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Union Bank of Switzerland

Union Bank of Switzerland (UBS) was a Swiss investment bank and financial services company located in Switzerland. The bank, which at the time was the second largest bank in Switzerland, merged with Swiss Bank Corporation in 1998 to become UBS. This merger formed what was then the largest bank in Europe and the second largest bank in the world.

UBS was formed in 1912 through the merger of the Bank in Winterthur and Toggenburger Bank, both founded in the early 1860s. UBS then continued to grow through acquisitions, including Aargauische Kreditanstalt in 1919, in 1945, Interhandel Basel in 1967, Phillips & Drew in 1986, and Schröder, Münchmeyer, Hengst & Co. in 1997 among others.

The historical UBS logo comprises the initials "UBS" horizontally, crossed by vertical "SBG", referring to the name of the bank in German. "UBS" ceased to be considered a representational abbreviation for the Union Bank of Switzerland after the bank's 1998 merger with Swiss Bank Corporation and is today considered a standalone brand.

1980–1998
By the 1980s, the bank had undertaken a major push into the securities business internationally. The bank established a position as a leading European underwriter of Eurobonds and pulled off a major coup in 1985 by pricing a large bond offering for Nestlé, Rockwell, IBM, and Mobil at below market rates.

The bank also made two major acquisitions in 1986, first it purchased Phillips & Drew an established British brokerage and asset management firm, founded in 1895. However, UBS initially had issues integrating Phillips & Drew. The firm lost £15 million when a rush of orders overwhelmed the firm's settlement system in 1987. Then the bank lost £48 million as a result of Philips & Drew positions in the October 1987 stock market crash. Between April 1987 and February 1988, UBS was required to spend as much as £115 million to shore up Phillips & Drew. Phillips & Drew unit returned to profitability in 1992 after years of losses. UBS also expanded into West Germany, acquiring Deutsche Länderbank in 1986.

In 1991, UBS made its first acquisition in the United States, purchasing Chase Investors Management Corporation, the asset management business of Chase Manhattan Bank. Chase Investors, which was established in 1972, was subsequently folded into UBS Asset Management after the acquisition. At the time of the acquisition, which resulted in approximately US$100 million for Chase, the business managed in excess of US$30 billion in public and private pension plans, as well as various financial assets of corporations, governments, foundations and endowments.

UBS also entered the life insurance business in 1993 establishing UBS Life. UBS formed a joint venture with Swiss Life in 1995, known as UBS Swiss Life. UBS took a 25% ownership position in Swiss Life in exchange for a 50% share in the joint venture.

UBS entered the 1990s clearly the largest and most conservative of the three large Swiss Banks. Unlike Swiss Bank and Credit Suisse, which had both made aggressive international acquisitions in trading and investment banking, UBS's investments had been more conservative in businesses such as asset management and life insurance while 60% of the bank's profits came from its even more conservative Swiss banking operations. In 1993, Credit Suisse outbid UBS for Switzerland's Swiss Volksbank, the fifth largest bank in Switzerland which had run into financial difficulties in the early 1990s. The acquisition propelled Credit Suisse ahead of UBS as the largest bank in Switzerland for the first time. UBS instead settled on a group of less audacious acquisitions, purchasing a group of smaller banks in Switzerland in 1994 and then acquiring the Cantonal Bank of Appenzell-Ausserrhoden in 1996.

In its final acquisition, prior to the merger with Swiss Bank Corporation, the bank acquired Schröder, Münchmeyer, Hengst & Co. from Lloyds TSB in 1997 in order to further penetrate the German investment banking market as well as the market for wealthy private clients. Schröder Münchmeyer Hengst was formed through the 1969 merger of three German banks: Schroeder Brothers & Co., Muenchmeyer & Co. and Frederick Hengst & Co. (formerly known as Bank Siegmund Merzbach).

Merger with Swiss Bank Corporation
During the mid-1990s, UBS came under fire from dissident shareholders, critical of bank's relatively conservative management and lower return on equity. Martin Ebner, through his investment trust, BK Vision became the largest shareholder in UBS and attempted to force a major restructuring of the bank's operations. The battles between Ebner and UBS management proved a distraction to the bank in the mid-1990s. Looking to take advantage of the situation, Credit Suisse approached UBS about a merger that would have created the second largest bank in the world in 1996. UBS's management and board unanimously rebuffed the proposed merger. Ebner, who supported the idea of a merger, led a major shareholder revolt that resulted in the replacement of UBS's chairman, Robert Studer. Studer's successor Mathis Cabiallavetta would be one of the key architects of the merger with Swiss Bank Corporation.

On 8 December 1997, Union Bank of Switzerland and Swiss Bank Corporation announced an all-stock merger. At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively both trailing Credit Suisse. Discussions between the two banks had begun several months earlier, less than a year after rebuffing Credit Suisse's merger overtures.

The all-stock merger resulted in the creation UBS AG, a huge new bank with total assets of more than US$590 billion. Also referred to as the "New UBS" to distinguish itself from the former Union Bank of Switzerland, the combined bank became the second largest in the world, at that time, behind only the Bank of Tokyo-Mitsubishi. Additionally, the merger pulled together the banks' various asset management businesses to create the world's largest money manager, with approximately US$910 billion in assets under management.

The merger, which was billed as a merger of equals, resulted in UBS's shareholders receiving 60% of the combined company and Swiss Bank's shareholders receiving the remaining 40% of the bank's common shares. UBS's Mathis Cabiallavetta became chairman of the new bank while Swiss Bank's Marcel Ospel was named chief executive officer. However, it quickly became evident that from a management perspective, it was Swiss Bank that was buying UBS as nearly 80% of the top management positions were filled by legacy Swiss Bank professionals. Additionally, UBS professionals suffered more headcount reductions, particularly in the investment banking unit where there were heavy cuts in the corporate finance and equities businesses. The more severe cuts at UBS were an acknowledgment that prior to the merger Swiss Bank Corporation had built a global investment banking business, Warburg Dillon Read through its acquisitions of Dillon Read in New York and S.G. Warburg in London. Swiss Bank was generally considered to be further along than UBS in developing its international investment banking business, particularly in the higher margin advisory businesses where Warburg Dillon Read was considered to be the more established platform. UBS, on the other hand had a stronger retail and commercial banking business in Switzerland and both banks had notably strong asset management capabilities.

After the merger was completed, it was widely speculated that a series of losses suffered by UBS on its equity derivative positions in late 1997 was a contributing factor in pushing UBS management to consummate the merger. It would become clear that the derivatives losses prompted UBS to accept the terms proposed by Swiss Bank more readily than they otherwise would have.

The company
Prior to its merger with Swiss Bank Corporation, UBS operated as a full-service bank and a provider of wholesale financial services through its retail banking, commercial banking, investment banking, asset management and wealth management businesses. In 1997, prior to its merger with Swiss Bank Corporation, UBS operated 275 branches in Switzerland and 82 branches, subsidiaries and representative offices outside Switzerland. The company had approximately 27,611 employees, of which 19,355 worked in Switzerland and the remaining 8,256 employees were outside Switzerland. The bank had total assets of nearly CHF578 billion and shareholders' equity of nearly CHF28 billion as of the end of 1997.

Origins of the Union Bank of Switzerland
In 1862, The Bank in Winterthur was founded in Winterthur, Switzerland, with an initial share capital of CHF5 million. The Bank in Winterthur operated primarily as a commercial bank, providing financing for a range of companies and projects. The bank would be involved in funding the Swiss Locomotive and Machine Works, the hotel Baur au Lac in Zürich and many other companies. The bank capitalized on its location at an important Swiss railroad junction and its large warehousing facilities allowed the bank to take advantage of the dramatic rise in cotton prices caused by the American Civil War. The Bank in Winterthur saw its share capital double by the end of the war.

Meanwhile, in 1863, the Toggenburger Bank was founded in Lichtensteig, Switzerland with an initial share capital of CHF1.5 million. The Toggenburger Bank was a savings and mortgage bank for individual customers with a branch office network in Eastern Switzerland. In 1882, Toggenburger Bank opened a branch in St. Gallen in eastern Switzerland and began to shift its operations there through the end of the 19th century.

The Union Bank of Switzerland was formed in 1912 when the Bank in Winterthur merged with the Toggenburger Bank. The combined bank had total assets of CHF202 million and a total shareholders' equity of CHF46 million. This combination was part of a larger trend toward concentration in the banking sector in Switzerland at the time. Through the next few years, the bank would begin to shift its operations to Zürich from its historical headquarters in the cities of Winterthur and St. Gallen, Switzerland. In 1917, UBS completed construction of a new headquarters in Zürich on Bahnhofstrasse, considered to be the Wall Street of Switzerland.

