The Match King : Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals

At the height of the roaring ’20s, Swedish émigré Ivar Kreuger made a fortune raising money in America and loaning it to Europe in exchange for matchstick monopolies. His enterprise was a rare success story throughout the Great Depression.Yet after Kreuger’s suicide in 1932, the true nature of his empire emerged. Driven by success to adopt ever-more perilous practices, Kreuger had turned to shell companies in tax havens, fudged accounting figures, off-balance-sheet accounting, even forgery. He created a raft of innovative financial products— many of them precursors to instruments wreaking havoc in today’s markets. When his Wall Street empire collapsed, millions went bankrupt.Frank Partnoy, a frequent commentator on financial disaster for the Financial Times, New York Times, NPR, and CBS’s “60 Minutes,” recasts the life story of a remarkable yet forgotten genius in ways that force us to re-think our ideas about the wisdom of crowds, the invisible hand, and the free and unfettered market. At the height of the roaring '20s, Swedish 'migr' Ivar Kreuger made a fortune raising money in America and loaning it to Europe in exchange for matchstick monopolies. His enterprise was a rare success story throughout the Great Depression. Yet after Kreuger's suicide in 1932, the true nature of his empire emerged. Driven by success to adopt ever-more perilous practices, Kreuger had turned to shell companies in tax havens, fudged accounting figures, off-balance-sheet accounting, even forgery. He created a raft of innovative financial products — many of them precursors to instruments wreaking havoc in today's markets. When his Wall Street empire collapsed, millions went bankrupt. Frank Partnoy, a frequent commentator on financial disaster for the Financial Times , New York Times , NPR, and CBS's "60 Minutes," recasts the life story of a remarkable yet forgotten genius in ways that force us to re-think our ideas about the wisdom of crowds, the invisible hand, and the free and unfettered market. At the height of the roaring '20s, Swedish emigre Ivar Kreuger made a fortune raising money in America and loaning it to Europe in exchange for matchstick monopolies. His enterprise was a rare success story throughout the Great Depression. Yet after Kreuger's suicide in 1932, the true nature of his empire emerged. Driven by success to adopt ever-more perilous practices, Kreuger had turned to shell companies in tax havens, fudged accounting figures, off-balance-sheet accounting, even forgery. He created a raft of innovative financial products— many of them precursors to instruments wreaking havoc in today's markets. When his Wall Street empire collapsed, millions went bankrupt. Frank Partnoy, a frequent commentator on financial disaster for the Financial Times, New York Times, NPR, and CBS's "60 Minutes," recasts the life story of a remarkable yet forgotten genius in ways that force us to re-think our ideas about the wisdom of crowds, the invisible hand, and the free and unfettered market. At The Height Of The Roaring '20s, Swedish émigré Ivar Kreuger Made A Fortune Raising Money In America And Loaning It To Europe In Exchange For Matchstick Monopolies. His Enterprise Was A Rare Success Story Throughout The Great Depression. Yet After His Suicide In 1932, It Became Clear That Kreuger Was Not All He Seemed: Evidence Surfaced Of Fudged Accounting Figures, Off-balance-sheet Accounting, Even Forgery. He Created A Raft Of Innovative Financial Products— Many Of Them Precursors To Instruments Wreaking Havoc In Today's Markets. In This Gripping Financial Biography, Frank Partnoy Recasts The Life Story Of A Remarkable Yet Forgotten Genius In Ways That Force Us To Re-think Our Ideas About The Wisdom Of Crowds, The Invisible Hand, And The Free And Unfettered Market. A nearly century-old Wall Street scandal rooted in unscrupulous investment banking and derivative hedge funds techniques developed by one man--Swedish ��emigr��e and notorious charmer Ivar Kreuger. Kreuger made his fortune in the 1920s by raising money from American investors to lend to European governments in exchange for match monopolies. After the collapse of 1929, he continued to make money. Then in 1932 he suddenly committed suicide. As his fraudulent schemes unraveled in the wake of his death, the so-called "Kreuger crash" began, bankrupting millions and leading to the enactment of the securities laws of 1933 and 1934. A nearly century-old Wall Street scandal rooted in unscrupulous investment banking and derivative hedge funds techniques developed by one man--Swedish émigré and notorious charmer Ivar Kreuger. Kreuger made his fortune in the 1920s by raising money from American investors to lend to European governments in exchange for match monopolies. After the collapse of 1929, he continued to make money. Then in 1932 he suddenly committed suicide. As his fraudulent schemes unraveled in the wake of his death, the so-called "Kreuger crash" began, bankrupting millions and leading to the enactment of the securities laws of 1933 and 1934 Frank Partnoy delivers a thrilling history lesson about an era and a nearly century-old Wall Street scandal rooted in unscrupulous investment banking and derivative hedge funds techniques developed by one man--Ivar Kreuger. Kreuger made his fortune in the 1920s by raising money from American investors to lend to European governments in exchange for match monopolies. Then he suddenly committed suicide in 1932. As his fraudulent schemes unraveled in the wake of his death, the so-called "Kreuger crash" began, bankrupting millions and leading to the enactment of the securities laws of 1933 and 1934