Merrimack ScFr - Geskiedenis

Merrimack ScFr - Geskiedenis

Merrimack II
(ScFr: t. 3,200, 1. 273 ', b. 38'6 ", dph. 27'6"; dr. 24'3 ";
s.12k .; a.148 ", 210", 249 ")

Die tweede Merrimack is op 15 Junie 1853 deur die Boston Navy Yard gelanseer; geborg deur juffrou Mary E. Simmons, en op 20 Februarie 1856, Cnpt. Garret J. Pendergrast in bevel.

Shakedown het die nuwe skroef fregat na die Karibiese Eilande en na Wes -Europa geneem. Merrimack het Southhampton, Brest, Lissabon en Toulon besoek voordat hy na Boston teruggekeer het en 22 April 1837 uit diens gestel is vir herstelwerk. Met die inbedryfstelling van 1 September 1857 het Merrimack op 17 Oktober van Boston Harbour begin as vlagskip vir die Pacific Squadron. Sy het die Kaapse Horn afgerond en op die Stille Oseaan -kus van Suid- en Sentraal -Amerika gery tot op 14 November 1859 huis toe. By haar terugkeer na Norfolk; sy het 16 Februarie 1860 uit diens gestel.

Merrimack was nog steeds normaal tydens die krisis wat Lincoln se inhuldiging voorafgegaan het. Kort nadat hy sekretaris van die vloot geword het, het Gideon Welles aksie geneem om die fregat op see voor te berei en beplan om haar na Philadelphia te verhuis. Die dag voor die afvuur op Fort Sumter het Welles beveel dat 'groot waaksaamheid beoefen moet word in die bewaking en beskerming van' Norfolk Navy Yard en haar skepe. Op die middag van 17 April die dag toe Virginia afskei, het hoofingenieur B. F. Isherwood daarin geslaag om die enjins van die fregat af te kry; maar die vorige nag het afskeidingsganger ligte bote laat sink in die kanaal, op Craney Island en Sewell's Point, wat Merrimack blokkeer. Op die 20ste, voor die ontruiming van die Navy Yard, het die Amerikaanse vloot Merrimack aan die waterlyn verbrand en haar laat sink om vaslegging te voorkom.

Die Konfederate, wat dringend behoefte aan skepe gehad het, het Merrimack grootgemaak en as 'n ysterbekleed ram weer opgebou volgens 'n ontwerp wat deur lt.J. AI gemaak is. Brooke. CSN;. Die ysterkleed was in opdrag van CSS Virginia 17 Februarie 1862 en was die hoop van die Konfederasie om die houtskepe in Hampton Roads te vernietig en 'n einde te maak aan die Unieblokkade wat die Suide reeds ernstig beseer het.

Ondanks die volgehoue ​​poging om haar te voltooi, het Virginia nog steeds werkers aan boord gehad toe sy in Maart 1862 na Hampton Roads seil, onderhou deur CSS Raleigh en Beaufort en vergesel deur Patrick Henry, Jamestown en Teaser. Vlagoffisier F. Buchanan, CSN, onder bevel van Virginia, word uitgesonder as die eerste slagoffer se sloep Cumberland, wes van Newport News. In sy posisie het Virginia die kongres geslaag en breë kante uitgeruil, sonder om te beseer terwyl dit aansienlike skade aangerig het. Sy het die boog van Cumberlands gekruis en haar met 'n dodelike vuur gehark, voordat sy die hout oorlogskip met 'n stoot van haar ysterram afgehandel het. Terwyl hy galant teen haar gewere veg, solank dit bo water was, sak Cumberland en neem 'n derde van haar bemanning, 0,21 mans. en 'n deel van Virginia se ram saam met haar.

Virginia het daarna haar aandag gevestig op die kongres, wat gegrond was. Bygestaan ​​deur die ligter skepe van die suidelike James River -eskader, het Virginia op 'n afstand losgebrand en die kongres genoop om haar kleure af te haal. Terwyl CSS Beaufort en Raleigh die kongres genader het om die oorgawe van haar bemanning te ontvang, het die federale troepe aan wal, sonder om die situasie te verstaan, 'n verwelkende vuur oopgemaak en Buchanan gewond, wat teruggekeer het deur te beveel dat warm skote en brandende dop na die kongres moes gaan. Die laasgenoemde. aan die brand gesteek en nie in staat was om 'n enkele geweer te dra nie, het sy haar vlag vir die laaste keer afgehaal. Sy het aanhou brand totdat sy omtrent middernag ontplof het.

Virginia het nie ongedeerd na vore gekom nie. Haar stapel was deurmekaar en het kragverlies veroorsaak - en sy was aanvanklik te koud. Twee groot gewere was buite werking, haar wapenrusting het losgemaak en haar ram het verlore geraak. Nietemin het sy Minnesota aangeval, maar vlak water het verhinder dat sy naby genoeg was om haar voormalige suster fregat ernstige skade aan te rig. Virginia het die aand by Sev-ell's Point geanker vir herstelwerk ~. Vlagoffisier Buchnnan is aan wal geneem na die hospitaal en Lt. Catesby ap R. Jones, CSN, wat die ysterkleed verbind het nadat Buchanan soort gewond is, het bevel oorgeneem.

Die volgende oggend keer Virginia terug na die geveg, maar in die nag het Union irondress Monitor op 'n nippertjie aangekom om die vloot in Hampton Roads te verdedig. Die daaropvolgende onoortuigende geveg, die eerste wat ooit tussen gedrewe ysterklere gevoer is, het 'n rewolusie in vlootoorlog veroorsaak. Terwyl Virginia in Hampton Roads in die rigting van die gegronde Minnesota stoom, beweeg Monitor uit die skaduwee van die stoom-fregat om die Konfederale ysterkleed uit te daag. Die bevelvoerder van Minnesota, kapt. G. Van Brunt, beskryf die daaropvolgende optrede. "Die monitor het geweer na geweer afgevuur, wat met die hele rebels van die rebelle af teruggekeer is, blykbaar nie meer as soveel klippies wat deur 'n kind gegooi is nie. Na 'n rukkie het hulle begin maneuveer, en ons kon die klein batterypunt sien haar buiging vir die rebelle, met die bedoeling, soos ek gedink het, om 'n skoot deur haar boogpatroon te stuur; dan skiet sy langs haar en hark haar deur haar agterstewe. het die bomvaste toring getref waarna die skoot gekyk het ~ sonder dat dit 'n effek het. "

Kort voor die middag tref 'n skoot van Virginia ~ die piloothuis van die monitor, wat stof deur die ooglig laat ry waardeur luitenant Worden die skip omdraai en hom tydelik verblind. Omdat hy gedink het dat die loods ernstig beskadig is, indien nie vernietig nie, het Worden die skip beveel om tot vlak water te gaan. Terselfdertyd gaan Virg {nia terug na Sewell's Point.