The new bank used different names in its three core languages: German, French and English. In German, the bank was Schweizerische Bankgesellschaft and was known by the initials SBG. The original English name for the combined bank was the Swiss Banking Association, but it was later changed to Union Bank of Switzerland in 1921 to mirror the French form of the name: Union de Banques Suisses. The bank's logo, introduced in 1966, would later reflect both the German SBG and the English and French name UBS.

UBS acquired a number of banks in its first decade as a combined bank and expanded its branch network, establishing representation throughout Switzerland by 1923. UBS acquired a controlling interest in Aargauische Creditanstalt in 1913 and Banque Ch. Masson & Cie. in 1916. Although the bank suffered during World War I and the postwar economic crises in Europe, UBS continued to make acquisitions after the conclusion of World War I. The bank purchased the remaining stake in Aargauische Creditanstalt in 1919 that it had not acquired in 1913. Also in 1919, the bank acquired Commandit-AG Weibel & Cie. in Fleurier and William Cuénod & Cie. In 1920, UBS acquired Banca Svizzera-Americana with branches in Locarno and Lugano; Unionbank Geneva and Banque Henry Rieckel & Cie., based in La Chaux-de-Fonds. Three years later, in 1923, UBS acquired the Schweizerische Vereinsbank in Bern establishing representation in the last of the major cities in Switzerland.

Through the Great Depression, UBS pared its assets considerably shrinking from CHF993 million in 1929 to CHF441 million at the end of 1935. The bank saw its shareholders' capital decline from CHF100 million in 1929 to CHF80 million in 1933 and then further to CHF40 million by 1936. However, the bank continued to acquire smaller, weaker competitors, purchasing Banca Unione di Credito in Lugano and Chiasso in 1935 followed by Berner Handelsbank in Bern in 1938. In 1937, UBS established Intrag AG, an asset management business responsible for investment trusts (i.e., mutual funds) and set up the "America-Canada Trust Fund AMCA". Over the years, Intrag would set up a series of other funds, including the "Mutual Fund for Swiss Stocks FONSA" and the "South Africa Trust Fund SAFIT".

The Bank in Winterthur and the Toggenburger Bank merge to form the Schweizerische Bankgesellschaft. Its French name is Union de Banques Suisses (UBS) and its Italian name is Unione di Banche Svizzere (UBS). The English name of the bank at first is Swiss Banking Association. In 1921 that somewhat inappropriate name is changed into Union Bank of Switzerland (UBS).

The merged bank shows the following figures for 1912: Total assets: CHF202 million. Shareholders' Equity: CHF46 million. Profit: CHF2.4 million.

Dr. Rudolf Ernst (1865–1956)

First Chairman of the Board of Directors of the merged bank from 1912 until 1941 is Rudolf Ernst, of Winterthur, until 1921 alternating with C. Emil Grob-Halter of Lichtensteig.

After the merger of the Bank in Winterthur and the Toggenburger Bank to form Union Bank of Switzerland (UBS), Dr. Rudolf Ernst became the merged bank's first chairman in 1912. Following his resignation in 1941, he was elected as an Honorary chairman of Union Bank of Switzerland.

Rudolf Ernst joined the Bank in Winterthur in 1895. He was also financial director of the City of Winterthur for 16 years. At the young age of 36, he was elected in 1901 to the Board of Directors of the Bank in Winterthur and as its chairman at the same time. During his chairmanship, the bank changed its focus from its original lending business and began to expand its issuing and asset management franchise. With the acquisition of the Bank in Baden in 1906, the bank gained a branch in Zürich and a seat on the stock exchange, one of the cornerstones for the successful merger in 1912 with the Toggenburger Bank to form Union Bank of Switzerland. Rudolf Ernst also held directorships on the boards of various industrial and insurance companies. Between 1912 and his retirement in 1941, he was chairman of the Board of Union Bank of Switzerland, in an alternating capacity with Carl Emil Grob-Halter, who held the chairmanship in 1916 and 1918 as the representative of the merger partner Toggenburger Bank.

Activities in World War II
On the eve of World War II, UBS was the recipient of a large influx of foreign funds for safekeeping. During the war, the bank's traditional business fell off and the Swiss government became their largest clients. Still, unlike many of its peers, UBS's business lagged through much of the war.

Decades after the war, it was demonstrated that Union Bank of Switzerland likely took active roles in trading stolen gold, securities and other assets during World War II. The issue of "unclaimed property" of Holocaust victims became a major issue for UBS in the mid-1990s and a series of revelations in 1997 brought the issue to the forefront of national attention in 1996 and 1997. UBS confirmed that a large number of accounts that had gone unclaimed as a result of the bank's policy of requiring death certificates from family members to claim the contents of the account. UBS's handling of these revelations were largely criticized and the bank received significant negative attention in the U.S.  UBS came under significant pressure, particularly from American politicians, to compensate Holocaust survivors who were making claims against the bank.

In January 1997, Christoph Meili, a night watchman at the Union Bank of Switzerland, found employees shredding archives compiled by a subsidiary that had extensive dealings with Nazi Germany. The shredding was in direct violation of a recent Swiss law adopted in December 1996 protecting such material. UBS acknowledged that it had "made a deplorable mistake", but an internal historian maintained that the destroyed archives were unrelated to the Holocaust. Criminal proceedings then began against the archivist for possible violation of a recent Federal Document Destruction decree and against Meili for possible violation of bank secrecy, which is a criminal offence in Switzerland. Both proceedings were discontinued by the District Attorney in September 1997.

Meili was suspended from his job at the security company that served UBS, following a criminal investigation. Meili and his family left Switzerland for the United States where they were granted political asylum. By contrast, in the U.S., Meili was largely regarded as a hero and whistleblower and received a particularly warm reception from the American Jewish community.

In 1997, the World Jewish Congress lawsuit against Swiss banks (WJC) was launched to retrieve deposits made by victims of Nazi persecution during and prior to World War II. Negotiations involving Union Bank of Switzerland, Credit Suisse, the WJC and Stuart Eizenstat, on behalf of the U.S., ultimately resulted in a settlement of US$1.25 billion in August 1998. The settlement, which coincided with UBS's merger with Swiss Bank, together with the bank's embarrassment in the Long Term Capital Management collapse in 1998 brought a degree of closure to the issue.

1945–1979
Shortly after the end of World War II, UBS completed the acquisition of Eidgenössische Bank, a large Zürich-based bank that became insolvent. As a result of the merger, UBS exceeded CHF1 billion of assets for the first time and completed the transition of its operations to Zürich. Although UBS opened an office in New York in 1946, the bank remained primarily focused on its domestic business. Prior to the end of World War II, the Swiss banking landscape was dominated by Swiss Bank Corporation and Credit Suisse. UBS was among the next group of large banks that included Schweizerische Volksbank (Swiss Volksbank or Swiss Popular Bank) and Bank Leu. Throughout the 1950s and 1960s, the Union Bank of Switzerland, which was at best the third largest bank in Switzerland would catch up to its larger peers and by the 1970s surpass them in terms of size.

UBS opened branches and acquired a series of banks in Switzerland growing from 31 offices in 1950 to 81 offices by the beginning of the 1960s. Throughout the 1950s, UBS was the most acquisitive bank in Switzerland, acquiring Banque Palézieux & Cie. (1948), Volksbank Interlaken (1952), Weck, Aebi & Cie (1954), Banque Tissières fils & Cie. (1956), Banque de Sion (1956), Banque de Brigue (1957), the Crédit Gruyérien (1957), Crédit Sierrois (1957), Bank Cantrade AG (1960) and Volksbank in Visp (1960).

In addition to these bank acquisitions, UBS also acquired an 80% stake in Argor SA, a Swiss precious metal refinery founded in 1951, through whom they started to issue UBS branded gold bars. In 1973, the bank increased the stake to full 100% ownership only to withdraw by 1999 with ownership of the refinery changing to Hereaus & Management. Nevertheless, UBS continues to issue gold bars via Argor-Heraeus which is famous for the unique kinebar holographic technology it uses to provide enhanced protection against bank gold bar counterfeiting.

