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About the BookPartnoy writes an all-too prescient parable of how unregulated markets, greed, and unchecked ambition can wreak havoc on an economic system.
Book SynopsisAt 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.
"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."
About the AuthorFrank Partnoy is the author of F.I.A.S.C.O., Infectious Greed, and The Match King. Formerly an investment banker at Morgan Stanley and a practicing corporate lawyer, he is one of the world's leading experts on market regulation and is a frequent commentator for the Financial Times, the New York Times, NPR, and CBS's 60 Minutes. Partnoy is a graduate of Yale Law School and is the George E. Barrett Professor of Law and Finance and the founding director of the Center for Corporate and Securities Law at the University of San Diego.