Die installering van 'n nuwe ram en ander herstelwerk en aanpassings het Virginia vir byna 'n maand lank in die droogdok in Norfolk gehou. Vlagoffisier Josiah Tattnall, CSN, het 25 Maart 1862 aangestel as bevelvoerder van die konfederale vlootmagte wat Virginia as sy vlagskip gekies het.

Virginia keer 11 April terug na Hampton Roads, onder haar beskerming CSS Jamestown en CSS Raleigh het drie Union -vervoer vervoer. Strategiese oorwegings het 'n tweede Monitor-Virginia-tweestryd uitgesluit. Monitor se missie was om Virginia te bevat ter ondersteuning van generaal McClellan se veldtog op die skiereiland, en Virginia het die belangrike Norfolk -gebied en die monding van die Jamesrivier beskerm. Toe die Konfederate gedwing is om Norfolk te ontruim, het hulle probeer om Virginia op die James River op te neem, maar haar diep trek het dit verhinder, en hulle het haar op 11 Mei 1862 vernietig.


Die Merrimackrivier, geskiedenis, ontspanning en eienaardigheid

Die winter het ons nog steeds in sy ysige greep en ons sal binnekort ons stewels stewig in die modderseisoen hou. Waarom nie die gemoedere ligter maak deur na te dink oor warm somerwinde langs die oewer en geniet die ryk geskiedenis en skoonheid van die Merrimack -rivier nie. Hierdie kronkelende 110 kilometer lange waterpad is deur inheemse Amerikaanse uitgrawe kano's van Boston tot in die binneland as Concord gelê. Dit het textiel-, papier- en meelmolens, leerlooierye en selfs gieterye aangedryf, is gebruik vir die vervoer van goedere en het selfs gedien as riool vir die afval van die industriële revolusie in New Hampshire.

Die Merrimackrivier het sy ups en downs gehad. Dit was 'n ongerepte salm- en steurrivier voordat dit tydens die Industriële Revolusie besoedel en opgedam is. Gedurende die bloeitydperk van die tekstielmeule verander die kleur van die Merrimackrivier daagliks van kleur na gelang van die materiaal wat by die fabrieke geverf word. Vandag is die rivier egter herleef deur afvalwaterbehandelingsaanlegte met die Wet op Skoon Water en voldoen dit aan die kriteria vir bakterieë om veilig te swem, behalwe op die reënste dae. Die Merrimack het 'n fassinerende geskiedenis en is 'n uitstekende ontspanningsgeleentheid om te stap, te vaar of op die water te son. Dus, neem nie een van my voorstelle nie en verken die geskiedenis terwyl u 'n buitelug -ontspanningservaring geniet.

In 'N Week oor die Concord- en Merrimack -riviere, Henry David Thoreau herinner aan sy reis in 1839 teen die Merrimack. 'Die rivier is verreweg die aantreklikste snelweg, en die bootmanne wat twintig of vyf-en-twintig jaar daar deurgebring het, moes 'n baie skoner, meer wilde en onvergeetlike ervaring beleef het as die stowwerige en skelm een ​​van die spanlede wat gery het gedurende dieselfde tyd op die paaie wat parallel met die stroom loop. ” Trouens, Thoreau se toevlug na 'n kajuit by Walden Pond was vir rus en vrede, sodat hy kon konsentreer op die publikasie van 'n boek oor sy reis na die Merrimackrivier. Waarom nie Thoreau navolg en die Merrimack roei nie? Daar is baie plekke om in te sit, soos Jamie Welch Memorial Park in Boscawen of naby Everett Arena in Concord.

As u met u kano in Boscawen beland, stop op die eiland naby Boscawen se park en ry na die Hannah Duston Memorial, 'n monument wat aan die einde van die 19de eeu opgerig is op 'n eiland aan die samevloeiing van die Contoocook- en Merrimack -riviere. Die monument is op die plek waar 'n koloniale ma die Indiese gevangenes wat haar baba doodgemaak en ontvoer het, tereggestel het. Die Hannah Duston -standbeeld is baie interessant. Hannah se granietneus is afgesny en herstel, en in haar hand is 'n tomahawk en kopvel. Daar is 'n soortgelyke bronsbeeld van haar in Haverhill, wat na bewering die eerste standbeeld is van 'n vrou wat in die VSA opgerig word. Vir diegene wat meer in die verhaal is, het die historiese Haverhill -samelewing na bewering die tomahawk wat sy gebruik het. Elke verhaal het natuurlik twee kante. Ter wille van balans is dit goed om ook die Concord se New Hampshire History Museum te besoek om die stamlewe voor die setlaars beter te verstaan.

Die voormalige Allied Leather Tannery en die Stratton -meulmeule is 'n treffende agtergrond vir u besoek aan die Hannah Dustin -gedenkteken. Hierdie verlate meulens was voorheen 'n vooruitstrewende onderneming, as u u verbeelding laat vervoer, kan u die katrolle wat met water aangedryf word, leer en die geluid van rotte wat uit die treinwa skarrel, gelaai met huide uit Texas, gereed om gelooi en in 'n kind vasgemaak te word. handskoene.

As 'n kano vir u te nat en wild lyk, hoef u in Manchester nie hard te soek om bewyse van die invloed van die rivier te vind nie. Die baksteenmeulgeboue langs die rivier is die hart van die industriële revolusie van New Hampshire en is hier geleë vanweë die energie wat uit die Amoskeag -waterval verkry kan word. Die eerste meule het in 1838 begin werk. Teen 1840 het die eienaars van die meule die Merrimack opgedam om die kragbron vir hul meulens te skep. Teen 1912 vervaardig die Amoskeag Mills elke dag genoeg tekstiele om twee en 'n half keer die lengte van die New Hampshire of ongeveer 471 myl stof per dag te strek. Die Amoskeag Mills het tydens die Burgeroorlog die lap vir die eerste Levis -jeans en vir uniforms vervaardig. Maar hulle het nie net lap gemaak nie. Sy gietery het ysterheinings, hekke, brandkrane, spoorwegmotors, stoomvuurwaens en gewere vir die burgeroorlog vervaardig. Om meer te wete te kom oor die geskiedenis van die meulens, stel ek sterk voor dat u die Millyard -museum in Bedfordstraat besoek. Die impak van die meulens en die Merrimackrivier strek egter ver buite Manchester. Die White Mountain National Forest bestaan ​​deels omdat ryk, tekstielbesigheidsmanne van die vroeë 1900's in die Manchester Millard bekommerd was dat oormatige houtkappery die vinnige afloop en onbetroubare riviervloei tot gevolg gehad het.