By 1962, UBS reached CHF6.96 billion of assets, narrowly edging ahead of Swiss Bank Corporation to become the largest bank in Switzerland temporarily. Through 1979, SBC was consistently the largest of the three major Swiss banks by assets, except for short periods in 1962 and then again in 1968 when UBS temporarily moved ahead of SBC. After 1979, UBS would firmly establish itself as the largest Swiss bank. UBS would retain this position for the next 15 years until Credit Suisse leapfrogged into the top spot following its 1993 acquisition of Schweizerische Volksbank (Swiss Volksbank) and later Winterthur Group.

UBS continued its rapid growth in the 1960s punctuated by the acquisition of Interhandel (Industrie- und Handelsbeteiligungen AG) in 1967. Interhandel, originally, was a large Swiss conglomerate that up until the 1960s had both financial as well as industrial holdings. Interhandel was the corporate successor of I.G. Chemie, which the U.S. government had claimed was a front for Germany's I.G. Farben during World War II. During the war, the U.S. government seized General Aniline & Film (later GAF Corporation), an Interhandel subsidiary, and it was not until 1963 that the long-running dispute between Interhandel and the U.S. government was resolved. The shares in GAF Corporation were sold in a highly competitive auction in 1965 and the proceeds were split between Interhandel and the U.S. government. As a result of the sale of GAF, at the time of its merger with UBS, Interhandel held substantial amounts of cash. The addition of the Interhandel capital, which propelled UBS into the top spot among Swiss banks in 1968, also made UBS one of the strongest banks in Europe and helped fuel the bank's further expansion in the late 1960s and 1970s. UBS consolidated four affiliated mortgage lenders and assumed their domestic retail operations. The bank further expanded into consumer lending through the acquisition of a series of Swiss financial businesses in 1969, including Banque Orca, Abri Bank Bern, Aufina Bank and AKO Bank.

UBS also began to intensify its overseas expansion. In 1967, UBS opened a full branch office in London, its first such office outside Switzerland. Prior to this, UBS had operated through a series of correspondent banks and representative offices. Three years later, UBS opened a branch office in New York. The bank also established a UK subsidiary in 1975 and a U.S. subsidiary in 1979 to focus on building the bank's presence in the underwriting of debt and equity securities. Nevertheless, UBS, which had traditionally concentrated its efforts on the domestic Swiss market, was the last of the three largest Swiss banks to establish a branch office in the U.S. and its securities operations were overshadowed by those of its two Swiss peers.

1980–1998
By the 1980s, the bank had undertaken a major push into the securities business internationally. The bank established a position as a leading European underwriter of Eurobonds and pulled off a major coup in 1985 by pricing a large bond offering for Nestlé, Rockwell, IBM, and Mobil at below market rates.

The bank also made two major acquisitions in 1986, first it purchased Phillips & Drew an established British brokerage and asset management firm, founded in 1895. However, UBS initially had issues integrating Phillips & Drew. The firm lost £15 million when a rush of orders overwhelmed the firm's settlement system in 1987. Then the bank lost £48 million as a result of Philips & Drew positions in the October 1987 stock market crash. Between April 1987 and February 1988, UBS was required to spend as much as £115 million to shore up Phillips & Drew. Phillips & Drew unit returned to profitability in 1992 after years of losses. UBS also expanded into West Germany, acquiring Deutsche Länderbank in 1986.

In 1991, UBS made its first acquisition in the United States, purchasing Chase Investors Management Corporation, the asset management business of Chase Manhattan Bank. Chase Investors, which was established in 1972, was subsequently folded into UBS Asset Management after the acquisition. At the time of the acquisition, which resulted in approximately US$100 million for Chase, the business managed in excess of US$30 billion in public and private pension plans, as well as various financial assets of corporations, governments, foundations and endowments.

UBS also entered the life insurance business in 1993 establishing UBS Life. UBS formed a joint venture with Swiss Life in 1995, known as UBS Swiss Life. UBS took a 25% ownership position in Swiss Life in exchange for a 50% share in the joint venture.

UBS entered the 1990s clearly the largest and most conservative of the three large Swiss Banks. Unlike Swiss Bank and Credit Suisse, which had both made aggressive international acquisitions in trading and investment banking, UBS's investments had been more conservative in businesses such as asset management and life insurance while 60% of the bank's profits came from its even more conservative Swiss banking operations. In 1993, Credit Suisse outbid UBS for Switzerland's Swiss Volksbank, the fifth largest bank in Switzerland which had run into financial difficulties in the early 1990s. The acquisition propelled Credit Suisse ahead of UBS as the largest bank in Switzerland for the first time. UBS instead settled on a group of less audacious acquisitions, purchasing a group of smaller banks in Switzerland in 1994 and then acquiring the Cantonal Bank of Appenzell-Ausserrhoden in 1996.

In its final acquisition, prior to the merger with Swiss Bank Corporation, the bank acquired Schröder, Münchmeyer, Hengst & Co. from Lloyds TSB in 1997 in order to further penetrate the German investment banking market as well as the market for wealthy private clients. Schröder Münchmeyer Hengst was formed through the 1969 merger of three German banks: Schroeder Brothers & Co., Muenchmeyer & Co. and Frederick Hengst & Co. (formerly known as Bank Siegmund Merzbach).

Merger with Swiss Bank Corporation

During the mid-1990s, UBS came under fire from dissident shareholders, critical of bank's relatively conservative management and lower return on equity. Martin Ebner, through his investment trust, BK Vision became the largest shareholder in UBS and attempted to force a major restructuring of the bank's operations. The battles between Ebner and UBS management proved a distraction to the bank in the mid-1990s. Looking to take advantage of the situation, Credit Suisse approached UBS about a merger that would have created the second largest bank in the world in 1996. UBS's management and board unanimously rebuffed the proposed merger. Ebner, who supported the idea of a merger, led a major shareholder revolt that resulted in the replacement of UBS's chairman, Robert Studer. Studer's successor Mathis Cabiallavetta would be one of the key architects of the merger with Swiss Bank Corporation.

On 8 December 1997, Union Bank of Switzerland and Swiss Bank Corporation announced an all-stock merger. At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively both trailing Credit Suisse. Discussions between the two banks had begun several months earlier, less than a year after rebuffing Credit Suisse's merger overtures.

The all-stock merger resulted in the creation UBS AG, a huge new bank with total assets of more than US$590 billion. Also referred to as the "New UBS" to distinguish itself from the former Union Bank of Switzerland, the combined bank became the second largest in the world, at that time, behind only the Bank of Tokyo-Mitsubishi. Additionally, the merger pulled together the banks' various asset management businesses to create the world's largest money manager, with approximately US$910 billion in assets under management.

The merger, which was billed as a merger of equals, resulted in UBS's shareholders receiving 60% of the combined company and Swiss Bank's shareholders receiving the remaining 40% of the bank's common shares. UBS's Mathis Cabiallavetta became chairman of the new bank while Swiss Bank's Marcel Ospel was named chief executive officer. However, it quickly became evident that from a management perspective, it was Swiss Bank that was buying UBS as nearly 80% of the top management positions were filled by legacy Swiss Bank professionals. Additionally, UBS professionals suffered more headcount reductions, particularly in the investment banking unit where there were heavy cuts in the corporate finance and equities businesses. The more severe cuts at UBS were an acknowledgment that prior to the merger Swiss Bank Corporation had built a global investment banking business, Warburg Dillon Read through its acquisitions of Dillon Read in New York and S.G. Warburg in London. Swiss Bank was generally considered to be further along than UBS in developing its international investment banking business, particularly in the higher margin advisory businesses where Warburg Dillon Read was considered to be the more established platform. UBS, on the other hand had a stronger retail and commercial banking business in Switzerland and both banks had notably strong asset management capabilities.

After the merger was completed, it was widely speculated that a series of losses suffered by UBS on its equity derivative positions in late 1997 was a contributing factor in pushing UBS management to consummate the merger. It would become clear that the derivatives losses prompted UBS to accept the terms proposed by Swiss Bank more readily than they otherwise would have.

Long-Term Capital Management
Union Bank of Switzerland, suffering criticism of 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 1997, UBS entered into a financing arrangement with LTCM and the hedge fund quickly became the bank's largest client, generating US$15 million in fees for UBS. Union Bank of Switzerland sold LTCM a 7-year European call option on 1 million shares in LTCM, then valued at about US$800 million. It hedged this option by purchasing a US$800 million interest in LTCM and invested a further US$300 million in the hedge fund. Following the merger, Swiss Bank managers were surprised to discover the massive exposure to LTCM at UBS. Ultimately, UBS was unable to sell or hedge its interest in LTCM as its value declined in the summer of 1998.

