The Match King
Page 32
25 Deeson, at 116-25; see also Zuckoff.
26 The idea originated from the Universal Postal Union Congress in Rome in 1906, which sought to resolve the problem of how a person might send a self-addressed stamped envelope abroad. The basic idea survives today, and the postal reply coupon is accepted throughout the world. Indeed, it remains the most viable way to send a self-addressed stamped envelope when foreign stamps are not available in the United States. See http://www.upu.int/irc/en/index.shtml.
27 Churchill, at 112.
Chapter 2
1 “Durant, Financier, Dies on Elevated,” The New York Times, Aug. 12, 1941, at 20.
2 “Bonds and Bond Men,” Wall Street Journal, Aug. 15, 1927, at 4.
3 Shaplen, at 69-70.
4 Vadstena, 1921-5, K-004, letter from Anders Jordahl to Ivar Kreuger, Dec. 22, 1922.
5 Vadstena, Amerika 1918-22, K-065, letter from Cary T. Grayson to Ivar Kreuger, Sep. 15, 1922.
6 Adams, at 183.
7 Adams, at 233.
8 Adams, at 233.
9 Adams, at 260.
10 Adams, at 265.
11 “Kreuger’s Books,” Time, Apr. 18, 1932.
12 “Urges Liberal Use of War Savings Stamps,” The New York Times, Nov. 23, 1917, at 15.
13 Adams, at 260.
14 “Bond Club Elections,” Wall Street Journal, Jun. 24, 1922.
15 “Bond Club Elections,” Wall Street Journal, Jun. 24, 1922.
16 “The Bond Club of New York, history,” http://www.thebondclub.com/history.html .
17 The Bawl Street Journal is still published today, in an online version, http://www.thebondclub.com/bawlstreetjournal.html. Its 2007 edition included headlines announcing “New Jersey Votes to Go Private,” and “Hedge fund managers earning more than $1 billion a year point out that $1 billion is just not what it used to be.” http://www.thebondclub.com/2007BSJ.pdf.
18 “Durant, Financier, Dies on Elevated,” The New York Times, Aug. 12, 1941, at 20.
19 Stoneman, at 123; Shaplen, at 58.
20 Princeton, Box 2, Examination of Anders Jordahl, Stenographer’s Minutes, In the Matter of International Match Corporation, Bankrupt, United States District Court, Southern District of New York in Bankruptcy, Feb. 1, 1933, at 2-5.
21 Barry Paris, Garbo (Alfred A. Knopf, 1995), at 23-4.
22 Vadstena, Amerika 1918-22, letter from Anders Jordahl to Ivar Kreuger, Dec. 11, 1919.
23 Shaplen, at 58.
24 Vadstena, Amerika 1918-22, letter from Anders Jordahl to Ivar Kreuger, Mar. 23, 1921.
25 Vadstena, Amerika 1918-22, cable from Ivar Kreuger to Anders Jordahl, Jul. 7, 1921.
26 Nosferatu, “A Symphony of Horror,” http://movies.toptenreviews.com/reviews/mr221868.htm .
27 Vadstena, Amerika 1918-22, letter from Anders Jordahl to Ivar Kreuger, Dec. 22, 1921.
28 Vadstena, 1921-5, letter from Eric Landgren to Ivar Kreuger, May 28, 1921.
29 Vadstena, Amerika 1918-22, letter from William A. Fairburn to Ivar Kreuger, Dec. 9, 1921.
30 Hollis Alpert, “Saga of Greta Lovisa Gustafson; Saga of Greta Garbo,” The New York Times, Sep. 5, 1965, at SM26.
31 Barry Paris, Garbo (Alfred A. Knopf, 1995), at 241.
32 Vadstena, 1921-5, correspondence and brief of Eric G. Landgren, Aug. 13, 1921.
33 Vadstena, Amerika 1918-22, cable from Froeander to Ivar Kreuger, Mar. 19, 1921.
34 Vadstena, 1921-5, letter from Ivar Kreuger to William A. Fairburn, May 4, 1922.
35 Vadstena, 1921-5, letter from Eric Landgren to Ivar Kreuger, May 21, 1921.
36 Vadstena, 1921-5, letter from W. E. Seatree to Ivar Kreuger, Sep. 13, 1922.
37 Vadstena, 1921-5, letter from W. E. Seatree to Ivar Kreuger, Sep. 13, 1922.
38 Vadstena, Amerika 1922-4, letter from Anders Jordahl to Ivar Kreuger, Jun. 13, 1922.
39 Vadstena, 1921-5, cable from Ivar Kreuger to Anders Jordahl, Sep. 26, 1922.
40 Thunholm, at 78.
41 David W. Dunlap, “Renovation Project Takes New Prep School to the Bank,” The New York Times, Jun. 21, 2004, at B3. The renovation project was completed shortly after Ivar’s initial meeting with Durant.
