfattade den fabriker i 43 länder. I juni blev han promoverad till hedersdoktor vid universitet i Syracuse med koppling till hans tid som ung chefsingenjör för byggnationer vid universitet Kreuger var även majoritetsägare i Svensk Filmindustri SF som grundades Delar av detta besök finns förevigat av SF i en 6 minuters filmsekvens.
Det var bland annat den amerikanske bankiren J. Morgan den yngre med företaget J. Ekman fick en avgörande roll. Roosevelt i Paris. Se artikeln om släkten Kreuger.
Byggnaden beställdes av finansmannen Ivar Kreuger och ritades av arkitekt Ivar Tengbom. Idag har ett tal företag sina kontor här. Sammanlagt 2,1 miljarder kronor investerades under koncernens tillvaro.
Hans ointresse för allmänt socialt umgänge, speciellt i offentliga sammanhang, är väl dokumenterat. So I started investigating him and doing some digging.
He was like a combination of Warren Buffet and Donald Trump and all the colorful businesspeople of today all rolled up into one. You say that Kreuger was a pioneer, writing "For better or worse, this man is the father of today's financial market.
Hedge fund managers and investment bankers employ many of the same techniques he invented. He invented many of the complex financial instruments that are used now.
He created off-balance-sheet financing and offshore subsidiaries. After he raised his first capital in the U.
He engaged in a bunch of transactions , that resemble today's derivative transactions , where he was able to shift assets and liabilities all over the world.
He invented class A and class B shares, with the class B shares having controlling votes. He also knew how to invent a persona.
He was an incredibly suave guy. He planned conversations in advance ; he decided what he would talk about with particular groups of people.
H e memorized facts and statistics to mesmerize people and then he would quickly disappear, in kind of a whirlwind.
On the ship to America in , he went to the radio shack, and sent out messages for almost a day, nonstop. Sometimes he was actually sending messages through the ship's Marconi wireless but sometimes he was just pretending to send messages.
He had learn ed from other trips to the U. What was the significance of being a Swedish match king? After succeeding in the real - estate business , he had taken a relatively small family match business and parlayed it into a monopoly in Sweden.
Back then, matches were a huge business. The Swedes had invented the safety match — you know, it has a phosphorous head and you strike on the outside of the box.
He essentially controlled the match market in Sweden. His idea was that he would come to the U. And the U. The U. Much like Bernard Madoff, he was paying double - digit dividends every year reliably, even though they didn't always bear a relationship to how much his company had actually made.
Did he come here to raise money to do more deals, or to steal it? Initially he came here to build his empire. He was completely legitimate in his businesses up to this time.
This new technique had not been introduced in Sweden at that time. In , he managed to get the representative rights for the system for both the Swedish and the German markets, and at the end of , he returned to Sweden with the goal of introducing the new methods in both countries at the same time.
Note that multiplying historical U. This is done in the text by giving the approximate value in today's money in parentheses.
Rather than showing the source used after every conversion into today's values it is provided in this section. In Germany, he formed the company Deutsche Kahneisengesellschaft [17] together with a colleague from his time in America, Anders Jordahl.
The new way of constructing buildings was not fully accepted in Sweden at that time and in order to market the new technique, Kreuger held several lectures and wrote an illustrated article on the subject in a leading engineering magazine, Teknisk Tidskrift.
This new technology of constructing buildings was a success and the firm won several prestigious contracts, such as the construction of the Stockholm Olympic Stadium —12 ; the foundation work for the new Stockholm City Hall —13 and the department store NK —14 in Stockholm.
The chief engineer behind these advanced projects was Henrik Kreüger. Innovation in the construction business also included a definite commitment to finish the building on time.
Hitherto the financial risk of delays were assumed by the clients. The client, in turn, agreed to pay a bonus for every day the building was finished before the due date.
Ivar Kreuger was not among the board members in the construction company. He controlled it with a tight grip. The board of directors consisted of Ivar, his father, Paul Toll and two very close colleagues.
