american pacific group logo

Union Pacific survived the onslaught of traffic brought about by World War II. Union Pacific SD40-2 #3593, when the locomotive wore a camouflage livery and christened "Desert Victory" in honor of the 66 company employees who served in Operation Desert Storm. On November 9, 2005, the company was said to have delayed its third-quarter earnings report because it had to restate earlier financial results, to correct accounting errors. Mac Owen photo. The 19th century was part of the United States' great industrial revolution, of which the railroads were key. A pair of Southern Pacific PA-2's, led by #6042, are running light as they arrive in Los Angeles during the summer of 1963. Gould's interest in the railroad ended in 1884 although this did not slow its expansion efforts; it gained control of the nearby Oregon Railway & Navigation Company in 1887 which offered new access points such as Portland and Pendleton, Oregon as well as Spokane, Washington. Collis Huntington leadership ended with his death on August 13, 1900. Found inside – Page 7774American Pacific Group , Inc. ( A ) , Honolulu , Hawaii : American Pacific Life ; American Pacific Life ( Palo Alto , Calif . ) ; American Pacific ... The speed at which Huntington raced across the Southwest was, indeed, quite impressive. The Union Pacific Railroad logo. A mere seven years later, in 1995, Union Pacific announced it would acquire the entire Southern Pacific as a counter-move to the Burlington Northern and Santa Fe merger. Through this subsidiary, and control of the Louisiana & Texas Railroad & Steamship Company, the SP offered through service from Los Angeles to New Orleans over the newly christened "Sunset Route". Only three were manufactured, all for Union Pacific. When the final spike was driven the word "done" was wired across the country. By September of 1969 the City of Denver, City of Kansas City, City of Portland, City of San Francisco, and City of Los Angeles (along with the Challenger) were all combined into one large train east of Green River, Wyoming. [84], The United States Department of the Treasury announced an offering of 188.5 million shares of AIG for a total of $5.8 billion on May 7, 2012. "Behind Insurer's Crisis, Blind Eye to a Web of Risk", "Goldman, Merrill Collect Billions After Fed's AIG Bailout Loans", "After AIG rescue, Fed may find more at its door", "Federal Reserve Board, with full support of the Treasury Department, authorizes the Federal Reserve Bank of New York to lend up to $85 billion to the American International Group (AIG)", "AIG bonuses total more than the reported $165 million", "U.S. Senate vote on Emergency Economic Stabilization Act of 2008", "Obama tries to stop AIG bonuses: 'How do they justify this outrage?' [73] The Wall Street Journal reported on September 7, 2009, that Pacific Century Group had agreed to pay $500 million for a part of AIG's asset management business, and that they also expected to pay an additional $200 million to AIG in carried interest and other payments linked to future performance of the business. The insurer's board approved a share buyback of as much as $1 billion. The original Lucin Cutoff, a combined 16-mile causeway and 12-mile wooden trestle, pierced the center of the Great Salt Lake. All photos and videos, copyright individual owners/organizations. Into the diesel era such variants included the U50 and U50C (General Electric), DDA40X "Centennial" and DD35/A (Electro-Motive), and the C855 (another Alco model). [108] In 2018, AIG established Fortitude Re to hold most of its run-off portfolios and late in 2018 sold a minority stake to The Carlyle Group. In total, the Treasury Department realized a gain of more than $22 billion from the sale of AIG common stock and $0.9 billion from the sale of AIG preferred stock. There, it would meet the Atlantic & Pacific Railway building east from St. Louis. [108] Duperreault commented in response that the development reflected "the progress made since 2008 to de-risk the company.”[104], AIG made a number of acquisitions in 2018. That locomotive was #844 and today it is a household name throughout the railfan community having hosted numerous special excursions over the many decades as the only steamer never officially retired from a Class I railroad. [81], AIG sold its Taiwanese life insurance company Nan Shan Life to a consortium of buyers for $2.16 billion in January 2011. Throughout the 1920's the "Espee" continued its expansion program; on October 31, 1924 it purchased the 1,200-mile El Paso & Southwestern Railroad from the Phelps, Dodge Corporation for $64 million and then, nearly a decade later, added the much larger, 1,500-mile St. Louis Southwestern Railway on April 19, 1932. The sale reduced Treasury's stake in AIG to 61 percent, from 70 percent before the transaction. Then project engineer quit in frustration and Durant subsequently hired Greenville Dodge to replace him. [5] The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. [136] Judge Wheeler did not award compensation to the plaintiffs, ruling that they did not suffer economic damage because "if the government had done nothing, the shareholders would have been left with 100 percent of nothing. [83], Nine years after the initial bailout, in 2017, the U.S. Financial Stability Oversight Council removed AIG from its list of too-big-to-fail institutions. The only real issue the railroad dealt with was keeping the men focused; all along the route towns sprang up to accommodate