Vind u nog nie genoeg redes om die Merrimack te verken nie? Waarom kom u nie by die ronde baksteenhouer in Concord wat u kan sien vanaf I-93 noordwaarts deur Concord nie? Alhoewel die gashouer nie vir die publiek oop is nie, is die argitektuur en geskiedenis daarvan interessant. 'N Gashouer is 'n gebou met 'n groot onderstebo staalbeker aan die binnekant wat gebruik word om aardgas te berg vir beligting en verwarming. Die staalbeker dryf op en af ​​op 'n waterseeël sodat konstante gasdruk in die gaslyne gehandhaaf word terwyl die gasvraag wissel. Volgens die vereniging van industriële argeologie was die Concord Gas Light Co. Die gashouer is in 1888 in gebruik geneem om hierdie probleem op te los en is gebou vir $ 35,000 (meer as $ 800,000 in vandag se dollars). Dit is gebruik totdat die maatskappy laat in die somer van 1952 die gasvervaardiging gestaak het. Die jaar het die Concord Natural Gas Corp. via die nasionale aardgas -pypleidingstelsel met aardproduksiegebiede verbind. Hoe is die gashouer verbind met die rivier, vra jy? Steenkoolteer geproduseer deur die vervaardiging van steenkoolgas is na die teedam in die vloedvlakte van Merrimack gelê. Die afrit 13 op die oprit gaan eintlik oor die voormalige teerdam. Tydens die nuwe afrit 13 -opritkonstruksie in 1996 is 172.877 liter koolteer verwyder.

As die hoofstam van die Merrimack u nie interesseer nie, moet u nie die sytakke soos die Contoocookrivier vergeet nie. Daar is 'n lekker staptog van twee kilometer by die Mast Yard State Forest. Volgens Bouton's History of Concord het hierdie gebied in die vroeë 1800's bome verskaf wat as maste gebruik is vir die koning van Engeland se skepe. Die bome is na die Contoocookrivier gesleep na 'n gebied wat nou die 'Mast Yard' genoem word, en dan na die Merrimackrivier gedryf. Groter stompe is deur spanne osse na die sandbanke onder Sewalls Falls gesleep en in die Merrimackrivier gegooi en daarna na die kus gedryf.


Merrimack ScFr - Geskiedenis

Feite oor Merrimack: 'n Ysterkleed van die burgeroorlog

Merrimack: 'n Rivier wat gevorm word deur die aansluiting van die riviere Permigewasset en Winnipesaukee in Franklin, N.H., vloei oor die noordooste van Massachusetts voordat dit in die Atlantiese Oseaan in Newburyport, Mass.

Merrimack II (ook bekend as CSS Virginia)

(ScFr: t. 3,200 l. 275 'b. 38'6 "dph. 27'6" dr. 24'3 "s. 12 k. A. 14 8", 2 10 ", 24 9")

Die tweede Merrimack is gelanseer deur die Boston Navy Yard op 15 Junie 1855 geborg deur juffrou Mary E. Simmons en op 20 Februarie 1856 in opdrag van kapt. Garrett J. Pendergrast in bevel.

USS Merrimack (1856-1861)

U.S. Naval Historical Center

Shakedown het die nuwe skroef fregat na die Karibiese Eilande en na Wes -Europa geneem. Merrimack het Southhampton, Brest, Lissabon en Toulon besoek voordat hy na Boston teruggekeer het en 22 April 1857 vir herstelwerk uit diens gestel is. Met die herbediening van 1 September 1857 het Merrimack op 17 Oktober van Boston Harbor begin as vlagskip vir die Pacific Squadron. Sy het die Kaapse Horn afgerond en die Stille Oseaan -kus van Suid- en Sentraal -Amerika onderneem totdat sy op 14 November 1859 huis toe gegaan het.

Merrimack was nog steeds normaal tydens die krisis voor die inhuldiging van Lincoln. Kort nadat hy sekretaris van die vloot geword het, het Gideon Welles aksie geneem om die fregat op see voor te berei en beplan om haar na Philadelphia te verhuis. Die dag voor die afvuur op Fort Sumter het Welles beveel dat daar groot waaksaamheid moet wees by die bewaking en beskerming van Norfolk Navy Yard en haar skepe. Op die middag van 17 April, die dag toe Virginia afskei, het hoofingenieur BF Isherwood daarin geslaag om die enjins van die fregat te laat brand, maar die vorige nag het afskeidingsgangers in die kanaal tussen Craney Island en Sewell ’s Point gesink, wat Merrimack blokkeer. Op die 20ste, voor die ontruiming van die Navy Yard, het die Amerikaanse vloot Merrimack aan die waterlyn verbrand en haar laat sink om vaslegging te voorkom.

Die Konfederate, wat dringend behoefte aan skepe gehad het, het Merrimack grootgemaak en herbou as 'n ysterram, volgens 'n ontwerp wat deur luitenant J. M. Brooke, CSN, opgestel is. Die ysterkleed was in opdrag van CSS Virginia 17 Februarie 1862 en was die hoop van die Konfederasie om die houtskepe in Hampton Roads te vernietig en 'n einde te maak aan die Unieblokkade wat die Suide reeds ernstig beseer het.

Ondanks al die moeite om haar te voltooi, het Virginia nog steeds werkers aan boord gehad toe sy op 8 Maart 1862 na Hampton Roads gevaar het, versorg deur CSS Raleigh en Beaufort en vergesel deur Patrick Henry, Jamestown en Teaser. Vlagoffisier F. Buchanan, CSN, onder bevel van Virginia, word uitgesonder as die eerste slagoffer se sloep Cumberland, wes van Newport News. In sy posisie het Virginia die kongres geslaag en breë kante uitgeruil, sonder om te beseer terwyl dit aansienlike skade aangerig het. Sy het die boog van Cumberland gekruis en haar met 'n dodelike vuur gehark voordat sy die houtoorlogskip met 'n stoot van haar ysterram afgehandel het. Terwyl hy galant teen haar gewere veg, solank hulle bo water was, sak Cumberland en neem 'n derde van haar bemanning, 121 mans, en 'n deel van Virginia's saam met haar.

Virginia het haar aandag gevestig op die kongres, wat gegrond was. Bygestaan ​​deur die ligter skepe van die James River -eskader in die suide, het Virginia van 'n afstand losgebrand en die kongres genoop om haar kleure af te haal. Terwyl CSS Beaufort en Raleigh die kongres genader het om die oorgawe van haar bemanning te ontvang, het die federale troepe aan wal, sonder om die situasie te verstaan, 'n verwelkende vuur oopgemaak en Buchanan gewond, wat teruggekeer het deur te beveel dat warm skote en brandende dop na die kongres moes gaan. Laasgenoemde, aan die brand gesteek en nie in staat was om 'n enkele geweer te dra nie, het haar vlag vir die laaste keer gehaal. Sy het aanhou brand totdat sy omtrent middernag ontplof het.

Virginia het nie ongedeerd na vore gekom nie. Haar stapel was deurspek wat kragverlies veroorsaak het en sy was aanvanklik te min. Twee groot gewere was buite werking, haar wapenrusting het losgemaak en haar ram het verlore geraak. Nietemin het sy Minnesota aangeval, maar vlak water het verhinder dat sy naby genoeg was om haar voormalige suster fregat ernstige skade aan te rig. Virginia het die aand by Sewell ’s Point geanker vir herstelwerk. Vlagoffisier Buchanan is na die hospitaal geneem en luitenant Catesby ap R. Jones, CSN, wat die ysterkleed verbind het nadat Buchanan gewond was, het die bevel oorgeneem.