By November 1998, UBS's losses from its exposure to LTCM were estimated at CHF790 million. UBS would prove to be the largest single loser in the LTCM collapse, ultimately writing off CHF950 million. The Federal Reserve Bank of New York organized a bailout of US$3.625 billion by the hedge fund's major creditors to avoid a wider collapse in the financial markets. UBS contributed US$300 million to the bailout effort, which would largely be recovered. In the aftermath of the LTCM collapse, Mathis Cabiallavetta resigned as chairman of UBS along with three other executives.

Acquisition history
Union Bank of Switzerland, prior to its merger with Swiss Bank Corporation was the result of the combination of dozens of individual firms, many of which date to the 19th century. The following is an illustration of the company's major mergers and acquisitions and historical predecessors, although this is not necessarily a comprehensive list:

title: Union Bank of Switzerland


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Lists of banks

Lists of banks are contained in the following articles:

By continent

 * List of banks in Africa – Each country in Africa has a list of banks operating in that country
 * List of banks in Asia – Each country in Asia has a list of banks operating in that country
 * List of banks in the Americas – Each country in the Americas has a list of banks with operations in that country
 * List of banks in Europe – Each country in Europe has a list of banks operating in that country
 * List of banks in Oceania – Each country in Oceania has a list of banks operating in that country

By super continent or intercontinental region

 * List of banks in the Arab world – Each Arab country has a list of banks operating in that country
 * List of largest banks in Southeast Asia – Each country in Southeast Asia has a list of banks with operations in that country

Other lists

 * List of international banking institutions – List of international and multilateral financial institutions
 * List of systemically important banks – List of banks deemed systemically important by at least one major regulator
 * List of largest banks – List of largest banks as measured by market capitalization and total assets on balance sheet
 * List of investment banks – List of investment banks and brokerages

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/

title: Lists of banks


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Talk:Latin

"Official languages" section
seems like misplaced, misrepresented WP:FANCRUFT. Remsense 留  07:52, 14 December 2023 (UTC)

Linguistic Landscape of Central Italy.png
I have started a discussion over on Commons about this map, specifically as to whether there is any evidence/scholarship behind the "Rutulian" language claimed by it. UndercoverClassicist T·C 21:08, 8 May 2024 (UTC)

Is someone willing to type-up the text from the featured stone Colosseum tablet?

Someone contributed a very high quality photograph of a tablet from the colosseum to the [Wikipedia Commons].

At the time of my writing, the photograph is used as the cover image for the Wikipedia page on Latin.

The problem is, I cannot read the letters on the tablet. I can read type-set writing, but reading hand-written text and stone carvings is difficult for me.

Is anyone willing to insert a typed transcription of what was written on the stone Colosseum tablet?

title: Talk:Latin


text:
North Country Trail

The North Country Trail (NCT, officially designated the North Country National Scenic Trail) is a long-distance hiking trail in the Midwestern and Northeastern United States. The trail extends roughly 4800 mi from Lake Sakakawea State Park in North Dakota to the Appalachian Trail in Green Mountain National Forest in Vermont, passing through eight states along its route. As of 2023, most of the trail is in place, though about one-third of the distance consists of road walking; those segments are frequently evaluated for transfer to off-road segments on nearby public or private lands.

The trail was designated a National Scenic Trail by the United States Congress in 1980, and became an official unit of the National Park System in 2023. The NCT is administered by the National Park Service, managed by federal, state, and local agencies, and built and maintained primarily by volunteers coordinated by the North Country Trail Association (NCTA) and affiliated local organizations.

The North Country Trail is generally limited to hiking, and some areas can support snowshoeing and cross-country skiing. Some particular segments allow additional non-motorized uses such as bicycling and horseback riding, but only in areas specifically designed and permitted to withstand such use. The distance of the NCT is estimated and often changes, as volunteers develop new footpath segments and other options to reduce road walking.

History
The North Country Trail was proposed on March 5, 1980 via an amendment to the National Trails System Act. That year, a route was established that incorporated many preexisting trails along with plans for building new connecting segments or finding walkable routes on rural roads. In cooperation with local and state hiking organizations, the route of the NCT was superimposed on all 310 mi of the Superior Hiking Trail in Minnesota, about 900 mi of the Buckeye Trail in Ohio, and about 430 mi of the Finger Lakes Trail in New York State. The NCT route also incorporated portions of many other shorter hiking trails and rail trails. In most such cases, the hiker follows signs denoting both the North Country Trail and the original trail.

Planning and construction of additional off-road segments continues to the present day. The original proposed route of the NCT was from central North Dakota to northeastern New York State; a long-held goal to extend the eastern end of the route to the Appalachian Trail in Vermont commenced in 2017. That extension was approved by Congress in 2019 as part of the omnibus John D. Dingell Jr. Conservation, Management, and Recreation Act, and the extension was completed in 2021. In 2023, the National Park Service recognized the trail as a unit of the National Park System.

Route
The route of the North Country Trail is described here from west to east. Along its total distance, the NCT traverses more than 150 public land units, including parks, forests, scenic attractions, wildlife refuges, game areas, and historic sites. Included at the federal level are ten National Forests. four units of the National Park system, and two National Wildlife Refuges. The trail also visits dozens of state parks, forests, gamelands, and historic areas, and several local/county forests and parks.

North Dakota
The North Country Trail spends about 453 mi in North Dakota. The trail begins at Lake Sakakawea State Park in Mercer County and heads generally to the east, soon reaching Audubon National Wildlife Refuge. It walks alongside most of the 73 mi McClusky Canal and traverses Lone Tree Wildlife Management Area (North Dakota's largest). The trail traverses Sheyenne Lake National Wildlife Refuge, Fort Ransom State Park, and Sheyenne National Grassland. Near Abercrombie, the NCT uses a state highway to cross the Red River into Minnesota.

Minnesota
The North Country Trail spends about 869 mi in Minnesota; this includes 310 mi in conjunction with the Superior Hiking Trail. Much of the hike in the western part of the state is on rural roads, with an extended sojourn through Fergus Falls. After that city, the NCT visits many small lakes and passes through Maplewood State Park. Northeast of Frazee, the trail spends more than 160 mi in a succession of mostly contiguous public lands that include a variety of state and federal parks, forests, and wildlife refuges.

The NCT enjoys a lengthy walk through Grand Rapids, and also visits Hibbing and Virginia in the northeastern part of the state, with a visit to Lake Vermilion-Soudan Underground Mine State Park. The trail later continues on extensive wilderness footpaths for about 100 mi in Superior National Forest and various tracts of the Boundary Waters Canoe Area Wilderness, just south of the Canadian border, until reaching a junction with the Superior Hiking Trail (SHT). The NCT joins the preexisting SHT for the next 310 miles, heading southwest through more of Superior National Forest and six Minnesota state parks on or near Lake Superior. The NCT/SHT walks for a considerable distance through Duluth and its suburban areas, followed by a walk through Jay Cooke State Park to the Wisconsin border.

Wisconsin

The North Country Trail spends about 215 mi in Wisconsin. Shortly after exiting Minnesota, the NCT briefly winds back across the state line for about 2 mi then remains in Wisconsin. The trail traverses several locally-protected wetland and forest districts, and passes through Pattison State Park followed by Saint Croix National Scenic Riverway. Later there is an extensive hike on wilderness footpaths through Brule River State Forest. The wilderness footpaths continue through Chequamegon–Nicolet National Forest, including sojourns through Rainbow Lake Wilderness and Porcupine Lake Wilderness. Near the Michigan border, the NCT briefly encounters the shore of Lake Superior at Saxon Harbor County Park, then joins a rural road to a remote crossing of the Montreal River at the state line.

Michigan
The North Country Trail spends about 1176 mi in Michigan, and traverses both the Upper and Lower Peninsulas. After crossing the Montreal River out of Wisconsin, the NCT reaches Ottawa National Forest and continues on a lengthy hike along the Black River. The trail briefly encounters Lake Superior at Black River Harbor Recreation Area, then returns to the lake near Manabeznho Falls. The trail turns inland through remote national forest lands for more than 150 mi, passing Lake of the Clouds. After leaving the national forest, the NCT continues through various locally-protected forest areas and walks through the large and remote Craig Lake State Park.

