Chesapeake Bay bridge: The Maryland bridge so terrifying locals pay $2. The Maryland bridge so terrifying locals pay $2. The William Preston Lane Jr. Memorial. Bridge spans nearly five miles of the Chesapeake. Bay to connect Maryland's eastern and western shores.
The structure is regularly subject to violent storms and. Baltimore and Washington. Business Kent Island Express has more than 5,0.
By. Helen Pow. Published. BST, 2. 7 May 2. 01. Memorial Bridge, known as the Bay Bridge, spans nearly five miles of the Chesapeake Bay to connect Maryland's eastern and western shores. Standing 1. 86 feet tall at its highest point, the structure, which is regularly subject to violent storms, instills fear in thousands of Baltimore and Washington residents every time they drive across it. This gave Alex Robinson and his family the idea of doing it for them, charging them for the peace of mind of not having to tackle the nerve- racking stretch themselves.
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And this Memorial Day weekend, as the annual. Eastern Shore. began, business was booming. SCROLL DOWN FOR VIDEOScariest structure: The William Preston Lane Jr. Memorial Bridge, known as Bay Bridge, pictured, instills fear in thousands of Baltimore and Washington residents. Massive: The Chesapeake Bay Bridge, pictured, is five miles long and stands 1. Burgeoning industry: Aside from Kent Island Express, two other companies ferry drivers across the nightmare bridge, pictured'About 5,8.
Robinson, of Kent Island Express, told The New York Times on Friday as he fielded calls from some of those nervous customers. The bridge, which when it first opened in 1. Travel & Leisure Magazine as the ninth scariest bridge in the world for the panic it instills in Maryland residents. When bad weather hits, which is often, drivers can barely see the shore when they get to the middle. It also has tall ships that pass beneath it and flimsy- looking guardrails that reveal a vertigo- inducing drop to the choppy waters below.'Everyone talks about the fear of. Carolyn Casey, who lives in Washington and has a.
St. Michaels, Maryland, told The Times. With the. passenger seat taken up by two Labrador retrievers, she squeezed into.
Robinson got. behind the wheel. Long stretch: The massive bridge spans 4. Fear: The bridge, pictured, was rated by Travel & Leisure Magazine as the ninth scariest bridge in the world for the panic it instills in Maryland residents. Driving: Even on clear days, the bridge takes some nerve to tackle'When I told people I'd found someone to. Casey, 4. 1, said. First, drivers have to tackle a disconcerting comes a dogleg curve, then travel up a steep incline over the initial suspension span; then the bridge drops and the motorist drives downhill and over a second span, a cantilever with boxy sides and a roof that feels like a claustrophobic tunnel.
Robinson took over the unique business last year from his mother and stepfather who ran it for five years. He told The Times it had made him something of an amateur psychologist. Robinson hires only upbeat drivers, and instructs them to talk about anything but the bridge for the 1. Their stress and anxieties feed off of your mood,' he explains to them.
He said most customers, nervous, talk a lot during the trip - about everything from their children to their first boyfriend. Bad weather: The area is subject to violent storms, which makes driving the bridge particularly perilous as shown in this video. Upbeat drivers: Robinson hires only upbeat drivers, and instructs them to talk about anything but the bridge for the 1.
But. he also described construction workers who rode in the back seat of. One man, Robinson told The Times, asked to be put in the trunk, but the request was refused. Another. has paid $5.
Nervous about crossing over the Chesapeake Bay Bridge?' the website states. Our Bay Bridge Drive- Over Help will let you relax and enjoy the ride and the view!'The company instructs drivers who are 'nervous or need assistance for any reason' to contact them an hour before they get to the bridge. I had a full- blown panic attack.
I thought I was. going to pass out.'Scared the same thing would happen on the Bay Bridge, Busch hasn't attempted to drive it herself. The. terrifying structure isn't the only bridge to have driver assistance. Aside from Kent Island Express, two other companies ferry drivers across the nightmare bridge. Booming business: Alex Robinson of Kent Island Express, whose website is pictured, charges $2. Cars: Generally, the drivers use the customer's car but sometime they will shuttle passengers in Kent Island Express vehicles. The bridge is part of U. S. Routes 5. 0 and 3.
As part of U. S. Route 5. Baltimore- Washington Metropolitan Area with Ocean City, Maryland and other coastal tourist destinations. As part of U. S. Route 3. Interstate 9. 5 travelers between northern Delaware and the Washington, D.