Die volgende oggend keer Virginia terug na die geveg, maar in die nag het Union irondress Monitor op 'n nippertjie aangekom om die vloot in Hampton Roads te verdedig. Die daaropvolgende onoortuigende geveg, die eerste wat ooit tussen gedrewe ysterklere gevoer is, het 'n rewolusie in vlootoorlog veroorsaak. Terwyl Virginia in Hampton Roads gestoom het in die rigting van die gegronde Minnesota, het Monitor uit die stoom se skaduwee beweeg om die Konfederale ysterkleed uit te daag. Kommandant van Minnesota, kapt. G. J. Van Brunt, beskryf die daaropvolgende aksie. Gun het geweer afgevuur deur die Monitor, wat blykbaar met 'n hele breë kant van die rebelle teruggekeer is, blykbaar, as soveel klippies wat deur 'n kind gegooi is. Na 'n rukkie het hulle begin maneuver, en ons kon sien hoe die klein battery haar boog vir die rebelle wys, met die bedoeling, soos ek gedink het, om 'n skoot deur haar boogpatroon te stuur, dan skiet sy langs haar en hark haar deur haar agterkant. Intussen stort die rebel van breed na kant, maar toe hulle die bomvaste toring tref, kyk die skoot sonder om 'n effek te hê.

Kort voor die middag tref 'n skoot van Virginia die piloothuis van Monitor en dryf stof deur die oogverlig waardeur luitenant Worden die skip omhul en hom tydelik verblind. Omdat hy gedink het dat die loods ernstig beskadig is, indien nie vernietig nie, het Worden die skip beveel om tot vlak water te gaan. Terselfdertyd gaan Virginia terug na Sewell's Point.

Die installering van 'n nuwe ram en ander herstelwerk en aanpassings het Virginia vir byna 'n maand lank in die droogdok by Norfolk gehou. Vlagoffisier Josiah Tattnall, CSN, het 25 Maart 1862 aangestel as bevelvoerder van die konfederale vlootmagte, en het Virginia as sy vlagskip gekies.

Virginia keer 11 April terug na Hampton Roads onder haar beskerming CSS Jamestown en CSS Raleigh het drie Union -vervoer vervoer. Strategiese oorwegings het 'n tweede Monitor ‑Virginia -tweestryd uitgesluit. Die missie van Monitor was om Virginia te bevat ter ondersteuning van die veldtog van generaal McClellan op die skiereiland, en Virginia het die belangrike Norfolk -gebied en die monding van die Jamesrivier beskerm. Toe die Konfederate gedwing is om Norfolk te ontruim, het hulle probeer om Virginia op die James River op te neem, maar haar diep trek het dit verhinder, en hulle het haar op 11 Mei 1862 vernietig.

Aanbevole leesstof: Ironclad Down: USS Merrimack-CSS Virginia van ontwerp tot vernietiging (hardeband). Beskrywing: Ironclad Down is die resultaat van meer as vyftien jaar se navorsing en is 'n skatkis met gedetailleerde inligting oor een van die bekendste vaartuie in die geskiedenis. Met 'n beskrywing van die fassinerende mense-Stephen Russell Mallory, John Mercer Brooke, John Luke Porter, et al.-wat een van die eerste ysterplate ter wêreld bedink, ontwerp en gebou het, asook die skip self beskryf, bied beide die mees deeglike gedetailleerde, diepgaande analise tot op hede van die werklike argitektuur van die Virginia en 'n fassinerende, kleurvolle hoofstuk uit die geskiedenis van die burgeroorlog.


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Merrimack Hall Historic Village

Merrimack Hall is in 1890 gebou en het oorspronklik gedien as die sosiale en kulturele sentrum van die meuldorp van Merrimack Manufacturing Company in West Huntsville.

Merrimack Manufacturing Company van Lowell, Massachusetts, het op 9 Julie 1900 sy tekstielmeule in Huntsville geopen, en die eerste van die dorpshuise wat deur die meule vir sy werknemers gebou is, is ongeveer dieselfde tyd voltooi. Teen 1903 is 'n tweede meule gebou en het die meeldorp 'n bruisende, selfonderhoudende gemeenskap geword met sy eie skool, hospitaal en begraafplaas.

In 1913 besluit die Merrimack Mill -onderneming dat sy werknemers 'n ondernemingswinkel nodig het. Merrimack Mill Company het 'n tweeverdieping-houtgebou, wat in 1890 gebou is, bekom. Op die onderste verdieping was die onderneming se winkel, en die boonste verdieping was 'n klaskamer vir die dorpskinders. In 1920 het die onderneming hierdie struktuur opgeneem in die bou van 'n baksteengebou van 25.000 vierkante meter wat as gemeenskapsentrum dien. Toe Merrimack Hall oopmaak, was die huurders op die onderste verdieping van die gebou die Merrimack Drug Company, twee kapperswinkels, die kruidenierswinkel McClure Brothers, 'n fietsherstelwinkel en 'n kafee. Die boonste verdieping van Merrimack Hall bevat 'n gimnasium wat deur studente aan die Joe Bradley School gebruik word vir hul liggaamskursusse en twee groot ruimtes wat gebruik word vir vergaderings, organisasies en losies soos die Woodmen of the World en ander gemeenskaps- en ontspanningsgeleenthede.

Die Merrimack Mills was noodsaaklik vir die ekonomiese en bevolkingsgroei van Huntsville, en het uiteindelik meer as 1,600 mense in diens gehad. Vandag is 297 huise, meestal identiese tweeverdieping-dupleks, en Merrimack Hall alles wat oorbly van hierdie belangrike deel van Huntsville se geskiedenis. In 2010 is die Merrimack Mill Village Historic District (insluitend Merrimack Hall) opgeneem in die National Register of Historic Places.


Garrett J. Pendergrast

Commodore Garrett Jesse Pendergrast was 'n offisier in die Amerikaanse vloot, wat aan die begin van die Amerikaanse burgeroorlog gedien het.
Sy neef was luitenant -bevelvoerder Austin Pendergrast, wat tydens die burgeroorlog die bevel oor die USS -kongres geneem het toe sy deur CSS Virginia gesink is.