the workers during downtime. Thanks to the its forward thinking, during the postwar period UP began gobbling up smaller, and larger, railroads. Found inside1946, CHA 8/1189; and the Anglo-American Pacific Group 1943, in CHA 9/30a. 59. Professor R.M. Martin, TUC: The Growth of a Pressure Group (Oxford: Clarendon ... It earned a great deal of publicity by making history with the country's first radical and sleek streamliner trainset, delivered to the railroad on February 25, 1934. Alas, in 2013 the site closed. This system carried a history dating back to 1865 (acquired by CP in 1870); it was envisioned to connect Marysville, California with Portland, Oregon but only succeeded in doing so with the "Big Four's" financial backing. There was also narrow-gauge property that ran from Golden up Clear Creek to Central City and Silver Plume, Colorado. Despite such perks the entire project was complex and arduous; as other historians have noted it was similar in difficulty to placing a man on the moon a century later. [98] AIG also began a joint venture with Hamilton Insurance Group and Two Sigma Investments to serve the insurance needs of small- to medium-sized enterprises. A sly individual set upon enriching himself, he and several associates formed Credit Mobilier in 1864, originally known as the Pennsylvania Fiscal Agency a loan and contract company created in 1859. [17] In 1926, Starr opened his first office in the United States, American International Underwriters Corporation (AIU). The union was approved by the new Surface Transportation Board (successor to the Interstate Commerce Commission) and a much larger Union Pacific came to be on September 11, 1996. Donald Duke photo. [88], The U.S. Department of the Treasury in December 2012 published an itemized list of the loans, stock purchases, special purpose vehicles (SPVs) and other investments engaged in with AIG, the amount AIG paid back and the positive return on the loans and investments to the government. A pair of Southern Pacific's famous GS-4 "Golden States," one wearing her iconic "Daylight" livery (famous #4449) and the other in drab black (#4447, which has also lost her modest streamlining), are paused at Humphreys, California with a special fan trip on October 17, 1954. Featured here is a brief history of one of America's great corporations. Increased Access to Lifesaving Cancer Care. Warren Calloway photo. Found inside – Page 232CFR Archives, RG, Group C – Anglo-American Relations, Vol. 7, 1936, p. 4. ... 'The Crisis in the Pacific', December 1934, CHA 8/362, pp. 14, 24. American Airlines Group, Inc. is a holding company, which engages in the operation of a network carrier through its principal wholly-owned mainline operating subsidiary, American. From left to right: Southern Pacific PA-2 #6019, PA-2 #6014, and PA-1 #6008 await their next assignments at the West Oakland Shops in 1952. The unit was released from the North Little Rock Shops on February 27, 1991, touring the UP system and all 19 states the railroad then served. In 1886 the railroad developed the first refrigerator car, or reefer, and later worked with Union Pacific to inaugurate Pacific Fruit Express (PFE). AIG began selling some assets to pay off its government loans in September 2008 despite a global decline in the valuation of insurance businesses, and the weakening financial condition of potential bidders. Beginning in 1977 UP added to its steam program when restoration was launched on 4-6-6-4 #3985 and completed through an all-volunteer effort by 1981. According to the book, "The Northern Pacific, Main Street Of The Northwest: A Pictorial History" by author and historian Charles R. Wood there were a total of eight different options put forth running along various parallels from north to south. Finally, the government stepped in to form Amtrak in 1971, alleviating most carriers of the burden (today, you can still glimpse the City streamlines in Union Pacific's business train). In 1988 the company grew even larger when it purchased the Katy (the Missouri-Kansas-Texas Railroad) and in 1995 did the same with the Chicago & North Western, providing it access to Wyoming's Powder River Basin coal fields. Their system eventually became so large it stretched from Portland, Oregon to New Orleans, Louisiana. Ironically, only two decades later the railroad became disenchanted with these trains. this steamer on July 23, 2013 the railfan community was shocked and the Found insideBut no such help exists for the student facing Asian Pacific American literature. (This volume follows thetechnicalusage ... Thelargest “Pacific” group is ... [99] In August 2016, AIG sold off United Guaranty, its mortgage-guarantee unit, to Arch Capital Group, a Bermuda-based insurer, for $3.4 billion. With much of the industry struggling after the 1950's many turned to holding companies as a means of expanding their portfolios to escape the transportation sector's cyclical nature. According to a 1933 piece released by the Southern Pacific Historical & Technical Society entitled, "Historical Outline, Southern Pacific Company, March 1933," the original Southern Pacific Railroad had no ties to either the modern company or the "Big Four.". The former improved SP's Portland gateway by circumventing the steep, circuitous, and grade-riddled (as high as 3.3%) Siskiyou Line. Represented in the word cloud are our core values of Respect, Transparency, Scrappy. It is also important to note the company's nod to its history. Combined, the two