Shipping Crises and Hilmar Reksten
In the mid-1970s the Bank was badly hit by the shipping crises and repeatedly hindered by its relationship with the Norwegian magnate Hilmar Reksten. Under the direction of Charles Perrin, who started his career in the Bank as Assistant Company Secretary, the Bank defended itself against litigation from his Trustees in Bankruptcy and the Norwegian Government on and off for nearly 25 years, including two substantial out of court settlements.
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Famous quotes containing the words shipping and/or crises:
“I need not tell you of the inadequacy of the American shipping marine on the Pacific Coast.... For this reason it seems to me that there is no subject to which Congress can better devote its attention in the coming session than the passage of a bill which shall encourage our merchant marine in such a way as to establish American lines directly between New York and the eastern ports and South American ports, and both our Pacific Coast ports and the Orient and the Philippines.”
—William Howard Taft (1857–1930)
“I am not fooling myself with dreams of immortality, know how relative all literature is, don’t have any faith in mankind, derive enjoyment from too few things. Sometimes these crises give birth to something worth while, sometimes they simply plunge one deeper into depression, but, of course, it is all part of the same thing.”
—Stefan Zweig (18811942)