C. On September 1. Hurricane Isabel, and on August 2.
Maryland Governor Martin O'Malley ordered it closed to all traffic when sustained winds exceeded 5. Hurricane Irene. On October 2. Hurricane Sandy brought traffic to close and on March 6, 2.
UBS - Wikipedia. UBS AG is a Swiss global financial servicescompany, incorporated in the Canton of Zurich. In Switzerland, these services are also offered to retail clients. It is the biggest bank in Switzerland, operating in more than 5.
The bank received a US$9. Government of Singapore Investment Corporation (currently GIC Private Limited effective from July 2. Its shares are listed at the SIX Swiss Exchange, and the New York Stock Exchange (NYSE). As of February 2.
UBS is present in all major financial centers worldwide, having offices in 5. Americas, 3. 6% in Switzerland, 1. Europe, the Middle East and Africa and 1. Asia Pacific region.
Its American headquarters for investment banking are located in New York City, for private wealth management in Weehawken, New Jersey and its sales & trading headquarters can be found in Stamford, Connecticut. Additionally, UBS is the leading provider of retail banking and commercial banking services in Switzerland, as established already in 2.
Upon application and with the effect as of 1. January 2. 01. 5, the shares of the USB AG, the subsidiary of the UBS Group AG, were delisted from the NYSE. All logistics and support services are also located with this division and include operations, information technology, human resources, communications, physical security and information security. As of the end of 2.
UBS Wealth Management's invested assets totaled CHF 9. Of the remaining 4.
CHF 1 million and CHF 1. CHF 1 million. The subsidiary consists of the former subsidiaries of Germany, Italy, Luxembourg, Austria, Denmark, Sweden, Spain and the Netherlands. UBS Europe will operate in markets through a network of its branches.
The step is said to help the bank simplifying its governance structure and increase operational efficiency and therefore lead to cost savings. The business was initially renamed UBS Paine Webber in March 2. UBS. The subsidiary was again renamed UBS Wealth Management USA in June 2. The division offers a fully integrated set of wealth management solutions for ultra- high net worth and high net worth clients.
The 7. 3% of this sum was secured by residential property and the 1. The investment teams were merged in 2. UBS Global Asset Management. This acquisition will facilitate the expansion of the Northern Trust Corporation into these two countries, turning the American company into the major fund administrator in the local markets and into one of the ten global leaders in the sector. At the end of the transaction, expected for the second half of 2.
American company will administrate a total of CHF4. UBS Asset Management will continue anyway to offer Management Company, White Labelling and Representative Services to its clients.
At roughly the size of two American football fields, it was the largest column- less trading floor in the world. Following an expansion in 2. Over US$1 trillion in assets are traded here every trading day. In June 2. 01. 1, it was announced that UBS was considering moving its North American headquarters back to New York City, and that the bank was looking for office spaces in Midtown and in the rebuilt World Trade Center. After graduation, over 7. Therefore, UBS is no longer an acronym but is the company's brand. Its logo of three keys, carried over from SBC, stands for the company's values of confidence, security, and discretion.
Among the bank's most notable constituent parts are Paine Webber, Dillon, Read & Co., Kidder, Peabody & Co., Phillips & Drew, S. Warburg & Co., Blyth, Eastman, Dillon & Co., Jackson & Curtis, and Union Securities, among others.
UBS, through Swiss Bank Corporation, traces its history to 1. Basel, Switzerland pooled their resources to form the Bankverein, a consortium that acted as an underwriting syndicate for its member banks.
After the new bank started with an initial commitment of CHF 3. CHF 6 million of share capital, it soon experienced growing pains when heavy losses in Germany caused it to suspend its dividend until 1. Following the years 1.
Z. By the end of 1. CHF 1 billion in total assets and grew to 2,0. The impact of the stock market crash of 1. Great Depression was severe, particularly as the Swiss franc suffered major devaluation in 1.
The bank saw its assets fall from a 1. CHF 1. 6 billion to its 1. CHF 1 billion by 1. Just prior to the outbreak of the war, SBC made the timely decision to open an office in New York City.
SBC remained among the Swiss government's leading underwriters of debt in the post- war years. SBC, which had entered the 1.
Switzerland and three abroad, more than doubled its assets from the end of the war to CHF 4 billion by the end of the 1. CHF 1. 0 billion by 1. Brinson ran SBC's asset management business and later when SBC merged with UBS was named chief investment officer of UBS Asset Management. Warburg & Co., a leading British investment banking firm, in 1. US$1. 4 billion signified a major push into investment banking. Warburg & Co. Dillon Read had been in negotiations to sell itself to ING, which owned 2.
