5 ms·

Wallenberg is behind EQT and they aren't so much industrialists as crony capitalists and oligarchs. They are the driving force behind, as well as one of the mai

by njoro 8y ago

Wallenberg is behind EQT and they aren't so much industrialists as crony capitalists and oligarchs. They are the driving force behind, as well as one of the main profiteers of, privatization in Sweden in recent years. Thomas von Koch, the head of EQT, has said on national TV that he thinks Sweden should be more like Singapore. Leif Östling most recently had to resign as head of the main employers organization after revelations of tax planning and the Rausing family isn't really a role model for anyone. So they are all pretty much crooks. I guess EQT mostly does what it says on the tin, restructure and sell companies. If you ever wondered why so many people only have relatively expensive cable internet in Sweden instead of being connected directly to widely available fiber networks that is to a large extent because of EQT.

mongol 8y ago
Quite personal opinions there. For anyone reading the thread, I definitely would not call neither of them crooks.
- omeid2 8y ago
  Ironic that you don't argue against any of the points provided and dismiss the criticism as "personal" by saying "[you] wouldn't call them crooks".
  - mongol 8y ago
    No point to argue. I just wish to show a differing opinion.
- dogecoinbase 8y ago
  This comment has significantly boosted my Bayesian prior that they're crooks.
  - eecc 8y ago
    Oh love that “Bayesian prior” take for prejudice. :D will definitively reuse
rhblake 8y ago
> If you ever wondered why so many people only have relatively expensive cable internet in Sweden instead of being connected directly to widely available fiber networks that is to a large extent because of EQT. Care to expand on this? Among OECD countries Sweden is near the top in "Percentage of fibre connections in total broadband subscriptions" [0], with 61.8% (for reference the OECD average is 23.3%, with US at 12.6% and e.g. Germany being woefully poor at 2.3%). [0] https://www.oecd.org/sti/broadband/1.10-PctFibreToTotalBroadband-2017-12.xls https://www.oecd.org/sti/broadband/1.10-PctFibreToTotalBroad...
- njoro 8y ago
  I am guessing they are counting cable as fiber. The Swedish competition authority is saying 1 300 000 fiber, 670 000 cable and 960 000 dsl [0]. The things is that the telephone network itself is still essentially owned by the government and multiple companies compete to provide service. And fiber is to large extent operated under a similar model. (950 000 of the 1 300 000 are municipal broadband). The cable monopoly, including exclusivity contracts, was instead sold to EQT (which later sold to someone else) and of course instead of opening up to competition they kept the monopoly in place. It isn't that EQT was doing something awful (their schools with inflated grades are probably worse in that regard). Internet connectivity in Sweden is still rather good. It is just that PE firms generally do whatever makes them money, not necessarily what is good for consumers or anyone else. [0] In Swedish, page 106: http://www.konkurrensverket.se/globalassets/publikationer/rapporter/rapport_2018-1_kap5-bredbandsmarknaden.pdf http://www.konkurrensverket.se/globalassets/publikationer/ra...
  - rhblake 8y ago
    > I am guessing they are counting cable as fiber. The Swedish competition authority is saying 1 300 000 fiber, 670 000 cable and 960 000 dsl The numbers in the report you linked are from 2014 and 2016 and are based on statistics from PTS. PTS' most recent report [0] says that in 2017 there were 2.4 million fiber subscriptions, or 62% of all fixed broadband subscriptions, with a big increase over the last few years. I do agree that Com Hem was a terrible thing, convincing way too many people (or apartment building associations) to sign up for very-long-term contracts. Well, they're still a terrible thing, but plenty of people have seen the light now :) [0] http://www.statistik.pts.se/media/1315/svensk-telekommarknad-2017.pdf http://www.statistik.pts.se/media/1315/svensk-telekommarknad... (p. 30)
kpil 8y ago
I don't think you are totally fair - the Wallenbergs started as bankers, caught a chance during the Krüger crash and became quite pivotal industrialists and have a large part in the exceptional growth in Sweden during the 20th century. But sure, they are capitalist, and the last 20-30 years they have run out of their industrialist steam, as everyone else in Sweden (or should I say the west) . Maybe especially so since Peter Wallenberg passed away - he publicly stated that he was not especially keen on starting EQT but also saw that "everyone else" were running similar operations. I don't think EQT are crooks - they probably come out rather good in comparison, but if you dislike the privatization in the healthcare and education sectors, I think you should blame the politicians not the businessmen.
- njoro 8y ago
  Essentially every rich family in Sweden, including the king, keeps a low profile. Doesn't mean they don't have more power than anyone ever should. When the Swedish government wants to cancel an illegal weapons deal with Saudi Arabia, which was initiated by a delegation headed by the crown princess, they reconsider after pressure from Marcus Wallenberg (which later blows up in everyone's faces). When Obama visits Sweden, the first order of business is to honor Raoul Wallenberg. When the prime ministers wife, responsible for health care in Stockholm, quits politics she joins the Wallenberg health care business her own party have been essentially selling hospitals to. It is Marcus Wallenberg who invites Swedish politicians and lobbyists to the Bilderberg meetings. Fredrik Reinfeldt went on their private jet before he was prime minister. Jacob Wallenberg is on the board of Svenskt Näringsliv, the main lobby for privatization, which was until recently headed by Leif Östling who of course is also on the board of EQT. It is not a conspiracy, at least not a very exciting one. They are just very influential and they use that influence to enrich themselves. Hence the allegation of being crony capitalists.
  - sedeki 8y ago
    Thanks for this post, stranger
  - forapurpose 8y ago
    > When Obama visits Sweden, the first order of business is to honor Raoul Wallenberg Honoring Raoul Wallenberg isn't about capitalism. Working in Hungary during WWII, he saved tens of thousands of Jewish people from the Nazis and fascists, until he was arrested and never was seen again. Later, evidence emerged that he died at the hands of the KGB.