1. Vroeë lewe en loopbaan
Pendergrast het op 1 Januarie 1812 die vloot binnegegaan as middelskip, op 3 Maart 1821 tot kommandant bevorder en op 8 September 1841 tot kommandant.
Op 27 Oktober 1843 neem hy die sloep Boston weer in gebruik en vaar na die Suid -Atlantiese Oseaan om by die Brasiliaanse eskader aan te sluit, waar hy meer as twee jaar gebly het, en uiteindelik in Februarie 1846 na die New York Navy Yard terug te keer.
Hy word op 24 Mei 1855 bevorder tot kaptein en het op 20 Februarie 1856 die fregat Merrimack in gebruik geneem. Die skip sou later die CSS Virginia word.
Op 24 September 1860 vaar Pendergrast van Philadelphia aan boord van die sloep Pawnee om die bevel te neem oor die Home Squadron, wat toe aan die kus van Mexiko werk.


Inhoud

Die eerste bekende setlaars van die gebied verskyn iewers na die laaste ystydperk. Merrimack is 'n inheemse Amerikaanse term wat steur, 'n soort vis, beteken. Die Pennacook -mense het die Merrimackrivier na hierdie vis vernoem as gevolg van die groot bevolking wat daar ooit bestaan ​​het. Die Penacooks spel dit Monnomoke of Merramake. "Toe die stad ingelyf is, het dit die naam van die rivier gekry en dit Merrymac gespel," volgens die Merrimack Historical Society. [4]

Die eerste vermelding van die gebied wat die huidige stad Merrimack bevat onder skriftelike rekords, was die versoekskrif van Passaconaway by die Algemene Hof van Massachusetts om 'n toekenning van grond om 'n deel van hierdie streek in te sluit. Dit was in 1662, en in die herfs van daardie jaar het die hof gehoor gegee aan die versoek, en die bejaarde sachem en sy medewerkers het 'n stuk land van anderhalf kilometer breed op beide oewers van die Merrimack by hierdie gedeelte van die rivier toegestaan . Alhoewel die grense van hierdie toekenning nie vandag spesifiek bekend is nie, is dit waarskynlik dat die hoofman ten minste 'n gedeelte van die huidige stad Merrimack besit het. Europese setlaars kom eers in die laat 17de eeu na die gebied toe die gebied nog in geskil was tussen die provinsie New Hampshire en Massachusetts Bay Colony.

Die stad Merrimack was oorspronklik deel van die Dunstable -toekenning uit 1673. Op 25 Junie 1734 verleen Massachusetts die stadsorganisasie Naticook, wat bestaan ​​uit Litchfield en deel van Merrimack. In 1746 is die grenslyn tussen Massachusetts en New Hampshire hersien, en die grond wat oorspronklik deel van Massachusetts was, het deel geword van New Hampshire. Toe dit terugkeer na New Hampshire, het die provinsie die dorpe Dunstable, Naticook en Nottingham opgeneem en dit weer in een reuse gebied gevorm, ongeveer die grootte van die ou Dunstable Grant uit die 1670's.

Op 2 April 1746 onderteken goewerneur Benning Wentworth 'n handves wat bepaal dat die land van Pennichuck Brook tot by die Souheganrivier die stad Merrymac word. Destyds het minder as 50 gesinne hier gewoon. Pawtucket-, Nashaway- en Pennacook -mense het langs die oewers van die Merrimack- en Souhegan -riviere kamp opgeslaan. Die Pennacooks was die grootste in getalle, en hul hoofman, Passaconaway, was die heerser van al die stamme in die Merrimack -vallei. Op 5 Junie 1750 is die handves van die stad bekragtig, wat die stad 'n bykomende 5 myl na die noorde bied. Die nuwe gedeelte genaamd "Souhegan -Oos" bestaan ​​uit die land noord van die Souhegan -rivier.

Matthew Thornton, 'n ondertekenaar van die Onafhanklikheidsverklaring, het gelewe en is begrawe in Merrimack. Die Signer's House en Matthew Thornton Cemetery is nog steeds in die stad geleë.

Die oorspronklike vergaderhuis is in die presiese middestad van die stad gebou. Daar was twee begraafplase. Turkey Hill op Meetinghouse Road word die eerste keer in die stadsrekords genoem, maar Thornton Cemetery op Route 3 het die oudste grafsteen.

In die negentiende eeu het Merrimack baie gegroei. Die vergaderhuis was te klein en te ver van wat die middestad geword het. Die kerk en die regering het afsonderlik geword en twee nuwe kerke is op meer gerieflike plekke gebou, een in South Merrimack en een op Baboosic Lake Road. 'N Nuwe stadsaal is gebou om die vergaderhuis te vervang.

Die Boston- en Maine-spoorlyn het in die 19de eeu spore deur die stad gelê, met verskeie stasies tot in die middel van die 20ste eeu, toe die koms van die motor Merrimack verander het van 'n grootliks landbougemeenskap na 'n slaapkamer gemeenskap van Boston en nabygeleë stede in New Hampshire. Sedert 1970 was die stad die tuiste van 'n Anheuser-Busch-brouery, die oostelikste en een van hul kleinste aanlegte in die Verenigde State. Dit is die tuiste van 'n brouery -toer en een van die vyf stalle vir die Budweiser Clydesdales. [5]

Die Merrimack School Board het in 1995 nasionale aandag getrek toe dit 'n wet op 'verbod op alternatiewe lewenstylonderrig' goedgekeur het, wat gelei het tot die verwydering van 'n werk deur William Shakespeare uit die skoolkurrikulum. [6] Die raadslede wat die wet ondersteun het, is in die daaropvolgende raadsverkiesing uitgestem. [7]


Geskiedenis

Merrimack County Spaarbank is in 1867 gestig om mense in die omgewing van Concord, NH, rente op hul spaargeld te bied, asook 'n bron waaruit hulle geld kon leen om 'n huis te bekom. Sedertdien is baie ander bankdienste bygevoeg, en vandag bied die bank 'n uitgebreide reeks persoonlike en sakebankprodukte. Vir meer as 150 jaar, gedurende periodes van ekonomiese voorspoed sowel as deur onstuimige tye in die geskiedenis van die Verenigde State, het die bank veerkragtig en standvastig gebly om kliënte en die gemeenskap te bedien.

Goewerneur Walter Harriman het die handves van Merrimack County Savings Bank op 2 Julie 1867 goedgekeur. Die bank begin besigheid op die tweede verdieping van 'n gebou aan die noordekant van School Street in Concord, ook bewoon deur Minot and Company, Bankers, wat later het die Mechanicks National Bank geword. In 1899 verhuis die twee banke na die Board of Trade Building in die noordwestelike hoek van School- en Mainstraat en deel 'n voorportaal op die eerste verdieping van die gebou. In 1952 verhuis die Merrimack onmiddellik na die opgeknapte Columbiaanse blok noord van die Board of Trade Building. Uiteindelik, namate die bank groei en die behoefte aan ruimte vermeerder, koop die Merrimack die Board of Trade Building terug en vandag beset die hoofkwartier en hoofkantoor 'n ruimte wat eens die twee geboue was.


Ongeveer

Die departement van brand en redding in Shenandoah County is in 1998 gestig onder die vooruitsig van die raad van toesighouers in Shenandoah County.