After Ivar got involved in his father's match factories in Kalmar, he became more focused on "constructing" new companies or taking control of other corporations - usually paying with his own securities instead of cash - rather than buildings and bridges.
Thus, by , Ivar had bought banks, mining companies, railways, timber and paper firms, film distributors, real estate in several European cities as well as a controlling stake in L.
He owned mines all over the world including the Boliden mine in Sweden, which had one of the richest gold deposits outside South Africa in addition to other minerals.
Kreuger formed Swedish Match by merging his father's business with other match factories he had quietly bought during World War I.
The Swedish banker Oscar Rydbeck — became a close associate and an important teacher for Ivar in the financing business.
For not having carried out his duties as a director he went to jail for 10 months after Ivar's death. Kreuger was then advised by his banker Oscar Rydbeck to turn the factories into a stock corporation in order to raise more capital.
This was the starting point for the reformation of the Swedish match industry as well as the major match companies in Norway and Finland.
The goal was to get control of the entire match industry in Scandinavia. His father, Ernst, and uncle Fredrik, became the major shareholders and his brother Torsten was appointed the general manager.
Ivar became a member of the board. A merger between this company with several other small match companies in Sweden, the company AB Svenska Förenade Tändsticksfabriker [26] was founded in with Ivar Kreuger as the general manager.
Ivar had originally tried to convince AB Jönköping-Vulcan to merge in December , but they had not been interested as Vulcan was the dominating match company in Sweden.
Ivar then started to acquire all of the match companies as well as most of the raw material companies he could find in and around Sweden and then finally got AB Jönköping-Vulcan to accept the merger.
He had been so persuasive in arguing for the merger that he managed to overvalue his side of the deal so that it was essentially the smaller organization taking over the larger one.
It was his first big venture in inflating values, which became his prime tactic thereafter. One of the main designers behind this operation, beside Ivar, was his banker Rydbeck.
The total number of shares in the new company was , This company group now covered the entire match industry in Sweden, including all the major companies that manufactured the production machines used in the factories.
The total number of employees working in match production in Sweden in was around It also had control over major companies supplying the raw material for the match industry.
During this time Kreuger also acquired the largest match manufacturing companies in Norway Bryn and Halden and in Finland Wiborgs and Kekkola.
However, Kreuger not only "acquired" companies but also introduced a new way of thinking in the Swedish match industry with large scale production facilities, ideas to increase efficiency in production, administration, distribution, and marketing.
He managed to unite the Swedish match industry as well as the major match companies in Norway and Finland. With this new company structure the match industry in Scandinavia became a major competitor to large manufacturers elsewhere.
Ivar's methods resembled those John D. Rockefeller used in the formation of the Standard Oil Trust transforming dozens of struggling factories into a strong and profitable monopoly.
A German chemist had invented phosphorus matches in but they were dangerous because the yellow phosphorus used was poisonous and because it was in the match head and thus could easily light by accident.
The Swedes improved on the design by using a safer red phosphorus, which they put on the striking surface of the matchbox. They called them "safety matches".
They made Sweden the leading exporter of matches and made matches the most important Swedish export. It should be remembered that in the early part of the 20th century matches were a necessity for smoking and the lighting of stoves and gas appliances among other uses and therefore demand for them was highly inelastic , meaning that a monopolist could raise prices and hence profits significantly without much affecting the quantity sold.
By expanding the Swedish Match company through acquisition of government-created monopolies, the Swedish company became the world's largest match manufacturer.
From to , years when many countries in Europe were suffering after the First World War , Kreuger's companies gave loans to governments to speed up reconstruction.
As a security, the governments would grant him the match monopoly in their country. This means that Kreuger gained a monopoly in match production, sales, or distribution, or a complete monopoly.
The monopoly agreements differed from country to country. The capital was raised to a large extent through loans from Swedish and American banks, combined with issuing a large amount of participating debentures.
Kreuger also often moved money from one corporation he controlled to another. Kreuger did not limit himself to matches, but gained control of most of the forestry industry in northern Sweden and planned to become head of a cellulose cartel.