Chapter 3
1 Adams, at 259.
2 Keynes, at 237.
3 Stoneman, at 47-8.
4 Churchill, at 54-5.
5 Churchill, at 56-7.
6 Churchill, at 53.
7 Churchill, at 58.
8 Stoneman, at 50-51.
9 Stoneman, at 51-2; Soloveychik, at 80-81.
10 Shaplen, at 42.
11 Shaplen, at 41.
12 Thunholm, at 39.
13 Shaplen, at 42.
14 Stoneman, at 58.
15 Thunholm, at 71.
16 Soloveychik, at 6.
17 Adams, at 260.
18 Adams, at 259-60.
19 Stoneman, at 123.
20 Brooks, ch. 1.
21 Chernow, at 213.
22 Allen, at 63.
23 Brooks, at 8-20.
24 Chernow, at 214.
25 Chernow, at 215.
26 Chernow, at 200.
27 Burk, at 4.
28 Chernow, at 210-17.
29 Stoneman, at 139.
30 Stoneman, Table VII (as per prospectus).
31 Vadstena, Amerika 1922-4, letter from T. L. Higginson, Jr to Ivar Kreuger, Oct. 1, 1923; The New England Historical and Genealogical Register, vols. 37-52 (1855), at 46.
32 Vadstena, Amerika 1922-4, letter from Oscar Cooper to Ivar Kreuger, Nov. 12, 1923.
33 Vadstena, Amerika 1922-4, letter from J. W. H. Hamilton to Ivar Kreuger, Oct. 23, 1924.
34 Vadstena, Amerika 1922-4, letter from Donald Durant to Ivar Kreuger, Oct. 23, 1924.
35 Vadstena, Amerika 1922-4, letter from Chauncey P. Colwell to Ivar Kreuger, Oct. 20, 1923.
36 Vadstena, Amerika 1922-4, Letter from Edward B. Robinette to Ivar Kreuger, Dec. 24, 1923.
37 “New Issues being Carefully Priced,” Wall Street Journal, Oct. 26, 1923, at 5.
38 Partnoy; Nelson D. Schwartz, “Inside the Market’s Myth Machine,” Fortune, Oct. 2, 2000, at 114.
39 Kreuger, at 88b-c.
Chapter 4
1 Churchill, at 126.
2 Stoneman, at 124.
3 Churchill, at 125.
4 Vadstena, K. Littorin, 1923, cable from Ivar Kreuger to Krister Littorin, Oct. 28, 1923.
5 Stoneman, at 127.
6 Hassbring, at 177.
7 Hassbring, at 180.
8 Hassbring, at 196.
9 Hassbring at 196-9.
10 Lars Engwall, Staffan Furusten, and Eva Wallerstedt, “The Changing Relationship between Management Consulting and Academia: Evidence from Sweden,” in Management Consulting: Emergence and Dynamics of a Knowledge Industry, Matthias Kipping and Lars Engwall, eds. (Oxford University Press, 2002), at 38-42; Eva Wallerstedt, Oskar Sillén: Professor Och Praktiker (Acta Universitatis Upsaliensis, 1988).
11 Hassbring, at 199.
12 Thunholm, at 62.
13 Hassbring, at 199.
14 Stoneman, at 70.
15 Churchill, at 116.
16 “History: Two Men, One Vision,” http://www.big4.com/ErnstYoung/History. aspx.
17 Zeff, at 191.
Chapter 5
1 Vadstena, Berning 1918-31, letter from Ivar Kreuger to A.D. Berning, Jun. 8, 1923.
2 Stoneman, at 125.
3 Stoneman, at 125.
4 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Jan. 23, 1924.
5 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Nov. 30, 1923.
6 Vadstena, Berning 1918-31, letter from Ivar Kreuger to A.D. Berning, Apr. 28, 1924.
7 Vadstena, Berning 1918-31, letter from Ivar Kreuger to A.D. Berning, Jun. 30, 1924.
8 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Apr. 8, 1924.
9 Vadstena, Berning 1918-31, letter from O. Hibma to Lee Higginson,
Apr. 15, 1924.
10 Vadstena, Berning 1918-31, letter from Ivar Kreuger to A.D. Berning, Apr. 28, 1924.
11 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, May 24, 1924.
12 Vadstena, Berning 1918-31, telegram from A.D. Berning to Ivar Kreuger, Jun. 18, 1924.
13 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Jul. 19, 1924.
14 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Jul. 19, 1924.