Die Raad van Toesighouers sou in die toekoms 'n behoefte aan betaalde personeel kon sien om die vrywilligersorganisasies aan te vul om die beste diens te lewer aan ons inwoners en diegene wat in die grootste nood en nood deur die land kom.

Destyds het die County Board of Supervisors gedink om iemand in 'n koördineerder -posisie te plaas om vrywillige opleiding te bied en te help om brand- en reddingsapparate op datum te hou.

Tans het SCFR 'n brandweerhoof, brandweerskalk, adjunkhoof van bedrywighede, adjunkhoof van opleiding, EMS -faktureringstegnikus en diensassistent wat die behoeftes van die vrywilligersagentskappe en 49 loopbaanpersoneel beman.

SCFR bevorder goeie kommunikasie en 'n positiewe werksomgewing vir alle betrokkenes. Nuwe standaardbedryfsriglyne is geïmplementeer sodat die beste diens aan almal gelewer kan word.

SCFR se missieverklaring

Shenandoah County Department of Fire and Rescue is daartoe verbind om 'n veilige gemeenskap te bied om die lewe, eiendom en welsyn van inwoners en besoekers aan ons County te beskerm.

SCFR se visieverklaring

Shenandoah County Department of Fire and Rescue’s vision is to create and sustain a system of highly trained, professional volunteer and county-funded fire and emergency medical responders, together providing quality service for the community.


Inhoud

The Society, established via a Deed of Trust in September 1762 with the name of the "Society for Equitable Assurances on Lives and Survivorships", offered both whole life and fixed term policies. Premiums, which were constant for the duration of the policy, [2] were based on a method devised by the mathematician James Dodson using mortality figures for Northampton [1] and the amount payable on death, the basic sum assured, was guaranteed, a major advantage at the time. [2] As Dodson had died five years earlier, Edward Rowe Mores became its chief executive officer with the title of actuary—the first use of the term—though he was an administrator rather than a statistician. [5] The first modern actuary, William Morgan, was appointed in 1775 and served until 1830. In 1776 the Society carried out the first actuarial valuation of liabilities and subsequently distributed the first reversionary bonus (1781) and interim bonus (1809) among its members. [1] It also used regular valuations to balance competing interests. [1] Its products therefore met the description of a modern with-profits policy.

The Society sought to treat its members equitably and the directors tried to ensure that the policyholders received a fair return on their respective investments. Throughout the Society's history, the allocation of bonuses (at regular intervals of up to five years) was a carefully thought-through decision based on actuarial advice, designed to promote fairness and equity between different groups and generations of policyholders. [6]

Its methods were successful enough for it to be able to reduce its premiums by 10% in 1777, and there was a further reduction in 1781. [2] By 1799 the Society had assets of £4m and its 5,000 membership subsequently doubled to 10,000 in 1810. Famous 19th-century policyholders included Samuel Taylor Coleridge, William Wilberforce and Sir Walter Scott. [2]

In 1870, the Life Assurance Companies Act was passed, "requiring all life offices to publish financial data on the lines so long followed by the Equitable." [7] [8]

In the 20th century, Henry Manly devised the concept and theory of staff pensions, which the Society marketed from 1913. [1] Pensions became available to the self-employed in 1957 when the Society launched the Retirement annuity plan. [2] Corporate pension scheme members included employees of the NHS, Unilever and the Post Office. [2]

Organisation Edit

The Society's first offices were in the parsonage of St Nicholas Acons in Nicholas Lane, London, moving to Blackfriars in 1774. Approval of policies, the main business of the Society, was undertaken by the Court of Directors whilst resolutions had to be approved at two meetings of the General Court which all members were entitled to attend. From 1786 this court also dealt with grievances, and there was early tension between initial subscribers wanting a return on investment and those wanting to recruit new members. In 1816 a waiting period was introduced for new members, and only the oldest 5,000 policies were entitled to bonuses. [7] In 1893 the Memorandum and Articles of Association were adopted, incorporating the Society as "The Equitable Life Assurance Society" and transferring power to the directors the 1816 membership and bonus restrictions were removed. [7]

The Society moved to Mansion House Street in 1863, Coleman Street in 1924 (both in the City of London) and new offices in Aylesbury in January 1983. [9] The archives of the Society from 1762 to 1975 are held by the Institute of Actuaries. [10]

The Society acquired the University Life Assurance Society and the Reversionary Interest Society in 1919 and the Equitable Reversionary Interest Society in 1920. [5]

Many of Equitable's with-profits policies were designed to provide a pension for the policyholder on retirement, [11] and the lump sum available to buy an annuity depended on the sum assured, the reversionary bonuses and the larger terminal bonus. Both types of bonus were allocated at the discretion of the directors in accordance with Article 65 of the Articles of Association, the total being intended to reflect the investment return earned over the lifetime of the policy, subject to smoothing. [11] Between 1956 and the advent of Personal Pension Schemes in July 1988, Equitable sold policies with an option to choose at the retirement date between a fixed Guaranteed Annuity Rate (GAR) or the Current Annuity Rate (i.e. the market annuity rate at that time) (CAR). The latter reflected the anticipated investment return on the lump sum over the annuity holder's lifetime and often changed depending on long-term interest yields and views on future longevity. [11] No additional premium was charged in respect of the guarantee. [6]

In 1979, legislation allowed the lump sum to be transferred to another annuity provider. As a result, communications with policyholders increasingly focused on the lump sum rather than annuity benefits.

The GAR was calculated using an interest yield of 4% per annum until 1975 when it was increased to 7%. By May 2001, of Equitable's 1.1m policyholders about 16% held a GAR option. [11]

During the 1980s and 1990s Equitable experienced a further period of rapid growth. It developed market-leading personal pension and additional voluntary contribution plans while maintaining its record of operating with one of the lowest expense ratios in the industry. [2] Its success was "partly based on its reputation, its strategy of paying no commissions to insurance agents or independent advisers and its tactic of always keeping reserves low and returning to its members more money than other companies". [12]

In 1993 the CAR fell below the guaranteed annuity rate, thus prompting GAR policyholders to exercise their rights. According to actuary Christopher Headdon, policies issued from 1975 to 1988 were worth approximately 25% more than CARs the total difference amounted to some £1 billion to £1.5 billion. [6]

Based on an affidavit sworn by Christopher Headdon on 28 June 1999, "from the 1980s onwards, Equitable was aware of the GAR risk. . At no time did Equitable ever hedge or reinsure adequately against the GAR risk to counteract it. The reason for this was Equitable's belief that it could . neutralise the potential effect of the GAR risk through the exercise of its discretion to allocate final bonuses under Article 65" (of the Articles of Association). [11]

In 1994, Equitable exercised its discretion under that Article to reduce the terminal bonus of those policies with Guaranteed Annuity Rates, [7] negating the benefit from the guarantee but preserving the assets of non-GAR policyholders.