Dillon Read partners balked at ING's integration plans. Following SBC's later merger with Union Bank of Switzerland, the SBC part was dropped from the name; in 2. UBS got restructured the Dillon Read name was dropped, although it was brought back in 2. Dillon Read Capital Management, UBS's ill- fated hedge fund operations. Union Bank of Switzerland.
The Bank in Winterthur, founded in 1. CHF 5 million, focused on providing financing for industry and other companies.
In German, the bank was known as the Schweizerische Bankgesellschaft (SBG). The shredding was in direct violation of a then- recent Swiss law adopted in December 1. UBS acknowledged that it had .
Both proceedings were discontinued by the District Attorney in September 1. As a result of the merger, Union Bank of Switzerland exceeded CHF 1 billion in assets and moved its operations to Zurich. UBS opened branches and acquired a series of banks in Switzerland in the following years, growing from 3. Chemie), which made UBS one of the strongest banks in Europe. The bank's investments had been in the conservative asset management and life insurance businesses; further, 6.
Swiss banking operations. Prior to the merger with Swiss Bank Corporation, UBS purchased a group of smaller Swiss banks in 1. Cantonal Bank of Appenzell- Ausserrhoden in 1.
At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively. Union Bank of Switzerland's Mathis Cabiallavetta became chairman of the new bank while Swiss Bank's Marcel Ospel was named chief executive officer.
Its collapse in 1. UBS at a time when it had merged with Swiss Bank Corporation.
UBS, suffering criticism for its conservative business model, was looking for ways to catch up to its key Swiss rivals and viewed LTCM as the type of client that could help accelerate the bank's growth. In 1. 99. 7, UBS entered into a financing arrangement with LTCM, and the hedge fund quickly became the bank's largest client, generating US$1. UBS. It hedged this option by purchasing a US$8.
LTCM and invested a further US$3. Following the merger, Swiss Bank managers were surprised to discover the massive exposure to LTCM at UBS. The acquisition pushed UBS to the top wealth and asset management firm in the world. Initially, the business was given the divisional name UBS Paine. Webber but in 2. 00. Paine Webber disappeared when it was renamed UBS Wealth Management USA.
Costas, a former bond trader and co- head of Fixed income at Credit Suisse First Boston and head of Fixed Income Trading at Union Bank of Switzerland in 1. CEO of UBS's investment banking division, which originated in SBC's Warburg Dillon Read division and was renamed UBS Warburg in December 2.
Moelis joined UBS from Donaldson Lufkin & Jenrette in 2. Credit Suisse First Boston (although Huw Jenkins claimed he had hired Moelis to the UK Parliamentary Banking commission while under oath, which is patently false). In his six years at UBS, Moelis ultimately assumed the role of president of UBS Investment Bank and was credited, along with Costas, with the build- out of UBS's investment banking operation in the United States. In late 2. 00. 5, Costas headed a new hedge fund unit within UBS known as Dillon Read Capital Management. His former position was taken over by Huw Jenkins, a long- time legacy UBS investment banker. After Moelis, other notable departures included investment banking co- head Jeff Mc.
Dermott in early 2. Oliver Sarkozy in early 2. Ben Lorello in 2. In May 2. 00. 7, UBS announced the closure of its Dillon Read Capital Management (DRCM) division. Before that time, there was little understanding of the troubles at DRCM or the massive expansion of risk engineered by the investment banking division under the leadership of the newly placed CEO Huw Jenkins. DRCM had been formed in large part to keep some of the bank's traders from defecting to hedge funds, as well as to create a position for John Costas, who had been instrumental in creating UBS's successful investment banking business in the U. S. DRCM hired a large team of professionals, many of whom were attracted from the investment bank with large compensation packages.
However, the bank's problems continued through the end of 2. By this point, UBS's total losses in the mortgage market were in excess of US$3. UBS cut its dividend in order to protect its traditionally high Tier 1 capital ratio, seen by investors as a key to its credibility as the world's largest wealth management company. This ultimately proved very costly to UBS.
In October 2. 00. UBS announced that it had placed CHF 6 billion of new capital, through mandatory convertible notes, with Swiss Confederation. The SNB (Swiss National Bank) and UBS made an agreement to transfer approximately US$6. UBS to a separate fund entity. Heralded as a . Jerker Johansson, the head of the investment bank division, resigned in April 2.
Alex Wilmot- Sitwell and Carsten Kengeter.