railroads formed a monstrous 17,340 mile system. The Southern Pacific (SP) was one of America's most successful and widely recognized railroads. THX is a motion picture quality certification system (despite being branded as a "sound system" until 1997) founded by Tomlinson Holman and George Lucas in 1982 (in turn was then-owned by Lucasfilm Ltd. until June 2002, when spun-off in its present-day company - THX Ltd.), named after the first film Lucas directed, THX 1138. Today’s UP is much different from the system predating 1980 as it operates as far north as Seattle, as far west as Los Angeles/Long Beach, as far east as Minneapolis, and as far south as Dallas, Brownsville, and New Orleans (and about every west in between!). [29] Throughout the 1990s, AIG developed new sources of income through diverse investments, including the acquisition of International Lease Finance Corporation (ILFC), a provider of leased aircraft to the airline industry. [13] AIG repaid $205 billion to the United States government in 2012. Case, Surprise Ruling That Could End All Bailouts", "Greenberg's Starr to Appeal AIG Bailout Case to Supreme Court", "AIG drops a lawsuit versus New York Fed related to bailout", "BofA pays AIG $650 million to settle mortgage disputes", "How a Market Crisis Unfolded: Some of the key events in the upheaval", Business Week – List of Counterparties and Payouts, National Mutual Insurance Federation of Agricultural Cooperatives, https://en.wikipedia.org/w/index.php?title=American_International_Group&oldid=1046430090, Life insurance companies of the United States, Financial services companies based in New York City, Insurance companies based in New York City, Multinational companies based in New York City, Publicly traded companies based in New York City, Financial services companies established in 1919, Companies listed on the New York Stock Exchange, Former components of the Dow Jones Industrial Average, Pages with non-numeric formatnum arguments, Short description is different from Wikidata, Articles containing potentially dated statements from January 2019, All articles containing potentially dated statements, Articles with unsourced statements from June 2020, Creative Commons Attribution-ShareAlike License, John H. Fitzpatrick – Chairman, Oak Street Management Co., LLC, Henry S. Miller – Chairman, Marblegate Asset Management, LLC. In addition, a multitude of celebrated subsidiaries comprised SP's network like the Texas & New Orleans, Cotton Belt, and the great Pacific Electric Railway. For a list of counterparties receiving U.S. taxpayer dollars, see: Business data for American International Group: This page was last edited on 25 September 2021, at 16:39. [28] In 1984, AIG listed its shares on the New York Stock Exchange (NYSE). [128], AIG offers property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services. A popular pastime for many is studying and/or exploring abandoned rights-of-way. SP was so large that UP encountered a logistical nightmare that nearly resulted in total gridlock as yards clogged, transit times greatly increased, and operating ratios soared. Ed Dickens, the head of Union Pacific's steam program offered a little more insight regarding why 4-6-6-4 #3985 is now permanently retired (made official in January, 2020 but retroactive to May, 2019): "A quick update regarding the UP 3985. However, following the outbreak of hostilities, a unified Northern delegation decided upon a central option along the 42nd parallel. [112][6] In September 2017, the Financial Stability Oversight Council[113] determined that AIG was no longer considered a nonbank systemically important financial institution (SIFI). documented. Over time, it blossomed into the most far-reaching of all the classic American railroads with a network totaling 17,000 miles after its 1988 merger with the Denver & Rio Grande Western. On May 2, 2019, after three years of restoration, the big locomotive made its initial test run from Cheyenne to Greeley, Colorado. It is an excellent resource with thousands of historic maps on file throughout the country. [28], During the 1980s, AIG continued expanding its market distribution and worldwide network by offering a wide range of specialized products, including pollution liability[28] and political risk. While financial difficulties were not being experienced at the time its board nevertheless felt the plan was important for long term growth. Linda A. © Copyright 2007-2021 American-Rails.com. Found inside – Page 5John Wesley Masland . 10 ; CB . is These two groups may be expected to play a proruinent. Aside from infrastructure upgrades and new equipment, the company's major developments leading up to World War I included the consolidation of its lines in the Pacific Northwest and a new link to Los Angeles. In 1890 the railroad formed a subsidiary known as the Union Pacific, Denver & Gulf Railway; this massive entity provided connections from Dallas/Fort Worth, Texas to Orin Junction, Wyoming linking cities such as Denver, Pueblo, Cheyenne, Amarillo and others along the way via a north-south routing. For a brief time it appeared the "Big Four" might actually have to share the state's transportation services with this independent railroad. Union Pacific 4-8-4 #829 (FEF-2, 1939 product of Alco) hustles a 72-car freight, consisting primarily of stock cars and reefers, through Grand Island, Nebraska on October 10, 1958. According to Brian Solomon's book, "Southern Pacific Railroad," the group then formed