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Samuel Insull was a British American business magnate. He was an innovator and investor based in Chicago who helped create an integrated electrical infrastructure in the United States. Insull created holding companies that purchased utilities and railroads. Insull was responsible for the building of the Chicago Civic Opera House in 1929. Due to the Great Depression, his vast Midwest holding company empire collapsed, and he was accused of profiting personally by selling worthless stock to unsuspecting investors who trusted him because of his position and reputation. Following a seven-week trial, he and 16 co-defendants were acquitted of all charges after two hours of jury deliberation.
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American Electric Power Company, Inc. (AEP), is an American domestic electric utility company in the United States. It is one of the largest electric utility companies in the country, with more than five million customers in 11 states.
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The Electric Bond and Share Company (Ebasco) was a United States electric utility holding company organized by General Electric. It was forced to divest its holding companies and reorganize due to the passage of the Public Utility Holding Company Act of 1935. Following the passage of the Act, the U.S. Securities and Exchange Commission (SEC) selected the largest of the U.S. holding companies, Ebasco to be the test case of the law before the U.S. Supreme Court. The court case known as Securities and Exchange Commission v. Electric Bond and Share company was settled in favor of the SEC on March 28, 1938. It took twenty-five years of legal action by the SEC to break up Ebasco and the other major U.S. electric holding companies until they conformed with the 1935 act. It was allowed to retain control of its foreign electric power holding company known as the American & Foreign Power Company (A&FP). After its reorganization, it became an investment company, but soon turned into a major designer and engineer of both fossil fuel and nuclear power electric generation facilities. Its involvement in the 1983 financial collapse of the Washington Public Power Supply System's five nuclear reactors led to Ebasco's demise because of the suspension of nuclear power orders and lawsuits that included numerous asbestos claims. The U.S. nuclear industry stopped all construction of new facilities following the 1979 nuclear meltdown at Three Mile Island, going into decline because of radiation safety concerns and major construction cost overruns.
References
- ↑ "The Commonwealth & Southern Corporation and Its Subsidiary Companies: A Public Utility Holding Company Group; Outline of History and Development". 1941. Retrieved September 9, 2021.
- ↑ "Happy Wendell Willkie's Birthday!". www.fortnightly.com. Retrieved March 14, 2022.
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