Although he is the patriarch of one of Europe's biggest business empires, Peter Wallenberg still likes to describe himself as "an old peddler." A chain-smoking septuagenarian with strong conservative views, he usually declines interviews, perhaps because he often speaks with a politically incorrect candor that gets him into hot water. In the tradition-filled offices of Stockholm's S-E Banken, founded by his great-grandfather, Wallenberg recently discussed his family, its role in Sweden and other topics. Excerpts:

On the relentless criticism he received from his father: I've put it down to the difference in generations. Although others were also criticized, I had a special place in that. I wasn't exactly the most popular man around. I think it started when he wanted me to go to the bank when I came out of university. I said I wanted to be a peddler. But because I never got a rise out of him in a positive direction, he taught me to withstand pressure.

On the importance of keeping family control: We are caretakers. There is merit in a family, but only on one serious condition. And that's that you be competent. Competence and personal engagement of the sort people don't often understand. Is there any day of the year when you're really free? Not with this kind of responsibility. Our name won't remain internationally known if we are nincompoops.

On the lack of female executives in positions of influence: I know I've got the stamp of being against women, which I've been unsuccessfully trying to say is totally wrong. The women in this country have always been very active in promoting their position. That promotion has not always been so positive for their image. It sometimes seems to me they are more satisfied in the role of being opponents than they are to saddle the responsibilities, which is a shame. I, for one, would dearly like to have women on boards, but I cannot have women on boards who will only open their mouths when it has something to do with some social or other aspect of life.

On whether the family is abandoning its commitment to Sweden: People say, "You're selling companies to foreign owners," but that is what's best for Sweden. We need the influence of foreign ideas and foreign ways of doing things. The isolation we lived in for 50 years wasn't good--it wasn't good for our companies; it wasn't good for our people.

On whether the Wallenbergs have too much power: What is bad about that? Is there no value in somebody hanging around when times are poor? Is it better that everybody flees, that all the stockholders run away? Is that really an advantage to a corporation when it is in trouble? We have often been critized for only doing things to improve our own situation. My record of not becoming any richer during those years I built up the corporations answers that accusation. If I haven't built for the interest of the shareholders, I don't know who the hell has been gaining.

On claims that the Wallenbergs have stifled entrepreneurism: This is all just smoke. Everybody says they want a change, but nobody says what they want to do when they've made a change. What is it they want to change? Do they want the corporations not to make the profits, or not grow so much?