By July 1998 there were a number of complaints to the Personal Investment Authority ombudsman and it was decided to seek a declaratory judgement. David Hyman was selected as the representative policyholder. Hearings started in July 1999, and in September the High Court ruled in the Equitable's favour but this was reversed by the Appeal Court in January 2000. The Equitable now sought a ruling by the House of Lords.

House of Lords ruling on the Hyman case Edit

On 20 July 2000 the House of Lords upheld the Appeal Court ruling. [6] [13] They concluded that GAR policies required that the guaranteed rate was applied to calculate the contractual annuity and that the effect of the differential terminal bonus rates was that the annuity was calculated at current annuity rates, not at the guaranteed rate, and was not lawful. "The self-evident commercial object of the inclusion of guaranteed rates in the policy is to protect the policyholder against a fall in market annuity rates . The supposition of the parties must be presumed to have been that the directors would not exercise their discretion [in Article 65] in conflict with contractual rights." [14]

Even before that stage, Equitable, which had long claimed to be more transparent than its rivals, had assets worth £3 billion less than communications with policyholders had indicated. [15]

Having not insured against losing the case, and with no other way to make provision for the immediate £1.5 billion increase in long-term liabilities, Equitable put itself up for sale. By the end of July, about ten companies, including the Prudential, had considered, but rejected a bid. Equitable had intended using money from the sale to allocate bonuses for the first seven months of 2000, but now this was not available. [13]

On 8 December 2000 it closed to new business, and immediately set a Market Value Adjustment of 10% which was later increased to 15%. [16]

On 19 December, HM Treasury announced a review of the Financial Services Authority (FSA)'s regulation of Equitable. The following day, Equitable announced that their President and seven non-executive directors would step down. Vanni Treves became Chairman in March 2001, with Charles Thomson as Chief Executive.

On 4 February 2001 the Halifax agreed to buy Equitable's operating assets, salesforce and non-profit business for a payment of up to £1 billion into the with-profits fund, subject to policyholder agreement. On 20 September 2001, compromise proposals were published offering 17.5% increase for GARs in exchange for the guarantee and 2.5% for non-GARs in exchange for abandoning any legal claim. [ verduideliking nodig ] The deal was accepted by 98% of GAR policyholders, and was sanctioned by the High Court in February 2002.

Both groups of policyholders (those whose pensions had vested and those that had not) received further bad news. In July 2001 deferred pensioners (the second group) were angered to be told their savings had been reduced by 16%, [13] and then in November 2002 pensioners were told that "with-profits annuities, like yours, are now out of line by about 30%." [17] 50,000 annuitants suffered a 20% reduction in income. [13]

In February 2007, Equitable completed the transfer of £4.6 billion of annuities to Canada Life, and in November transferred all £1.8 billion of with-profits annuity policies to Prudential, a deal accepted by 98% of members voting at a meeting. [13]

In November 2008, Equitable announced that the sale of the Society would be put on hold and that the Board would instead review the arrangements to run off its existing business. Gross assets as of December 2008 were £8,754 million, around 25% of the value in 2000. [18]

Treves stepped down as chairman in September 2009 and was replaced by Ian Brimecome. [19] [20]

In May 2001, Ian Glick QC and Richard Snowden published their joint opinion [11] on behalf of the Financial Services Authority. This concluded that there was an arguable case that the Equitable had breached the rules of its former regulators, the Life Assurance and Unit Trust Regulatory Organisation (Lautro) and the Personal Investment Authority (PIA) in failing to disclose the risk of the existing GAR policies in the Product Particulars, Key Features and With-Profits Guide to new non-GAR policy holders.

This was followed in September by the Corley Report [21] on behalf of the Institute of Actuaries, which recommended, amongst other things, that the Appointed Actuary should require that there is a process for reviewing communications to policyholders, and should resist holding a dual role as Chief Executive, and that his work should be subject to peer review.

In October, the Baird Report was published. [22] This covered the Financial Services Authority's regulation of Equitable from 1 January 1999 to 8 December 2000, when the Society closed to new business. The report was produced by the FSA's director of internal audit with the help of independent accountants and lawyers. The review found that – with hindsight – there had been some "deficiencies" on the part of the FSA in the discharge of their regulatory responsibilities, but also stated that "the die had been cast" by the time the FSA had assumed regulatory responsibility for the Society, in relation to those who had already invested in Equitable.

The Penrose report, commissioned by the Treasury in August 2001 and expected in 2002, was finally published in March 2004 after delays due to vetting by Treasury lawyers. [23] [24] The 818-page report [6] found that the company had made over-generous payouts to policyholders, reaching the stage where "The Society was under-funded to the extent of £4½ billion in the summer of 2001" (chapter 19, para 82). Penrose said: "Principally, the Society was author of its own misfortunes. Regulatory system failures were secondary factors". He also accused the former Equitable management team of "dubious" practices and nurturing a "culture of manipulation and concealment". [13] The Report was debated in parliament on 24 March 2004. [25]

In June 2007 the European Parliament issued a 385-page report on Equitable Life. [12] Its fifteen-month investigation followed the implementation in July 2004 of EC Directive 92/96/EEC (the Third Life Directive or 3LD), which governs the single market in life insurance. This directive required the UK, where Equitable's headquarters were, to supervise its "entire business", and curtailed the supervisory power of other EU countries where Equitable operated.

The EU Parliament's remit was to investigate, without prejudice, alleged breaches of Community law in relation to the collapse, to assess the UK regulatory regime in respect of Equitable Life, and to look at the adequacy of remedies available to policyholders including the 15,000 non-UK members. The 22-member committee heard evidence from 38 witnesses and analysed 92 public documents, and its report is the only one completely independent of UK Government influence. Whilst a detailed summary of the full document is well outside the scope of this article, an examination of the effectiveness of the supervision of Equitable is given below and closely follows the wording.

The evidence suggests that the regulator focused exclusively on solvency margins, and took little or no account of accrued terminal bonuses in its overall analysis of the financial health of the company. It quotes Penrose as saying that the Policyholders' Reasonable Expectations (PRE) would have included terminal bonus even if the amount was not defined however the Government Actuary's Department (GAD) and the Treasury deny PRE existed as the terminal bonus was not guaranteed.

The report goes on to say that if it is considered that these types of bonuses are an integral part of the company's "entire business", the regulatory authorities should have taken them into account. Although the regulator was given the option of not forcing Equitable to build reserves for discretionary bonuses, that did not absolve the authorities from their duty of financial supervision covering the "assurance undertaking's entire business".

  • Every insurance company is required to have sound administrative and accounting procedures and adequate internal control mechanisms. Though the Appointed Actuary (AA) is not a role required by the directive, it was an essential part of the UK's own system of insurance regulation. Inter alia, the AA was required to act as a guardian of policyholders' interests but the overall evidence suggests that "the UK regulator did not fulfil its obligation . in that Roy Ranson became CEO without relinquishing his role as the Appointed Actuary." The Treasury rejected this claim as the 3LD does not mention the AA.

