29. A Giant Conglomerate Falls on Hard Times, and is Saved by the Nazis
After decades of a monumental success, Siemens hit a rough patch after WWI. Things did not get better for the industrial giant during the Great Depression. Then the company, whose corporate leadership supported the rise of Hitler, was saved by the Nazis.
When Hitler rose to power in 1933, Siemens profited as the new regime started rearming, and the company experienced massive growth from armaments contracts. As the leader of Germany’s electrical industry, Siemens’ revenue increased continuously from 1934 onwards, reaching a peak during WWII. Of course, being an industrial giant in Nazi Germany meant that much of that revenue was not reaped through innocent means.