15 Vadstena, Berning 1918-31, letter from Ivar Kreuger to A.D. Berning, Jul. 23, 1924.
16 Vadstena, Berning 1918-31, telegram from A.D. Berning to Ivar Kreuger, Jul. 25, 1924.
17 Vadstena, Berning 1918-31, telegram from Ivar Kreuger to A.D. Berning, Aug. 21, 1924.
18 Vadstena, Berning 1918-31, International Match Corporation, Statement of Assets and Liabilities as of Dec. 31, 1924.
19 Vadstena, Berning 1918-31, Consolidated Profit and Loss Account, International Match Corporation and Constituent Companies for the Year Ended Dec. 31, 1924.
20 Vadstena, Berning 1918-31, International Match Corporation, Estimate of Income and Expenses for the Year 1924.
21 Ripley, at 162-88.
22 Vadstena, Berning 1918-31, International Match Corporation, Consolidated Profit and Loss Accounts, 1921-3.
23 Vadstena, Berning 1918-31, International Match Corporation, Consolidated Profit and Loss Account, 1921.
24 Stoneman, at 126.
25 Stoneman, at 127.
Chapter 6
1 Wikander, at 23-5.
2 Wikander, at 22, 24.
3 Wikander, at 155, 161.
4 Wikander, at 25, 289 (citing Board of Trade Journal, Sep. 28, 1916, S-157; H-4; K-115).
5 Wikander, at 26.
6 Wikander, at 27.
7 Wikander, at 30.
8 Wikander, at 31.
9 Shaplen, at 81.
10 Stoneman, at 104.
11 “Sweden Bearing Up in Kreuger Crash,” The New York Times, Apr. 26, 1932, at 29.
12 Thunholm, at 82.
13 Vadstena, Berning 1918-31, telegram from A.D. Berning to Ivar Kreuger, Jan. 6, 1925.
14 Vadstena, Berning 1918-31, telegram from Ivar Kreuger to A.D. Berning, Jan. 7, 1925.
15 Vadstena, Berning 1918-31, telegram from A.D. Berning to Ivar Kreuger, Jan. 15, 1925.
16 Stoneman, at 72.
17 Ripley, at 85.
18 Ripley, at 81.
19 Ripley, at 81-2.
20 Stoneman, at 72.
21 Soloveychik, at 100-101; Stoneman, at 72.
22 Ripley, at 85-90.
23 W. H. Stevens, “Stockholders’ Voting Rights and the Centralization of Voting Control,” Quarterly Journal of Economics, May 1926, at 352-92.
24 Ripley, at 121.
25 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Mar. 16, 1925.
26 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Jan. 16, 1925.
27 Vadstena, Berning 1918-31, letter from Ivar Kreuger to A.D. Berning, Mar. 16, 1925.
28 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, May 28, 1925.
29 Vadstena, Berning 1918-31, letter from A.D. Berning to Lee Higginson & Co., Sep. 2, 1925.
30 Vadstena, Berning 1918-31, letter from A.D. Berning to Lee Higginson & Co., Sep. 2, 1925.
31 Stoneman, at 264.
32 Stoneman, at 265, 270.
33 Stoneman, at 266.
34 Stoneman, at 268.
35 Stoneman, at 268.
36 Stoneman, at 269.
37 Shaplen, at 83.
38 Shaplen, at 83.
39 Shaplen, at 84.
40 Shaplen, at 84.
41 Allen, at 27-8.
42 Soloveychik, at 27.
43 Soloveychik, at 27, 29.
44 Soloveychik, at 29.
45 Shaplen, at 84.
46 Shaplen, at 85.
47 “Kreuger was ‘Fine,’ Says Woman Friend,” The New York Times, Apr. 24, 1932, at 9.
48 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Apr. 7, 1925.
49 http://www.ocean-liners.com/ships/Aquitania.asp.
50 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Apr. 15, 1925.
51 Vadstena, Berning 1918-31, letter from Ivar Kreuger to A.D. Berning, May 5, 1925.
52 Vadstena, Berning 1918-31, telegram from Ivar Kreuger to A.D. Berning, Jul. 8, 1925.
53 Vadstena, Berning 1918-31, telegram from Ivar Kreuger, Krister Littorin, and Carl Bergman to A.D. Berning, July 23, 1925.
54 Vadstena, Berning 1918-31, telegram from Ivar Kreuger to A.D. Berning, Jul. 11, 1925.
55 Vadstena, Berning 1918-31, letter from Ivar Kreuger to Ernst & Ernst, Jul. 13, 1925.
56 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Aug. 10, 1925.
57 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Dec. 7, 1925.
58 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Dec. 8, 1925.
59 Vadstena, Berning 1918-31, letter from A.D. Berning to Lee Higginson & Co., Dec. 5, 1925.
60 Vadstena, Berning 1918-31, letter from Ernst & Ernst to Lee Higginson & Co., Dec. 11, 1925.
61 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Dec. 11, 1925.
