Of course there is a lot more to the story, but I’m commenting on an Internet forum, not writing a history textbook. I never knew the whole story and I’ve forgotten a lot after 30 years. Kjell came to America and went fishing. He bought a boat and went bankrupt. Next, he borrowed $150 million in Norway, built three excellent boats in Norway, caught a lot of fish in Alaska, invested wisely in Norway, and became a billionaire.
As I recall, it was about 1990 when Christiania bank became insolvent. It had financed someone in Norway to buy zillions of Norwegian frozen farmed salmon in an attempt to corner the world salmon market. The scheme failed spectacularly and took Christiania Bank, the number three bank in Norway, down with it. The Norwegian government had to put billions of dollars into the bank. In effect, Norway owned and controlled Christiania Bank.
Christiana Bank opened an office in Seattle that made a lot of reckless loans to a lot of Norwegians and Norwegian-Americans for fishing boats in the US. Of course the bank was backed by the Norwegian government. Norway was also subsidizing its maritime cluster in a big way. A lot of those loans in Seattle went bad and Christiania Bank had to leave Seattle. When those Norwegians, and Norwegian-Americans, had their companies go bankrupt many American crewmen and vendors were left unpaid. A few of those guys were little more than frontmen for Norwegian organized crime.
One might say, that Gudmunder at TAL is just following the Norwegian business plan for America.