He also attempted to create a telephone monopoly in Sweden. After founding the pulp manufacturer SCA , in Kreuger was able to acquire the majority shares in the telephone company Ericsson ; the mining company Boliden gold ; major interests in the ball bearing manufacturer SKF ; the bank Skandinaviska Kreditaktiebolaget and others.
By , Kreuger controlled some companies. However, the Stock Market Crash of turned out to be a major factor in exposing his accounting that ultimately proved fatal to both him and his empire.
In the spring of , he visited the United States and gave a lecture about the situation in world economics at the Industrial Club of Chicago with the title "The transfer problem and its importance to the United States".
Such schemes had been around for a long time e. Kreuger financed his activities by selling shares and bonds of his companies as well as through large bank loans, mainly the last two.
The use of debt in addition to equity is called leverage and it magnifies both gains and losses. With respect to selling shares, he invented dual class ownership shares [32] since he did not want to lose control of his companies.
He called the class of shares with reduced voting power B shares. One of Kreuger's biographers, Frank Partnoy , called it "an ingenious piece of financial engineering".
Ivar began with Swedish Match where he divided the common shares into two classes. In this way Ivar could double the size of his capital, while diluting his control by just a fraction of a percent.
Presently such shares are sometimes called A Shares with the B Shares having more voting power, as is the case with Google for instance where they carry ten times more voting power than the A Shares.
The New York Stock Exchange , for example, allows companies to list dual-class voting shares. Once shares are listed, however, companies are not allowed to reduce the voting rights of the existing shares or issue a new class of superior voting shares.
There is a wide range of dual-class share structures and their use between countries. These bonds gave investors the right to receive annual interest payments of 6.
Finally, these debentures were convertible, which meant that they could be converted into shares. If International Match performed well and the value of the shares increased, investors could switch from the debentures to the more valuable shares.
The convertible feature made these securities particularly attractive: they have both downside protection because in the case of bankruptcy the bond holders were paid before the shareholders and upside potential.
In other words, the best of both worlds. Kreuger invented another financial instrument, which continues to be used and is nowadays known as American depositary receipts.
American investors had never seen an investment like this. It was part bond, part preferred stock, and part profit sharing option.
The certificates enabled investors to gain exposure to a foreign company that had been paying dividends of 25 percent. It would be backed by the largest private loan to a foreign government i.
Germany ever.
Ivar Kreuger Inhaltsverzeichnis
Daniel Sellier Kreuger nun genau umgebracht hat, ist nicht von Bedeutung. Nach dem Beginn des FinanzBuch Verlag, MünchenSeiten. Und vor allem den Gewinnmöglichkeiten, die sie boten. Januar in Washington D. Dafür hat es insgesamt 1,4 Mio. Albert D. Von bisals viele Länder in Europa nach dem Ersten Weltkrieg litten Avengers Grimm 2 - Time Wars, gewährten Kreugers Unternehmen den Regierungen Kredite, Zorro Zeichentrick den Wiederaufbau zu beschleunigen. Es handelte sich um eine Teilanleihe, eine Teilvorzugsaktie und eine Teilgewinnbeteiligungsoption. Ivar Kreuger (schwedisch: [ˈǐːvar ˈkry̌ːɡɛr] ; 2. März - März ) war ein schwedischer Bauingenieur, Finanzier, Unternehmer. The Match King: Ivar Kreuger and the Financial Scandal of the Century (English Edition) eBook: Partnoy, Frank: 112mobile.eu: Kindle-Shop. Der Zündholzkönig: Ivar Kreuger, Finanzgenie und Wegbereiter eines Jahrhunderts von Wall-Street-Skandalen: 112mobile.eu: Otte, Max, Partnoy, Frank: Bücher.Ivar Kreuger - Navigationsmenü
Die Suche nach Wahrheit, sie endet nie. Das Interesse an Kreuger-Informationen aus erster Hand hat sich deutlich gesteigert, sagt sie: "Jede Woche meldet sich jemand und will wissen, wie es damals wirklich war.Swedish Match recovered shortly after the crash as did most of the industrial companies within the Kreuger empire. Swedish Match received a large government guaranteed loan that was fully repaid after several years.