The overall evidence received suggested that by not taking swift action on this matter, the UK regulator did not fulfil its obligation to require from Equitable sound administrative and accounting procedures and adequate internal control mechanisms, as required explicitly.

  • Ensure that the competent authorities have the powers and means necessary for the supervision of assurance undertakings.

The UK had the legal power to supervise Equitable. The Baird report stated that in January 1999, the total number of staff involved in the Government's prudential regulation of about 200 insurance companies was less than 135.

The Penrose report also states that "the DTI insurance division was ill equipped to participate in the regulatory process. It had inadequate staff and those involved at line supervisor level in particular were not qualified to make any significant contribution to the process. For all practical purposes, scrutiny of the actuarial functioning of life offices was in the hands of GAD until the reorganisation under FSA was in place". More evidence also strongly suggests that the regulator adopted a conscious and deliberate "hands-off" approach with regard to the Equitable case. If this were proven to be the case, it would constitute a breach of the regulator's obligation to ensure the respect of PRE and therefore a breach of the letter and aim of Article 10 of the 3LD. Both the Baird and Penrose reports contain criticisms of the regulator's lack of a "pro-active approach".

In its conclusion on p. 117, the report said that the powers bestowed on the Secretary of State (as prescribed by Section 68 of the Insurance Companies Act 1982) to waive the application of prudential regulations appear to be incompatible with the letter and the aim of the Directive, and were used inappropriately (particularly when granting authorisation on numerous occasions to include future profits in the assets available to meet the solvency margin), and that therefore . there are serious concerns that the 3LD was not correctly transposed in full.

"The committee is of the opinion that the application of the 3LD by the UK in respect of the ELAS case was deficient and that UK regulators and authorities did not adequately respect the ultimate purpose of the Directive." [26]

In April 2005, in the light of Penrose's findings, Equitable started a £2 billion High Court action against auditors Ernst & Young, reduced 3 months later to £0.7 billion, claiming they had failed to inform the directors of the seriousness of its position. However lawyers advised they could not prove that correct advice would have changed the outcome, and the case was dropped in September. Ernst & Young described the case as "ill conceived". [13] [27] Simultaneously, Equitable started a £3.3 billion claim against former directors, claiming that they failed in their duties to policyholders. This claim was abandoned in December 2005 the costs of the two cases amounted to around £40m. [13]

In July 2008, the Parliamentary and Health Service Ombudsman completed a four-year investigation, described by Equitable's chief executive as the "best chance of compensation". Her 2,819-page report accused the regulators, i.e. the DTI, GAD, and FSA, of "comprehensive failure", found the Government guilty of ten counts of maladministration, and called for a compensation scheme "to put those people who have suffered a relative loss back into the position that they would have been in, had maladministration not occurred". Equitable's chairman estimated that 30,000 policyholders had already died without receiving compensation. [4] In December, the European Parliament issued a press release describing the regulatory failure as an outrage. [28]

In January 2009 the Government issued their response and appointed retired judge Sir John Chadwick as an independent advisor to design an ex-gratia scheme for some policyholders "who have suffered a disproportionate impact as a result of the relevant maladministration". [29]

The Ombudsman accused the government of twisting the findings of her report by suggesting that whatever the regulators had done, it would have made no difference to the events which followed. She also said it had failed to give "cogent reasons" for rejecting some of her findings, mandatory since the Pensions Action Group Judicial Review. [30] In March, the Public Administration Select Committee issued a second report in which it described the government response as "morally unacceptable", and repeated the Ombudsman's criticism that it had acted as judge on its own behalf. [31]

In May, the Ombudsman issued a supplementary report [32] [33] to the government's reply. In August 2009, Chadwick issued an interim report. [34]

In the Queen's Speech following the formation of a Conservative-LibDem coalition government in 2010, the Equitable Life (Payments) Bill was announced. The bill sought to secure compensation for nearly a million policyholders (UK-wide) hit by the near-collapse of the insurer. [35] The Government also announced that the final report from Sir John Chadwick in relation to Equitable Life would be received by mid-July. A statement on the HM Treasury website confirmed two elements of the design of the scheme: that there should be no means testing, and that the dependents of deceased policyholders should be included in the scheme. [36]

The July 2010 announcement by Mark Hoban, the Financial Secretary to the Treasury, offered compensation starting by mid-2011 to 1.5m savers. [37] However, policyholder compensation would be limited to the "absolute loss they suffered" estimated by Chadwick at a total of £2.3-£3B, compared with the £4B-£4.8B returns that similar companies produced, as calculated by consultants Towers Watson. [38] Sir John, whose report was designed to compensate those who suffered "disproportionately", recommended a payment cap for each policyholder which would reduce total compensation to between £400m and £500m. [37] Hoban said compensation would follow recommendations of the Parliamentary Ombudsman report and would take Sir John's findings into account, but might be affected by public spending cuts. Total compensation would be announced in the public spending review in October. [37] Equitable Life pressure group EMAG were unhappy with the announcement but the Ombudsman said she would inform Parliament of her views once she had had time to consider the statement. [37]

Although Equitable’s management initially welcomed the announcement, [37] they were concerned that compensation would be based on the Chadwick report, written on the premise that only five of the Ombudsman’s findings of maladministration were valid. [39] In opposition, Hoban had promised that all ten counts would be considered. [39] Equitable's Chief Executive, Chris Wiscarson, wrote to Hoban saying that they could not support Chadwick’s recommendations as they would only cover about 10% of losses and that compensation should be based on a total figure of £4.8B. [39]

On 20 October 2010, the Chancellor of the Exchequer announced in his Spending Review Statement that the compensation package would be around £1.5billion. [40] However, in 2013, the Commons Public Accounts Committee said that 200,000 people could miss out because of a lack of publicity ahead of the 2014 deadline. [41] The report called on the Treasury and its administrator, National Savings and Investments, to "get their act together" and bring forward publicity for the deadline to July rather than September 2013. [41] By March 2012, payments were only one third of that expected and Committee chairman Margaret Hodge also criticized the Treasury for destroying details of 353,000 policyholders on data protection grounds. [41] In response, a Government Treasury spokesman criticized the Labour party for ignoring the problem for ten years. [41]

In June 2018, Equitable Life announced that Life Company Consolidation Group (LCCG) had agreed to buy the company for £1.8bn, with policies to be transferred to LCCG's Reliance Life subsidiary and converted to unit-linked. LCCG (now Utmost Life and Pensions) is backed by Oaktree Capital Management and specialises in buying insurance businesses that are closed to new customers. Some of the proceeds of the sale would be returned to the remaining 400,000 policyholders in the form of increased bonuses on their policies.

The sale required approval by policyholders and the High Court, and, having received this, completed at the end of 2019, with UK policies transferring to Utmost Life and Pensions. Irish and German policies remain with the Equitable Life, now a subsidiary of Utmost Life and Pensions. [42] [43] [44]


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