The Reich guaranteed Brabag’s shareholders against operational losses. It also provided them with a guarantee to cover the hundreds of millions of Reichsmarks that Brabag was forced to borrow to finance its breakneck expansion. But the rate of profit was fixed at 5 per cent and any amount in excess of the agreed rate was deducted for the benefit of the Reich. In practice, any profits were ploughed back ruthlessly into further expansion. By 1939 Brabag had assets on its books valued at 350 million Reichsmarks. The reluctant investors never saw a dividend, but the Third Reich was well on the way
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