The liquidation took nine years and was eventually finished in One biographer called him a genius and swindler. He was the Leonardo of their craft.
At times it seemed that he was a solid, if ruthless, businessman, and at other times he appeared every inch a scam artist.
Between those times, he either built a match monopoly that overreached or orchestrated one of the biggest pyramid schemes in history. Many of his financial schemes did indeed have some parallels with a Ponzi scheme in as much as he needed to raise more and more funds in order to finance the loans he extended to governments in exchange for match monopolies.
It's obvious that it's impossible to have earnings in single digits as these sovereign loans typically paid and continue paying dividends in double digits.
Balance sheets and Profit and Loss statements served one major purpose, if not the only one, for Ivar and that was they had to be helpful in his fund raising efforts.
Often they were just pure fantasy to be revised at will to please investors. He also frequently treated the assets of corporations he controlled as if they were his own.
However, things should be seen in the context of the time. Many companies set up arbitrary reserves in good times to be used in bad years and few holding companies published consolidated financial statements.
Accounting standards and auditors' responsibility for the accuracy of financial statements evolved over time.
Corporations resisted publishing audited financial statements. US Steel defied convention when it published its first audited financial statements in Indeed, accountants in the early s "fiercely resisted efforts to impose strict accounting standards".
It was not until the US Securities Acts' of and —both heavily influenced by Kreuger's actions—that generally accepted accounting principles GAAP began to be established.
Only in the s and s were auditors forced to accept more responsibility for the veracity of financial statements but loopholes continued to exist and probably still do.
Dishonesty was part of Ivar's behaviour almost from the beginning of his career. In the first loan for a match monopoly, Ivar's brother Torsten negotiated with Dr.
Marjam Glowacki, a senior Polish finance ministry official. After the documents were signed Ivar decided that it might be useful in the future to replicate Dr.
Glowacki's signature. He ordered a rubber stamp that would produce a facsimile should he need it in the future.
He did not use it; however, from then on he had rubber stamps made of official signatures of almost all his match deals. A lithographer who had printed share certificates for Ivar made 42 Italian bills, which Ivar signed with the names of G.
Boselli an official in the Ministry of Finance and A. Mosconi, the Minister of Finance. It has never been explained why these forgeries were so crude.
He even misspelled Boselli's name several times. They would have been worth between c. About 1. Yet it would be a mistake to conclude that Ivar was nothing but a crook.
Reality was more nuanced. For one thing disclosure rules in his days were much less stringent. Many corporations refused to reveal details for fear competitors would gain an advantage.
At least that was the claim often made. Some firms did not even publish quarterly results. Ivar, too, was very secretive and not only with investors.
When he was on the verge of hiring somebody he usually asked: "Can he keep a secret? Without the hunger for ever larger profits many of Ivar's schemes would not have been possible.
Incidentally this facilitated a transfer of capital from the USA to Europe where it was, often desperately, needed.
He sold shares in the US worth million dollars equivalent to c. Shareholders of International Match had given him authority to do this so there was nothing wrong with it.
There was also a tax advantage because of the advantageous deal he had negotiated with Liechtenstein. Indeed, many consider Ivar to be the father of modern financial schemes.
He, however, claimed "money as such means nothing to me". Trying to support the collapsing share prices of many of his companies including ways which were—if not illegal—questionable, e.
In the case of his acquisition of Diamond Match shares it was clearly illegal because of anti-trust laws. He controlled many legitimate, profitable businesses, some of which still exist to this day.
Some of the shrinkage was due to depressed prices, but much went into paying dividends from capital over the years.
From Wikipedia, the free encyclopedia. Swedish civil engineer, financier, entrepreneur and industrialist.
For the film about Kreuger, see The Match King. Kalmar , Sweden. See also: Zündwaren monopoly. Retrieved 4 September Retrieved 16 April This company's growth was due to Ivar Kreuger's efforts and its rise paralleled his own.
Knopf Inc. New York; , p. Today, two MSc. New York; p. Parliament of Canada. Archived from the original on 25 April Ivar Kreuger in Swedish.
