Kreuger crash

Ivar Kreuger
Ivar Kreuger c. 1920
Born	(1880-03-02)March 2, 1880 Kalmar, Sweden
Died	March 12, 1932(1932-03-12) (aged 52) Paris, France
Cause of death	Suicide
Resting place	Norra begravningsplatsen
Education	Royal Institute of Technology
Occupation	Businessman Industrialist
Children	Unknown
Parent(s)	Ernst Kreuger (1852–1946) Jenny Forssman (1856–1949)
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Ivar Kreuger (Swedish: [ˌiːvar ˈkryːɡər]; March 2, 1880 – March 12, 1932) was a Swedish civil engineer, financier, entrepreneur and industrialist. In 1908 he co-founded the construction company Kreuger & Toll Byggnads AB, which specialized in new building techniques. By aggressive investments and innovative financial instruments he built a global match and financial empire. Between the two world wars, he negotiated match monopolies with European, Central American and South American governments, and finally controlled between two thirds and three quarters of worldwide match production, becoming known as the "Match King".

Kreuger's financial empire has been described by one biographer as a Ponzi scheme, based on the supposedly fantastic profitability of his match monopolies. However, in a Ponzi scheme early investors are paid dividends from their own money or that of subsequent investors. Although Kreuger did this to some extent, he also controlled many legitimate and often very profitable businesses, and owned banks, real estate, a gold mine, and pulp and industrial companies, besides his many match companies. Many of them have survived to this day. Kreuger & Toll, for example, was composed of bona fide businesses, and there were others like it. Another biographer called Kreuger a "genius and swindler", and John Kenneth Galbraith wrote that he was the "Leonardo of larcenists". Kreuger's financial empire collapsed during the Great Depression. The Price Waterhouse autopsy of his financial empire stated: "The manipulations were so childish that anyone with but a rudimentary knowledge of bookkeeping could see the books were falsified." In March 1932, he was found dead in the bedroom of his flat in Paris. The police concluded that he had committed suicide, but decades later his brother Torsten claimed that he had been murdered, which spawned some controversial literature on the subject.

Kreuger was born in Kalmar, the eldest son of Ernst August Kreuger (1852–1946), an industrialist in the match industry in that city, and his wife Jenny Emelie Kreuger (née Forssman; 1856–1949). Ivar Kreuger had five siblings: Ingrid (born 1877), Helga (born 1878), Torsten (born 1884), Greta (born 1889) and Britta (born 1891).