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About: Arendal crash     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:WikicatFinancialCrises, within Data Space : dbpedia.org associated with source document(s)

Type: yago:Abstraction100002137yago:Attribute100024264yago:Condition113920835yago:Crisis113933560yago:Difficulty114408086military conflictyago:Situation114411243yago:State100024720yago:WikicatFinancialCrises New Facet based on Instances of this Class

The Arendal crash (Arendalskrakket) was an economic crisis in Arendal, Norway, that occurred when the bank went bankrupt in 1886 and the bank's co-owner Axel Nicolai Herlofson was revealed to have defrauded customers and co-owners systemically. The crash led to several other bankruptcies and unemployment in Southern Norway, and marked the end of Arendal as an important shipping town. It took over 80 years to overcome the effects of the crash. Herlofson was sentenced to six years penal labour. Only two years after its start in 1874, the bank was in reality bankrupt, but the bank was continued for nine years due to corruption and poor routines or a lack of routines. The debt to Herlofson, his brother Oskar and Strømsbu sag was finally NOK 12 million, corresponding to the entire wealth of Kr