The NCT walks through Marquette for a considerable distance then reaches Laughing Whitefish Falls State Park. It then hikes about 23 mi through Hiawatha National Forest, walks through Munising, and then follows the shore of Lake Superior for more than 30 mi through Pictured Rocks National Seashore. The trail then passes through Grand Marais and walks alongside Lake Superior for about another 20 mi through local forest districts. The NCT reaches the large and remote Tahquamenon Falls State Park, and then heads into another segment of Hiawatha National Forest and some more waking along the lakeshore. The NCT is in the national forest for more than 80 mi, heading south to a near-encounter with Lake Michigan and a long walk along Brevoort Lake. The trail walks though St. Ignace and then Straits State Park. The hiker then climbs onto the Mackinac Bridge (I-75) for the 5 mi crossing of the Straits of Mackinac to Michigan's Lower Peninsula. This crossing for pedestrians and hikers is only permitted during special "bridge walk" events.

After the bridge, the NCT walks through Mackinaw City and continues through Wilderness State Park and various locally-protected forest districts. The trail encounters Lake Michigan at Petoskey State Park and then walks through the city of Petoskey. The trail continues south through more protected forests and walks through Kalkaska. The NCT next begins a sojourn of about 130 mi through the Manistee sector of the Huron-Manistee National Forests and reaches the town of Cedar Springs, where it joins the White Pine Trail for about 8 mi to Rockford. The trail then walks through Lowell and Middleville, where it joins the Paul Henry Trail for about 3 mi. The NCT continues through Yankee Springs State Recreation Area, followed by Augusta and Fort Custer State Recreation Area, and then heads east through the city of Battle Creek, where it follows parklands along the Kalamazoo River for more than 5 mi. The trail proceeds through several small towns in Hillsdale County, briefly follows the state line via a farm road just south of Waldron, and then crosses the border into Ohio.

Ohio
The North Country Trail spends about 1076 mi in Ohio, and about 90% of that distance is via the preexisting Buckeye Trail, which forms a large loop throughout the state. After entering Ohio, the NCT passes through Albion and West Unity, then temporarily joins multiple segments of the Wabash Cannonball Trail through Wauseon, Whitehouse, and Waterville. At the latter town, the NCT joins the route of the Buckeye Trail, and the two trails share the same path for more than 900 mi ahead. In this area, the combined trail loosely follows the Maumee River and passes through Napoleon and Defiance. The trail continues to the south to Delphos, where it joins the Miami-Erie Canal Walkway to Spencerville in Allen County.

Still heading south, the trail walks through St. Marys, follows a long stretch of the former Miami and Erie Canal, and passes through Lake Loramie State Park. The trail walks through Piqua and then follows parklands alongside the Great Miami River, with walks through several small towns. The hiker then proceeds through extensive urban areas in Dayton, the biggest city to be found on the North Country Trail. The trail then walks through Yellow Springs and Xenia, after which it joins the paved Little Miami Scenic Trail for several dozen miles into the northeastern suburbs of the Cincinnati metro area. At Milford, the NCT switches to suburban streets and rural roads though various undeveloped districts, reaching East Fork State Park. Now heading east through southern Ohio, the trail follows a variety of rural roads interspersed with extended hikes through Shawnee State Park, two sectors of Wayne National Forest, and Wolf Run State Park.

Now trending to the north, the NCT walks alongside Senecaville Lake and then enjoys a lengthy hike through Salt Fork State Park. This is followed by rural road walking with visits to several lakes and reservoirs in east-central Ohio. At Zoar in Tuscarawas County, the North County Trail and Buckeye Trail finally separate after more than 900 miles together. The NCT uses rural roads through Waynesburg, Malvern, and Hanoverton. utilizing occasional local parklands and wilderness preserves. The NCT then reaches the Pennsylvania state line via a rural road to the north of Ohioville.

Pennsylvania
The North Country Trail spends about 284 mi in Pennsylvania. After exiting Ohio, the NCT follows footpaths through state game lands and then walks through Darlington and Wampum. Next is McConnells Mill State Park, where the NCT joins the preexisting Slippery Rock Gorge Trail, followed by Moraine State Park, where it joins the preexisting Glacier Ridge Trail for about the next 15 mi to Jennings Environmental Education Center. Following rural roads, the NCT next walks through Parker and then joins the Allegheny River Trail to follow that river to the north for about the next 28 mi, traversing Foxburg, Emlenton, and three former railroad tunnels. The NCT then switches to an intersecting rail trail, the Sandy Creek Trail, followed by the Clarion Highlands Trail. After hiking through some more state game lands, the trail reaches Clear Creek State Forest where extended footpaths loosely follow the Clarion River. The NCT then reaches a junction with the preexisting Baker Trail, and the two trails follow the same path for about the next 15 mi.

The NCT continues north through Cook Forest State Park, followed by additional state forest and game land districts. The trail crosses into Allegheny National Forest, through which it will hike for about the next about the next 99 mi. Along the way, it briefly follows the same path as the popular Minister Creek Trail, and crosses the southeastern arm of the Allegheny Reservoir on a road bridge at Red Bridge Recreation Area. Near the New York Border, the NCT enters the northern segment of Allegheny National Recreation Area and uses a portion of the Tracy Ridge Hiking Trail System to walk alongside the reservoir for an extended distance. The NCT then reaches the New York border and continues as a footpath into Allegany State Park.

New York
The North Country Trail spends about 690 mi in New York State. Upon leaving Pennsylvania and entering Allegany State Park, the NCT joins the preexisting Finger Lakes Trail, and the two trails follow the same path for about the next 430 mi. North of the state park, the trail utilizes a combination of rural roads and footpaths through undeveloped areas in southwestern New York, and uses a drainage tunnel under I-86 near Almond Lake. The NCT continues in like fashion into the region south of the Finger Lakes, with a walk through downtown Watkins Glen and around the southern end of Seneca Lake. The trail continues through numerous state forest and wildlife management districts in the region south of Ithaca.

At Tioughnioga Wildlife Management Area in Madison County, the NCT and the Finger Lakes Trail finally separate, with the NCT continuing north via rural roads though Cazenovia and Canastota. Now trending to the east, the trail utilizes towpaths associated with the Erie Canal for several miles and then walks through Rome, with a visit to Fort Stanwix National Monument. After an extended distance on rural roads to Herkimer County, the trail enters Adirondack Park. The NCT spends about the next 158 mi in Adirondack Park, largely via wilderness footpaths in the western districts of the park and then remote forest roads in the eastern districts. In this region, the North Country Trail Association plans to build footpaths through nearby wilderness areas. The NCT reaches the shore of Lake Champlain and then walks through Crown Point State Historic Park. The trail joins NY 185 for a half-mile-long bridge over the lake and into Vermont.

Vermont
The North Country Trail spends about 69 mi miles in Vermont. After the bridge over Lake Champlain, the NCT briefly follows VT 17 and VT 125 through Chimney Point State Park and two wildlife management areas. The trail uses a series of rural roads to the east, walking through Middlebury and East Middlebury. The trail then enters Mooselamoo National Recreation Area and Green Mountain National Forest, following wilderness footpaths to the south and southeast. In the national forest, the NCT joins the preexisting Long Trail and the two trails follow the same path for the next 23 miles. At Blue Ridge Mountain in eastern Rutland County, the North Country Trail ends at the Maine Junction intersection with the Appalachian Trail.

Trail towns
The North Country Trail Association coordinates a number of "trail towns" along the route of the NCT, in which local merchants and officials are encouraged to provide services to long-distance hikers. From west to east, these towns include:

 * Lisbon, North Dakota
 * Abercrombie, North Dakota
 * Fergus Falls, Minnesota
 * Frazee, Minnesota
 * Walker, Minnesota
 * Solon Springs, Wisconsin
 * Mellen, Wisconsin
 * Marquette, Michigan
 * Grand Marais, Michigan
 * St. Ignace, Michigan
 * Mackinaw City, Michigan
 * Petoskey, Michigan
 * Kalkaska, Michigan
 * Fife Lake, Michigan
 * White Cloud, Michigan
 * Lowell, Michigan
 * Middleville, Michigan
 * Augusta, Michigan
 * Battle Creek, Michigan
 * Marshall, Michigan
 * Albion, Michigan
 * Litchfield, Michigan
 * Dayton, Ohio
 * Zoar, Ohio
 * Lisbon, Ohio
 * Darlington, Pennsylvania
 * Wampum, Pennsylvania
 * Parker, Pennsylvania
 * Canastota, New York
 * Johnsburg, New York

Along the lengthy segment of the NCT that shares a path with the Buckeye Trail in Ohio, the Buckeye Trail Association manages several additional trail towns in which services are available to hikers. Dayton and Zoar are coordinated by both organizations. From west to east, the additional Buckeye Trail towns include:

 * Napoleon, Ohio
 * Defiance, Ohio
 * Delphos, Ohio
 * St. Marys, Ohio
 * Fort Loramie, Ohio
 * Piqua, Ohio
 * Troy, Ohio
 * Yellow Springs, Ohio
 * Xenia, Ohio
 * Spring Valley, Ohio
 * Loveland, Ohio
 * Milford, Ohio
 * Shawnee, Ohio
 * Deersville, Ohio

Major intersections
Western terminus: Lake Sakakawea State Park, North Dakota North Dakota Minnesota Wisconsin Michigan Ohio Pennsylvania New York Vermont Eastern terminus: Appalachian Trail/Long Trail at Maine Junction, Vermont
 * US 83.svg US 83 in Coleharbor
 * US 52.svg US 52 near Harvey
 * US 281.svg US 281 in New Rockford
 * I-94.svg I-94/US 52.svg US 52 in Valley City
 * I-29.svg I-29/US 81.svg US 81 near Abercrombie
 * US 75.svg US 75 in Kent
 * I-94.svg I-94/US 59.svg US 59/US 52.svg US 52 near Elizabeth
 * US 10.svg US 10 near Frazee
 * US 71.svg US 71 in Itasca State Park
 * US 2.svg US 169.svg US 2/US 169 in Grand Rapids
 * US 169.svg US 169 multiple times northeast of Grand Rapids
 * US 53.svg US 53 in Virginia
 * US 53.svg US 53 in Duluth
 * I-35.svg US 2.svg I-35/US 2 in Duluth
 * US 53.svg US 53 in Solon Springs
 * US 2.svg US 2 in Iron County
 * US 41.svg US 41 in Baraga County
 * I-75.svg I-75 at the Mackinac Bridge
 * US 31.svg in Petoskey
 * US 131.svg US 131 near Fife Lake
 * US 131.svg US 131 in Wexford County
 * US 10.svg in Lake County
 * US 131.svg near Cedar Springs
 * I-96.svg I-96 in Kent County
 * I-94.svg I-94 near Battle Creek
 * US 12.svg in Jonesville
 * US 20.svg US 20 in Williams County
 * I-80.svg I-90.svg I-80/I-90 (Ohio Turnpike) in Williams County
 * US 127.svg US 127 in West Unity
 * US 24.svg US 24 near Waterville
 * US 6.svg US 6 near Napoleon
 * US 224.svg US 224 in Ottoville
 * US 30.svg US 30 in Delphos
 * US 33.svg US 33 in St. Marys
 * I-75.svg I-75 near Piqua
 * I-70.svg I-70 in Vandalia
 * I-75.svg I-75 twice in Dayton
 * US 68.svg US 68 in Yellow Springs
 * US 35.svg US 35 in Xenia
 * US 42.svg US 42 in Spring Valley
 * I-71.svg I-71 near Fort Ancient
 * I-275.svg I-275 near Branch Hill
 * US 50.svg US 50 in Milford
 * I-275.svg I-275 near South Milford
 * I-77.svg I-77 in Macksburg
 * I-70.svg I-70 near Old Washington
 * US 22.svg US 22 in Salt Fork State Park
 * US 22.svg US 22 twice near Piedmont Reservoir
 * US 30.svg US 30 multiple times in Columbiana County
 * I-76.svg I-76 (Pennsylvania Turnpike) in Lawrence County
 * I-376.svg I-376 in Lawrence County
 * US 19.svg US 19 in Butler County
 * I-79.svg I-79 in Butler County
 * US 422.svg US 422 in Moraine State Park
 * I-80.svg I-80 in Emlenton
 * US 322.svg US 322 multiple times in Clarion County
 * US 6.svg US 6 near Ludlow
 * I-86.svg I-86 in Shongo
 * I-86.svg I-86 near Almond Lake
 * I-81.svg I-81 near Messengervile
 * US 20.svg US 20 in Cazenovia
 * I-90.svg I-90 (New York State Thruway) near Oneida
 * I-87.svg I-87 near Schroon Lake
 * US 7.svg US 7 multiple times in Middlebury

title: North Country Trail


text:
Buckeye Trail

The Buckeye Trail is a 1444 mi hiking trail and    long-distance trail that loops around the state of Ohio. Part of it is on roads and part is on wooded trail. Road portions of the trail are gradually being relocated to separate trail.

This trail passes through many of the most scenic locations in the state, such as the Hocking Hills region and the Cuyahoga Valley National Park. It also goes through many small towns in Ohio, making this trail both an outdoor as well as a history experience.

The trail's northern terminus is on Lake Erie in Headlands Beach State Park east of Cleveland. From the northern terminus, one branch leads south down the eastern edge of the state while another leads west across the north towards Toledo.

The two branches rejoin in southwestern Ohio in the city of Milford, where a single branch continues southwest to Eden Park in Cincinnati, the southern terminus.

Major portions of the trail follow the old canal routes including the Miami and Erie Canal and the Wabash and Erie Canal in the West and the Ohio and Erie Canal in the East.

The North Country Trail coincides with the Buckeye Trail for a large part of its route, and the American Discovery Trail also coincides with it through southern Ohio.

The Buckeye Trail Association, a non-profit volunteer organization, maintains and develops the trail. The trail is identified by blue blazes, 2 x, on trees or poles. A single blaze marks the trail where the route is fairly straight or obvious, while a double blaze marks a turn with the upper blaze offset to indicate the new direction. A double blaze with no offset simply means pay attention - the trail route may not be obvious.

title: Buckeye Trail


text:
William Cramp & Sons

William Cramp & Sons Shipbuilding Company (also known as William Cramp & Sons Ship & Engine Building Company) was an American shipbuilding company based in Philadelphia, Pennsylvania, founded in 1830 by William Cramp. During its heyday in late 19th century, it was the preeminent American iron shipbuilder.

Company history
William Cramp was born in the Kensington district of Philadelphia in 1807. In 1855, his sons Charles Henry (born 1828) and William C., became partners with their father. In 1872, his other sons Samuel H., Jacob C., and Theodore were taken into the firm. The company was incorporated under the name "The William Cramp and Sons' Iron Shipbuilding and Engineering Company."

The pilot boat Thomas Howard was built by the Cramp shipyard in 1870 for the Delaware Bay & River pilots. She was one of the Philadelphia port's fastest pilot boats.

In 1890 the company built the battleships USS Indiana and USS Massachusetts, armored cruiser USS New York, and protected cruiser USS Columbia. Three of these ships took a part in the defeat of the Spanish fleet in 1898 at Santiago de Cuba. The victory in this battle heralded America's emergence as a great power. In 1896 Cramps united their artillery arm, the Driggs-Schroeder Ordnance Company, with its main competitor Hotchkiss Gun Company and a projectile manufacturer from Massachusetts into American Ordnance Company. The American Shipping and Commercial Corporation bought the yard in 1919 but closed it in 1927 as fewer ships were ordered by the U.S. Navy after the adoption of the Naval Limitations Treaty in 1923.

In 1940, the Navy spent $22 million to reopen the yard as Cramp Shipbuilding to build cruisers and submarines. Cramp used the long slipways to construct two submarines at a time, with the intention of launching them simultaneously. However, the shipyard's submarine construction program was not especially successful, as poor management hindered the delivery of the boats. The first delivery was made two years after keel laying, and fitting out was then done by Portsmouth Navy Yard. The best construction time for a submarine was 644 days.

Cramp closed in 1947 and the site, on the Delaware River in Philadelphia's Port Richmond neighborhood, was turned into a residential estate in early 2020s.

