Ashesatthereintheboat;BlokvistfilledhisgsswithReiersholsbrandyandleanedback;tryingtoreeberwhatlittleheknewaboutWennerstr。BoupinNorrnd;whereintheseventieshesetupaninvestentpany。HeadeoneyandovedtoStockhol;andtherehiscareertookoffintheeighties。HecreatedWennerstrgruppen;theWennerstrGroup;whentheysetupofficesinLondonandNewYorkandthepanystartedtogetentionedinthesaearticlesasBeijer。Hetradedstockandoptionsandlikedtoakequickdeals;andheeergedinthecelebritypressasoneofSwedensnuerousbillionaireswithacityhoeonStrandvgen;afabuloussuervilontheisndofVrd;andaneightytwofoototoryachtthatheboughtfroabankruptforertennisstar。Hewasabeancounter;naturally;buttheeightieswasthedecadeofthebeancountersandpropertyspecutors;andWennerstrhadnotadeasignificantlybigspsh。Onthecontrary;hehadreainedsoethingofaanintheshadowsaonghispeers。HeckedJanStenbecksfboyanceanddidnotspreadhiselfalloverthetabloidslikePercyBaevik。HesaidgoodbyetorealestateandinsteadadeassiveinvestentsintheforerEasteBloc。Whenthebubbleburstintheniiesandoneanagingdirectorafteranotherwasforcedtocashinhisgoldenparachute;Wennerstrspanycaeoutofitinrearkablygoodshape。“ASwedishsuessstory;”astheFinancialTiescalledit。
“Thatwas1992;”Lindbergsaid。“WennerstrcontactedAIAandsaidhewantedfunding。Hepresentedapn;seeinglybackedbyinterestsinPond;whichaiedatestablishinganindustryfortheanufactureofpackagingforfoodstuffs。”
“Atincanindustry;youean。”
“Notquite;butsoethingalongthoselines。IhavenoideawhoheknewattheAIA;buthewalkedoutwithsixtyillionkronor。”
“Thisisstartingtogetinteresting。Leteguess:thatwasthestanyonesawoftheoney。”
“Wrong。”Lindberggaveaslysilebeforehefortifiedhiselfwithafeworesipsofbrandy。
“Whathappenedafterthatisapieceofcssickeeping。WennerstrreallydidsetupapackagingfactoryinPond;inLódz。ThepanywascalledMinos。AIAreceivedafewenthusiasticreportsduring1993;thensilence。In1994;Minos;outoftheblue;colpsed。”
Lindbergputhiseptygssdownwithanephaticsack。
“TheproblewithAIAwasthattherewasnorealsysteinpceforreportingontheproject。Youreeberthosedays:everyonewassooptiisticwhentheBerlinWallcaedown。Deocracywasgoingtobeintroduced;thethreatofnuclearwarwasover;andtheBolshevikswouldtuintoregurlittlecapitalistsoveight。ThegoveentwantedtonaildowndeocracyintheEast。EverycapitalistwantedtojuponthebandwagonandhelpbuildthenewEurope。”
“Ididntknowthatcapitalistsweresoanxioustogetinvolvedincharity。”
“Believee;itwasacapitalistswetdrea。RussiaandEasteEuropeaybetheworldsbiggestuntappedarketsafterChina。Industryhadnoproblejoininghandswiththegoveent;especiallywhenthepanieswererequireutuponlyatokeninvestent。Inall;AIAswallowedaboutthirtybillionkronorofthetaxpayersoney。Itwassupposedtoebackinfutureprofits。Forally;AIAwasthegoveentsinitiative;buttheinfluenceofindustrywassogreatthatinactualfacttheAIAboardwasoperatingindependently。”
“Soisthereastoryinallthis”
“Bepatient。Whentheprojectstartedtherewasnoproblewithfinancing。Swedenhadntyetbeenhitbytheinterestrateshock。ThegoveentwashapplugAIAasoneofthebiggestSwedisheffortrootedeocracyintheEast。”
“AndthiswasallundertheConservativegoveent”
“Dontgetpoliticsixedupinthis。ItsalboutoneyanditakesnodifferenceiftheSocialDeocratsortheoderatesappointtheinisters。So;fullspeedahead。Thencaetheforeignexchangeprobles;andafterthatsoecrazyNewDeocratsreeberthestartedwhiningthattherewasashortageofoversightinwhatAIAwasinto。OneoftheirhenchenhadconfusedAIAwiththeSwedishInteationalDevelopentAuthorityandthoughtitwasallsoedandogooderprojectliketheoneinTanzania。Inthespringof1994aissionwasappointedtoinvestigate。Atthattietherewereconcesaboutseveralprojects;butoneofthefirsttobeinvestigatedwasMinos。”
“AndWennerstrcouldntshohatthefundshadbeenusedfor。”
“Farfroit。HeproducedanexcellentreportwhichshowedthataroundfiftyfourillionkronorwasinvestedinMinos。ButittuedoutthatthereweretooanyhugeadinistrativeproblesinwhatwasleftofPondforaodepackagingindustrytobeabletofunction。InpracticetheirfactorywasshutoutbythepetitionfroasiirGeranproject。TheGeransweredoingtheirbesttobuyuptheentireEasteBloc。”
“Yousaidthathehadbeengivensixtyillionkronor。”
“Exactly。Theoneyservedasaninterestfreeloan。Theidea;ofcourse;wasthatthepanieswouldpaybackpartoftheoneyoveranuberofyears。ButMinoshadgoneunderandWennerstrcouldnotbebedforit。Herethestateguaranteeskickedin;andWennerstrwasindenified。AllheneededtodowaspaybacktheoneythatwaslostwhenMinoswentunder;andhecouldalsoshowthathehadlostacorrespondingaountofhisownoney。”
“LeteseeifIunderstandthiscorrectly。Thegoveentsuppliedbillionsintaxoney;anddiploatstoopendoors。Industriesgottheoneyandusedittoinvestinjointventuresfrowhichtheyterreapedvastprofits。Inotherwords;businessasusual。”
“Youreacynic。Theloansweresupposedtobepaidbacktothestate。”
“Yousaidthattheywereinterestfree。Sothateansthetaxpayersgotnothingatallforputtingupthecash。Wennerstrgotsixtyillion;andinvestedfiftyfourillionofit。Whathappenedtotheothersixillion”
“WhenitbecaeclearthattheAIAprojectwasgoingtobeinvestigated;WennerstrsentachequeforsixilliontoAIAforthedifference。Sotheatterwassettled;legallyatleast。”
“ItsoundsasthoughWennerstrfritteredawayalittleoneyforAIA。ButparedwiththehalfbillionthatdisappearedfroSkanskaortheCEOofABBsgoldenparachuteoforethanabillionkronorwhichreallyupsetpeoplethisdoesntseetobeuchtowriteabout;”Blokvistsaid。“Todaysreadersareprettytiredofstoriesaboutinpetentspecutors;evenifitswithpublicfunds。Isthereoretothestory”
“Itgetsbetter。”
“HowdoyouknowallthisaboutWennerstrsdealsinPond”
“IworkedatHandelsbankenintheniies。GuesswhowrotethereportsforthebanksrepresentativeinAIA”
“Aha。Telleore。”
“Well;AIAgottheirreportfroWennerstr。Docuentsweredrawnup。Thebanceoftheoneyhadbeenpaidback。Thatsixillioningbackwasveryclever。”
“Gettothepoint。”
“But;ydearBlokvist船说