62 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Dec. 29, 1925.
Chapter 7
1 Edwards, at 276, 284.
2 Ripley, at 95.
3 Allen, Only Yesterday, at 144.
4 Allen, Only Yesterday, at 140-41.
5 Allen, Only Yesterday, at 141.
6 Allen, Only Yesterday, at 109; Gary Alan Fine, “Reputational Entrepreneurs and the Memory of Incompetence: Melting Supporters, Partisan Warriors, and Images of President Harding,” American Journal of Sociology, vol. 101, no. 5 (Mar. 1996), at 1159-93.
7 Allen, Only Yesterday, at 157.
8 Peter Hannaford, The Quotable Calvin Coolidge (Images from the Past, 2001), at 169.
9 David Greenberg, Calvin Coolidge (Times Books, 2006), at 9.
10 Allen, Only Yesterday, at 94.
11 Ripley, at 184.
12 Ripley, at 162.
13 Ripley, at 181.
14 Ripley, at 186-8.
15 Vadstena, Berning 1918-31, letter from Ivar Kreuger to A.D. Berning, Mar. 19, 1926.
16 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Apr. 7, 1926.
17 Vadstena, Berning 1918-31, telegram from Ivar Kreuger to Ben Tomlinson, Apr. 21, 1926.
18 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, May 3, 1926.
19 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, May 3, 1926.
20 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, May 10, 1926.
21 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Jun. 18, 1926.
22 Vadstena, Berning 1918-31, letter from Ivar Kreuger to A.D. Berning, Jul. 27, 1926.
23 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Jul. 14, 1926.
24 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Jun. 28, 1926.
25 Vadstena, Berning 1918-31, letter from Ernst August Hoffman to A.D. Berning, Sep. 1, 1926.
26 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Sep. 13, 1926.
27 Stoneman, at 128.
28 Stoneman, at 133.
29 Vadstena, Berning 1918-31, letter from Ernst & Ernst to Lee Higginson & Company, Nov. 10, 1927.
30 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Jun. 23, 1927.
31 Stoneman, at 61.
32 Vadstena, Berning 1918-31, letter from Ivar Kreuger to A.D. Berning, Feb. 24, 1927.
33 Vadstena, Berning 1918-31, letter from Ivar Kreuger to A.D. Berning, Feb. 15, 1927.
34 Vadstena, Berning 1918-31, letter from Ivar Kreuger to A.D. Berning, Feb. 15, 1927.
35 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Mar. 25, 1927.
36 Soloveychik, at 30.
37 Stoneman, at 133.
38 Stoneman, at 94.
39 http://www.grandhotel.se/in_english/about_grand_hotel/history/the_building. asp.
40 Vadstena, Berning 1918-31, letter from A.D. Berning to A. Wendler, May 14, 1927.
41 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, May 14, 1927.
42 Gerald Leinwand, 1927: High Tide of the 1920s (Basic Books, 2001), at 1.
43 Wilford J. Eiteman, “The Relation of Call Money Rates to Stock Market Speculation,” Quarterly Journal of Economics, vol. 47, no. 3 (May 1933), at 449-63.
44 “Stock Market,” Time, Apr. 18, 1927.
45 Wikander, at 28.
46 Thunholm, at 94.
47 Thunholm, at 95.
48 “World in Grip of Big Match Trust,” Boston Post, Jan. 16, 1928.
49 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Nov. 10, 1927.
50 Soloveychik, at 109.
51 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Nov. 10, 1927.
52 Barman, at 242.
53 Marcosson, at 28.
54 Churchill, at 164.
Chapter 8
1 Soloveychik, at 30-36.
2 Soloveychik, at 19.
3 “Ivar Kreuger’s Monument,” The New York Times, Mar. 20, 1932, at 10X; T. Allen, at 55-63.
4 Soloveychik, at 20.
5 Grünewald and his wife, Sigrid Hjertén, were widely credited with bringing modernism to Sweden, along with what were then unfashionably forward-thinking ideas about the role of Jews and women in society.
6 “Monopolist,” Time, Oct. 28, 1929, at 46.
7 Soloveychik, at 12-13.
8 Churchill, at 218.
9 Soloveychik, at 22.
10 Vadstena, Berning 1918-31, letter from Ivar Kreuger to A.D. Berning, Feb. 20, 1928.
11 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, Feb. 23, 1928.
12 Vadstena, Berning 1918-31, letter from A.D. Berning to Ivar Kreuger, May 31, 1928.
13 “All the King’s Horses and All the King’s Men were Still Optimistic,” The New York Times Think Tank, Apr. 3, 1999.