a new Southern Pacific Railroad on October 12, 1870 to obtain the original and others mentioned (including CP). Today, the fabled Tehachapi Loop remains in regular use by both Union Pacific (owner) and BNSF Railway (lessor). "[36], In November 2004, AIG reached a $126 million settlement with the U.S. Securities and Exchange Commission and the Justice Department partly resolving a number of regulatory matters, and the company needed to continue to cooperate with investigators continuing to probe the sale of a non-traditional insurance product. It is difficult to truly articulate just how much material can be found at this website. Afterward operated only west to St. Louis via the Wabash Railroad. There was also the Modoc Line which opened in 1929 at a cost of $16 million; it acted as an inside gateway between southern Oregon and western Nevada. [94], In June 2015, Taiwan's Nan Shan Life Insurance acquired a stake in AIG's subsidiary in Taiwan for a fee of $158 million. and Amtrak's operation of its former passenger services. Many years of hard operation has resulted in the locomotive requiring a complete frame up restoration just as the big boy [sic] received recently.". Found insideAmerican Pacific Group , Inc. ( A ) , Honolulu , Hawaii : American Pacific Life ; American Pacific Life ( Palo Alto , Calif . ) ; American Pacific ... [54][55], Illustrating the danger of an AIG bankruptcy, a September 17, 2008, CNN Money article stated, "But in AIG's case, the situation is even more serious. Tom Gildersleeve photo. [19] The steady growth of the Latin American agencies proved significant as it would offset the decline in business from Asia due to the impending World War II. Richard Kindig photo. This transaction, AIG argued, prevented them from recouping losses from insured banks. As you can see the railroad was born largely through the government and as such carried considerable startup capital, something most other ventures then did not enjoy. Pacific Northwest Gifts is your online store for unique nature-inspired gifts including those designed by the Indigenous People of the great Pacific Northwest. This interchange proved very important and became part of the railroads' Golden State Route as they worked closely in handling business between Chicago and Los Angeles. [12], During the financial crisis of 2008, the Federal Reserve bailed the company out for $180 billion and assumed control, with the Financial Crisis Inquiry Commission correlating AIG's failure with the mass sales of unhedged insurance. During Union Pacific's race for higher horsepower two powerful examples pose together here in Laramie, Wyoming during September of 1966: on the left is a third-generation gas-turbine "Big Blow," #4, rated at 8,500 horsepower while to the right is DD35A #75 capable of 5,000 horsepower. With the routing chosen Congress passed the Pacific Railroad Act of 1862, signed into law by President Lincoln on July 1, 1862. Southern Pacific GP9 #3491 still looks like new in its Black Widow livery as it is about to depart San Jose with its train during April of 1966 (note the blue flag on the cab window). Yellowstone Special:  (Poncatello, Idaho - West Yellowstone, Montana). Of particular note was its once highly lucrative perishable business serving California's lush San Joaquin Valley. It enabled them to reach Texas where the SP would meet the Texas & Pacific Railway (then under Jay Gould's control) at El Paso. He expected a well-run and well-maintained railroad on the cutting edge of innovation. [33] AIG was an investor in Blackstone from 1998 to March 2012, when it sold all of its shares in the company. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. [89] The Treasury said that it and the Federal Reserve Bank of New York provided a total $182.3 billion to AIG, which paid back a total $205 billion, for a total positive return, or profit, to the government of $22.7 billion. [119] In November 2019, a Carlyle-managed fund and T&D Holdings acquired a majority interest in Fortitude Re, leaving AIG with a 3.5% stake "subject to required regulatory approvals and other customary closing conditions. To maintain top-notch service, UP began systemically retrenching and combining its "Domeliners.". Author's collection. Lark: (Oakland/San Francisco - Los Angeles via San Luis Obispo), Sacramento Daylight: (Sacramento - Los Angeles). Found inside – Page 141BOOK II THE AMERICAN - PACIFIC GROUP OF RACES A. SS 1-9 , Races of Oceania - B . SS 10-15 , Races of Australia --C . SS 16-21 , Malays and Malagasies — D i ... Except for a troubled period at the end of the 19th century when an overextended Union Pacific fell into receivership the company has been well-managed through the years. Alas, in 2013 the site closed. In an effort to stake more land from the government and pocket even more money, Union Pacific and Central Pacific actually began grading lines past one another! [34], In March 2003 American General merged with Old Line Life Insurance Company. After the Transcontinental Railroad opened much work remained in upgrading the property for heavy rail service and pushing rails across other parts of the West. [35], In the early 2000s, AIG made significant investments in Russia as the country recovered from its financial crisis. Found inside – Page 72The questionnaires reveal that Chinese youths evaluated their own group much more positively and much less negatively than the American group rated ... 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