by njoro 8y ago

mongol 8y ago

Quite personal opinions there. For anyone reading the thread, I definitely would not call neither of them crooks.

omeid2 8y ago
Ironic that you don't argue against any of the points provided and dismiss the criticism as "personal" by saying "[you] wouldn't call them crooks".
- mongol 8y ago
  No point to argue. I just wish to show a differing opinion.
dogecoinbase 8y ago
This comment has significantly boosted my Bayesian prior that they're crooks.
- eecc 8y ago
  Oh love that “Bayesian prior” take for prejudice. :D will definitively reuse

rhblake 8y ago

> If you ever wondered why so many people only have relatively expensive cable internet in Sweden instead of being connected directly to widely available fiber networks that is to a large extent because of EQT. Care to expand on this? Among OECD countries Sweden is near the top in "Percentage of fibre connections in total broadband subscriptions" [0], with 61.8% (for reference the OECD average is 23.3%, with US at 12.6% and e.g. Germany being woefully poor at 2.3%). [0] https://www.oecd.org/sti/broadband/1.10-PctFibreToTotalBroadband-2017-12.xls https://www.oecd.org/sti/broadband/1.10-PctFibreToTotalBroad...

njoro 8y ago
I am guessing they are counting cable as fiber. The Swedish competition authority is saying 1 300 000 fiber, 670 000 cable and 960 000 dsl [0]. The things is that the telephone network itself is still essentially owned by the government and multiple companies compete to provide service. And fiber is to large extent operated under a similar model. (950 000 of the 1 300 000 are municipal broadband). The cable monopoly, including exclusivity contracts, was instead sold to EQT (which later sold to someone else) and of course instead of opening up to competition they kept the monopoly in place. It isn't that EQT was doing something awful (their schools with inflated grades are probably worse in that regard). Internet connectivity in Sweden is still rather good. It is just that PE firms generally do whatever makes them money, not necessarily what is good for consumers or anyone else. [0] In Swedish, page 106: http://www.konkurrensverket.se/globalassets/publikationer/rapporter/rapport_2018-1_kap5-bredbandsmarknaden.pdf http://www.konkurrensverket.se/globalassets/publikationer/ra...
- rhblake 8y ago
  > I am guessing they are counting cable as fiber. The Swedish competition authority is saying 1 300 000 fiber, 670 000 cable and 960 000 dsl The numbers in the report you linked are from 2014 and 2016 and are based on statistics from PTS. PTS' most recent report [0] says that in 2017 there were 2.4 million fiber subscriptions, or 62% of all fixed broadband subscriptions, with a big increase over the last few years. I do agree that Com Hem was a terrible thing, convincing way too many people (or apartment building associations) to sign up for very-long-term contracts. Well, they're still a terrible thing, but plenty of people have seen the light now :) [0] http://www.statistik.pts.se/media/1315/svensk-telekommarknad-2017.pdf http://www.statistik.pts.se/media/1315/svensk-telekommarknad... (p. 30)

kpil 8y ago

I don't think you are totally fair - the Wallenbergs started as bankers, caught a chance during the Krüger crash and became quite pivotal industrialists and have a large part in the exceptional growth in Sweden during the 20th century. But sure, they are capitalist, and the last 20-30 years they have run out of their industrialist steam, as everyone else in Sweden (or should I say the west) . Maybe especially so since Peter Wallenberg passed away - he publicly stated that he was not especially keen on starting EQT but also saw that "everyone else" were running similar operations. I don't think EQT are crooks - they probably come out rather good in comparison, but if you dislike the privatization in the healthcare and education sectors, I think you should blame the politicians not the businessmen.

njoro 8y ago
Essentially every rich family in Sweden, including the king, keeps a low profile. Doesn't mean they don't have more power than anyone ever should. When the Swedish government wants to cancel an illegal weapons deal with Saudi Arabia, which was initiated by a delegation headed by the crown princess, they reconsider after pressure from Marcus Wallenberg (which later blows up in everyone's faces). When Obama visits Sweden, the first order of business is to honor Raoul Wallenberg. When the prime ministers wife, responsible for health care in Stockholm, quits politics she joins the Wallenberg health care business her own party have been essentially selling hospitals to. It is Marcus Wallenberg who invites Swedish politicians and lobbyists to the Bilderberg meetings. Fredrik Reinfeldt went on their private jet before he was prime minister. Jacob Wallenberg is on the board of Svenskt Näringsliv, the main lobby for privatization, which was until recently headed by Leif Östling who of course is also on the board of EQT. It is not a conspiracy, at least not a very exciting one. They are just very influential and they use that influence to enrich themselves. Hence the allegation of being crony capitalists.
- sedeki 8y ago
  Thanks for this post, stranger
- forapurpose 8y ago
  > When Obama visits Sweden, the first order of business is to honor Raoul Wallenberg Honoring Raoul Wallenberg isn't about capitalism. Working in Hungary during WWII, he saved tens of thousands of Jewish people from the Nazis and fascists, until he was arrested and never was seen again. Later, evidence emerged that he died at the hands of the KGB.