Notable projects

 * SS Valencia, a small ocean liner built for the Red D Line in 1882. She was wrecked on the coastline of Vancouver Island, on January 22, 1906, killing around 116 people. Valencia's loss is considered one of the worst shipwrecks in the region known as the Graveyard of the Pacific.
 * Atalanta (1883) Atalanta was built for financier Jay Gould in the same year that the American Yacht Club was founded.
 * SS Philadelphia, a small ocean liner of 2,499 tons built for the Red D Line in 1885
 * USS Baltimore (C-3), was launched on 6 October 1888 and played a major role in the Baltimore crisis and took part in the Spanish–American War.
 * USS New York (ACR-2), was launched on 2 December 1891 and became flagship of Admiral William T. Sampson's squadron during the Spanish–American War.
 * USS Indiana (BB-1), Battleship No. 1 of the United States Navy, launched 28 February 1893.
 * SS St. Louis (1894) and SS St. Paul (1895)—the first major ocean liners built in the United States after the collapse of the Collins Line in the 1850s. On 15 November 1899, St. Paul, en route from New York to England with Guglielmo Marconi on board supervising the ship's new wireless telegraph equipment, became the first liner to report her imminent arrival by radio.
 * USS Iowa (BB-4), Battleship No. 4 of the US Navy, launched 28 March 1896
 * RUSSIAN CRUISER Varyag contracted by Russian Imperial Admiralty, launched October 31, 1899. The cruiser was sunk by the crew in Russo-Japanese War, salvaged by the Japanese and then reclaimed by the Russians.
 * USS South Carolina (BB-26), America's first all-big gun battleship (or "dreadnought"), was laid down in 1906, launched on 11 July 1908, and completed in 1910.
 * SS Malolo, an American ocean liner and cruise ship built in 1927 for the Matson Line in its Pacific/Hawaiian services and the largest passenger ship built in the United States up to that time at 17,226 registered tones (only the German-built SS Leviathan of the United States Lines was larger in the 1920s). The Matson ship was scrapped in 1977 in Greece after being sold in the meantime.
 * SS Evangeline, a coastal passenger liner built in 1927 for the Eastern Steamship Company. While operating as the cruise ship Yarmouth Castle in 1965, she caught fire, killing 87 people.
 * On 6 September 1941, the keel for the Cleveland-class light cruiser designated CL-90 was laid down by the Cramp Shipbuilding Company.
 * On 8 December 1942, the keel to the Cleveland-class cruiser light cruiser designated CL-91, was laid down by the Cramp Shipbuilding Company. On 22 April 1943, Oklahomans were outraged, having just learned that the Japanese had executed the captured American pilots from Jimmy Doolittle's bombing raid over Tokyo. That same day, booths were set up in Oklahoma City with a goal to sell $40 million in War Bonds to fund the construction of a cruiser. That goal was topped by $5 million when the booths closed that night. CL-91 then became the USS Oklahoma City (CLG-5).
 * On 6 March 1943, USS Astoria (CL-90) was launched.
 * The last ship Cramp's built was the cruiser USS Galveston (CLG-3), launched on April 22, 1945.

Vessels built by the firm that are listed on the U.S. National Register of Historic Places include:
 * SS Aleutian, Shipwreck, Amook Island, Larsen Bay, Alaska, NRHP-listed in Kodiak Island Borough, Alaska
 * USS Ling (SS-297), Hackensack River at 150 River St., Hackensack, New Jersey
 * USS Lionfish (SS-298), National Historic Landmark, Battleship Cove, Fall River, Massachusetts
 * USS Massachusetts (BB-2), Shipwreck 1. mi. SSW of Pensacola Pass, Pensacola, Florida

title: William Cramp & Sons


text:
Glutethimide

Glutethimide is a hypnotic sedative that was introduced by Ciba in 1954 as a safe alternative to barbiturates to treat insomnia. Before long, however, it had become clear that glutethimide was just as likely to cause addiction and caused similar withdrawal symptoms. Doriden was the brand-name version. Current production levels in the United States (the annual quota for manufacturing imposed by the DEA has been three grams, enough for six Doriden tablets, for a number of years) point to its use only in small-scale research. Manufacturing of the drug was discontinued in the US in 1993 and discontinued in several eastern European countries in 2006.

Long term use
Long-term use rebound effects, which resemble those seen in barbiturate withdrawal, have anecdotally been described in patients who were still taking a stable dose of the drug. The symptoms include delirium, hallucinosis, convulsions and fever.

Recreational use
Glutethimide is a CYP2D6 enzyme inducer. When taken with codeine, (known on the streets as "hits", "cibas and codeine", "Dors and 4s") it enables the body to convert higher amounts of the codeine to morphine. The general sedative effect of the glutethimide also adds to the effect of the combination. It produces an intense, long lasting euphoria similar to IV heroin use. A number of deaths have occurred from abuse of this combination. The effect was also used clinically, including some research in the 1970s in various countries of using it under carefully monitored circumstances as a form of oral opioid agonist substitution therapy, e.g. as a Substitutionmittel that may be a useful alternative to methadone. The demand for this combination in Philadelphia, Pittsburgh, Newark, NYC, Boston, Baltimore, and surrounding areas of other states and perhaps elsewhere, has led to small-scale clandestine synthesis of glutethimide since 1984, a process that is, like methaqualone (Quaalude) synthesis, somewhat difficult and fraught with potential bad outcomes when amateur chemists manufacture the drugs with industrial-grade precursors without adequate quality control. The fact that the simpler clandestine synthesis of other extinct pharmaceutical depressants like ethchlorvynol, methyprylon, or the oldest barbiturates is not reported would seem to point to a high level of motivation surrounding a unique drug, again much like methaqualone. Production of glutethimide was discontinued in the US in 1993 and in several eastern European countries, most notably Hungary, in 2006. Analysis of confiscated glutethimide seems to invariably show the drug or the results of attempted synthesis, whereas purported methaqualone is in a significant majority of cases found to be inert, or contain diphenhydramine or benzodiazepines.

Legal status
Glutethimide is a Schedule II drug under the Convention on Psychotropic Substances. It was originally a Schedule III drug in the United States under the Controlled Substances Act, but in 1991 it was upgraded to Schedule II, several years after it was discovered that misuse combined with codeine increased the effect of the codeine and deaths had resulted from the combination. It has a DEA ACSCN of 2550 and a 2013 production quota of 3 g.

Synthesis
The (R) isomer has a faster onset and more potent anticonvulsant activity in animal models than the (S) isomer.

The base catalyzed conjugate addition of 2-phenylbutyronitrile [769-68-6] (1) to ethyl acrylate (2) gives ethyl 4-cyano-4-phenylhexanoate, CID:139890735 (3). Alkaline hydrolysis of the nitrile group into an amide group, and subsequent acidic cyclization of the product affords the desired glutethimide (4).

title: Glutethimide


text:
Structural formula

The structural formula of a chemical compound is a graphic representation of the molecular structure (determined by structural chemistry methods), showing how the atoms are possibly arranged in the real three-dimensional space. The chemical bonding within the molecule is also shown, either explicitly or implicitly. Unlike other chemical formula types, which have a limited number of symbols and are capable of only limited descriptive power, structural formulas provide a more complete geometric representation of the molecular structure. For example, many chemical compounds exist in different isomeric forms, which have different enantiomeric structures but the same molecular formula. There are multiple types of ways to draw these structural formulas such as: Lewis structures, condensed formulas, skeletal formulas, Newman projections, Cyclohexane conformations, Haworth projections, and Fischer projections.

Several systematic chemical naming formats, as in chemical databases, are used that are equivalent to, and as powerful as, geometric structures. These chemical nomenclature systems include SMILES, InChI and CML. These systematic chemical names can be converted to structural formulas and vice versa, but chemists nearly always describe a chemical reaction or synthesis using structural formulas rather than chemical names, because the structural formulas allow the chemist to visualize the molecules and the structural changes that occur in them during chemical reactions. ChemSketch and ChemDraw are popular downloads/websites that allow users to draw reactions and structural formulas, typically in the Lewis Structure style.

Bonds
Bonds are often shown as a line that connects one atom to another. One line indicates a single bond. Two lines indicate a double bond, and three lines indicate a triple bond. In some structures the atoms in between each bond are specified and shown. However, in some structures, the carbon molecules are not written out specifically. Instead, these carbons are indicated by a corner that forms when two lines connect. Additionally, Hydrogen atoms are implied and not usually drawn out. These can be inferred based on how many other atoms the carbon is attached to. For example, if Carbon A is attached to one other Carbon B, Carbon A will have three hydrogens in order to fill its octet.

Electrons
Electrons are usually shown as colored in circles. One circle indicates one electron. Two circles indicate a pair of electrons. Typically, a pair of electrons will also indicate a negative charge. By using the colored circles, the number of electrons in the valence shell of each respective atom is indicated providing further descriptive information regarding the reactive capacity of that atom in the molecule.

Charges
Oftentimes, atoms will have a positive or negative charge as their octet may not be complete. If the atom is missing a pair of electrons or has a proton, it will have a positive charge. If the atom has electrons that are not bonded to another atom, there will be a negative charge. In structural formulas, the positive charge is indicated by ⊕, and the negative charge is indicated by ⊖ .