Stockholm: Fischer. The Young-loan was designed to split up the loan on a large number of countries, in order to secure that Germany paid the War reparations from World War I.
National Archive, Stockholm. Retrieved 14 April Ivar Kreuger was the world's greatest swindler. He would have thrived today. Kreuger walked to a gun-shop and bought a 9mm automatic pistol.
That night, the man who had never married, who kissed women on the wrist rather than the hand for fear of germs, had a last tryst with a young Finnish girlfriend.
The next day, lying on his bed in a pin-stripe suit, he shot himself, blowing out the last flicker of illusion in a hopeless age.
Clikeman, Routledge, p. Clikeman, Routledge, pp. Clikeman, Routledge p. Clikeman Routledge, , p. Namespaces Article Talk.
Views Read Edit View history. Known as the Swedish m atch k ing, Kreuger made a fortune making matchsticks and took international markets by storm during the frenzied s, cutting deals with sovereign governments and became a major figure on Wall Street before his empire collapsed in the earlys.
Frank Partnoy, a former derivatives trader and law professor—and an all-around connoisseur of financial shenanigans—argues that Kreuger , in fact , pioneered many of the techniques used by today's financial wizards.
Their conversation, which is excerpted below, can be heard here or downloaded as an MP3 file here. I knew all the schemes and the scamsters on the list , but I'd never heard of Kreuger.
So I started investigating him and doing some digging. He was like a combination of Warren Buffet and Donald Trump and all the colorful businesspeople of today all rolled up into one.
You say that Kreuger was a pioneer, writing "For better or worse, this man is the father of today's financial market.
Hedge fund managers and investment bankers employ many of the same techniques he invented. He invented many of the complex financial instruments that are used now.
He created off-balance-sheet financing and offshore subsidiaries. After he raised his first capital in the U. He engaged in a bunch of transactions , that resemble today's derivative transactions , where he was able to shift assets and liabilities all over the world.
He invented class A and class B shares, with the class B shares having controlling votes. He also knew how to invent a persona.
He was an incredibly suave guy. He planned conversations in advance ; he decided what he would talk about with particular groups of people.
H e memorized facts and statistics to mesmerize people and then he would quickly disappear, in kind of a whirlwind. On the ship to America in , he went to the radio shack, and sent out messages for almost a day, nonstop.
Sometimes he was actually sending messages through the ship's Marconi wireless but sometimes he was just pretending to send messages. He had learn ed from other trips to the U.
What was the significance of being a Swedish match king? After succeeding in the real - estate business , he had taken a relatively small family match business and parlayed it into a monopoly in Sweden.
Back then, matches were a huge business. The Swedes had invented the safety match — you know, it has a phosphorous head and you strike on the outside of the box.
He essentially controlled the match market in Sweden. His idea was that he would come to the U. And the U.
The U. Ennen konkurssia hän oli jakanut tuhansia debentuureja. Ne olivat siihen aikaan hyvin suosittuja, sillä Kreugerin imperiumin nousu oli työllistänyt monia ja monet ruotsalaiset olivat innolla sijoittamassa rahaa näihin "Kreugerin papereihin".
Romahduksen jälkeen monet menettivät omaisuutensa. Tämä henkilöön liittyvä artikkeli on tynkä. Voit auttaa Wikipediaa laajentamalla artikkelia.
Luokat : Ruotsalaiset elinkeinoelämän vaikuttajat Ruotsalaiset miljardöörit Itsemurhan tehneet Vuonna syntyneet Vuonna kuolleet Kuuluisat huijarit.
Nimiavaruudet Artikkeli Keskustelu. Näkymät Lue Muokkaa Muokkaa wikitekstiä Näytä historia. Etusivu Tietoja Wikipediasta Kaikki sivut Satunnainen artikkeli.
Tänne viittaavat sivut Linkitettyjen sivujen muutokset Toimintosivut Ikilinkki Sivun tiedot Viitetiedot Wikidata-kohde. Lataa PDF-tiedostona Tulostettava versio.
Wikimedia Commons.
2 comments