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

by Frank Partnoy

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

Synopses & Reviews

Publisher Comments:

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 Kreugers 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 todays 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 CBSs “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.

Review:

"Partnoy (F.I.A.S.C.O) delivers a thrilling account of the grandfather of all Ponzi and Madoff schemes — Ivar Kreuger (1880 — 1932), who made his fortune in the 1920s by raising money from American investors to lend to European governments in exchange for match monopolies. Kreuger was creating more than matches, it turned out; the 'master of investor psychology' created 'the forerunners of today's derivatives' and techniques that are still used by hedge funds and investment banks. Shortly after his suicide in 1932, his schemes finally unraveled. The 'Kreuger crash' bankrupted millions and led to the securities laws of 1933 and 1934 — a 'political reaction to a single event and to one man.' Partnoy achieves a nuanced portrait of the charismatic and corrupt financial genius whose advice was sought by Herbert Hoover and other heads of state. A fascinating depiction of a man and his era (Greta Garbo makes memorable cameos), this book is a snapshot of a time all too familiar now: a speculative real estate bubble, unbridled consumer spending, investors buying derivatives based on sketchy information and a Wall Street operating by its own rules." Publishers Weekly (Starred Review) (Copyright Reed Business Information, Inc.)

Review:

Human nature being what it is, at any given moment there is always a certain amount of embezzlement going on in a country's banks and businesses. Though the volume of all this larceny increases in good times, only during a financial crisis does its full magnitude come to light.

Every period of economic turmoil throws up its signature crook. It may be too early to select today's... Washington Post Book Review (read the entire Washington Post review)

Review:

George A. Needham, Founder and Chairman of Needham & Company

"The tale of Ivar Krueger, vividly brought to life by Frank Partnoy, is a reminder that Wall Street has not changed much since the late 1920's. The players change, but the animal spirits remain the same. Anyone interested in today's financial crisis will be captivated by this story."

Time, January 13, 2009

“Frank Partnoy has an exceptionally well-timed book on Ivar Kreuger coming out.”

Robert A. G. Monks, author of Corpocracy and The New Global Investors

The Match King is a skillfully told tale of the romance and the corruption involved in attempting to be on top of the world. How did Krueger enlisted the loyalty of the people essential to him? Yes, some he bought, but most — he beguiled.”

Synopsis:

An all-too prescient parable of how unregulated markets, greed, and unchecked ambition can wreak havoc on our economic system

Product Details

ISBN:
9781586487430
Subtitle:
Ivar Kreuger, the Financial Genius Behind a Century of Wall Street Scandals
Author:
Partnoy, Frank
Publisher:
PublicAffairs
Subject:
Finance
Subject:
General
Subject:
Economic History
Subject:
Kreuger, Ivar
Subject:
Svenska t'andsticks AB - History
Edition Description:
Trade Cloth
Publication Date:
April 2009
Binding:
Hardcover
Grade Level:
General/trade
Language:
English
Illustrations:
none
Pages:
272
Dimensions:
9.25 x 6.13 in

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