Stereochemistry (Skeletal formula)
Chirality in skeletal formulas is indicated by the Natta projection method. Stereochemistry is used to show the relative spatial arrangement of atoms in a molecule. Wedges are used to show this, and there are two types: dashed and filled. A filled wedge indicates that the atom is in the front of the molecule; it is pointing above the plane of the paper towards the front. A dashed wedge indicates that the atom is behind the molecule; it is pointing below the plane of the paper. When a straight, un-dashed line is used, the atom is in the plane of the paper. This spatial arrangement provides an idea of the molecule in a 3-dimensional space and there are constraints as to how the spatial arrangements can be arranged.

Unspecified stereochemistry
Wavy single bonds represent unknown or unspecified stereochemistry or a mixture of isomers. For example, the adjacent diagram shows the fructose molecule with a wavy bond to the HOCH2- group at the left. In this case the two possible ring structures are in chemical equilibrium with each other and also with the open-chain structure. The ring automatically opens and closes, sometimes closing with one stereochemistry and sometimes with the other.

Skeletal formulas can depict cis and trans isomers of alkenes. Wavy single bonds are the standard way to represent unknown or unspecified stereochemistry or a mixture of isomers (as with tetrahedral stereocenters). A crossed double-bond has been used sometimes, but is no longer considered an acceptable style for general use.

Lewis structures

Lewis structures (or "Lewis dot structures") are flat graphical formulas that show atom connectivity and lone pair or unpaired electrons, but not three-dimensional structure. This notation is mostly used for small molecules. Each line represents the two electrons of a single bond. Two or three parallel lines between pairs of atoms represent double or triple bonds, respectively. Alternatively, pairs of dots may be used to represent bonding pairs. In addition, all non-bonded electrons (paired or unpaired) and any formal charges on atoms are indicated. Through the use of Lewis structures, the placement of electrons, whether it is in a bond or in lone pairs, will allow for the identification of the formal charges of the atoms in the molecule to understand the stability and determine the most likely molecule (based on molecular geometry difference) that would be formed in a reaction. Lewis structures do give some thought to the geometry of the molecule as oftentimes, the bonds are drawn at certain angles to represent the molecule in real life. Lewis structure is best used to calculate formal charges or how atoms bond to each other as both electrons and bonds are shown. Lewis structures give an idea of the molecular and electronic geometry which varies based on the presence of bonds and lone pairs and through this one could determine the bond angles and hybridization as well.

Condensed formulas
In early organic-chemistry publications, where use of graphics was strongly limited, a typographic system arose to describe organic structures in a line of text. Although this system tends to be problematic in application to cyclic compounds, it remains a convenient way to represent simple structures:

 * (ethanol)

Parentheses are used to indicate multiple identical groups, indicating attachment to the nearest non-hydrogen atom on the left when appearing within a formula, or to the atom on the right when appearing at the start of a formula:

 * or (2-propanol)

In all cases, all atoms are shown, including hydrogen atoms. It is also helpful to show the carbonyls where the

is implied through the being placed in the brackets. For example:

(acetone)

Therefore, it is important to look to the left of the atom in the bracket to make sure what atom it is attached to. This is helpful when converting from condensed formula to another form of structural formula such as skeletal formula or Lewis structures. There are different ways to show the various functional groups in the condensed formulas such as aldehyde as, Carboxylic acids as      or , Esters as  or. However, the use of condensed formulas does not give an immediate idea of the molecular geometry of the compound or the number of bonds between the carbons, it needs to be recognized based on the number of atoms attached to the carbons and if there are any charges on the carbon.

Skeletal formulas
Skeletal formulas are the standard notation for more complex organic molecules. In this type of diagram, first used by the organic chemist Friedrich August Kekulé von Stradonitz, the carbon atoms are implied to be located at the vertices (corners) and ends of line segments rather than being indicated with the atomic symbol C. Hydrogen atoms attached to carbon atoms are not indicated: each carbon atom is understood to be associated with enough hydrogen atoms to give the carbon atom four bonds. The presence of a positive or negative charge at a carbon atom takes the place of one of the implied hydrogen atoms. Hydrogen atoms attached to atoms other than carbon must be written explicitly. An additional feature of skeletal formulas is that by adding certain structures the stereochemistry, that is the three-dimensional structure, of the compound can be determined. Often times, the skeletal formula can indicate stereochemistry through the use of wedges instead of lines. Solid wedges represent bonds pointing above the plane of the paper, whereas dashed wedges represent bonds pointing below the plane.

Newman projection and sawhorse projection
The Newman projection and the sawhorse projection are used to depict specific conformers or to distinguish vicinal stereochemistry. In both cases, two specific carbon atoms and their connecting bond are the center of attention. The only difference is a slightly different perspective: the Newman projection looking straight down the bond of interest, the sawhorse projection looking at the same bond but from a somewhat oblique vantage point. In the Newman projection, a circle is used to represent a plane perpendicular to the bond, distinguishing the substituents on the front carbon from the substituents on the back carbon. In the sawhorse projection, the front carbon is usually on the left and is always slightly lower. Sometimes, an arrow is used to indicate the front carbon. The sawhorse projection is very similar to a skeletal formula, and it can even use wedges instead of lines to indicate the stereochemistry of the molecule. The sawhorse projection is set apart from the skeletal formulas because the sawhorse projection is not a very good indicator of molecule geometry and molecular arrangement. Both a Newman and Sawhorse Projection can be used to create a Fischer Projection.

Cyclohexane conformations
Certain conformations of cyclohexane and other small-ring compounds can be shown using a standard convention. For example, the standard chair conformation of cyclohexane involves a perspective view from slightly above the average plane of the carbon atoms and indicates clearly which groups are axial (pointing vertically up or down) and which are equatorial (almost horizontal, slightly slanted up or down). Bonds in front may or may not be highlighted with stronger lines or wedges. The conformations progress as follows: chair to half-chair to twist-boat to boat to twist-boat to half-chair to chair. The cyclohexane conformations may also be used to show the potential energy present at each stage as shown in the diagram. The chair conformations (A) have the lowest energy, whereas the half-chair conformations (D) have the highest energy. There is a peak/local maximum at the boat conformation (C), and there are valleys/local minimums at the twist-boat conformations (B). In addition, cyclohexane conformations can be used to indicate if the molecule has any 1,3 diaxial-interactions which are steric interactions between axial substituents on the 1,3, and 5 carbons.

Haworth projection
The Haworth projection is used for cyclic sugars. Axial and equatorial positions are not distinguished; instead, substituents are positioned directly above or below the ring atom to which they are connected. Hydrogen substituents are typically omitted.

However, an important thing to keep in mind while reading an Haworth projection is that the ring structures are not flat. Therefore, Haworth does not provide 3-D shape. Sir Norman Haworth, was a British Chemist, who won a Nobel Prize for his work on Carbohydrates and discovering the structure of Vitamin C. During his discovery, he also deducted different structural formulas which are now referred to as Haworth Projections. In a Haworth Projection a pyranose sugar is depicted as a hexagon and a furanose sugar is depicted as a pentagon. Usually an oxygen is placed at the upper right corner in pyranose and in the upper center in a furanose sugar. The thinner bonds at the top of the ring refer to the bonds as being farther away and the thicker bonds at the bottom of the ring refer to the end of the ring that is closer to the viewer.

Fischer projection
The Fischer projection is mostly used for linear monosaccharides. At any given carbon center, vertical bond lines are equivalent to stereochemical hashed markings, directed away from the observer, while horizontal lines are equivalent to wedges, pointing toward the observer. The projection is unrealistic, as a saccharide would never adopt this multiply eclipsed conformation. Nonetheless, the Fischer projection is a simple way of depicting multiple sequential stereocenters that does not require or imply any knowledge of actual conformation. A Fischer projection will restrict a 3-D molecule to 2-D, and therefore, there are limitations to changing the configuration of the chiral centers. Fischer projections are used to determine the R and S configuration on a chiral carbon and it is done using the Cahn Ingold Prelog rules. It is a convenient way to represent and distinguish between enantiomers and diastereomers.

Limitations
A structural formula is a simplified model that cannot represent certain aspects of chemical structures. For example, formalized bonding may not be applicable to dynamic systems such as delocalized bonds. Aromaticity is such a case and relies on convention to represent the bonding. Different styles of structural formulas may represent aromaticity in different ways, leading to different depictions of the same chemical compound. Another example is formal double bonds where the electron density is spread outside the formal bond, leading to partial double bond character and slow inter-conversion at room temperature. For all dynamic effects, temperature will affect the inter-conversion rates and may change how the structure should be represented. There is no explicit temperature associated with a structural formula, although many assume that it would be standard temperature.

title: Structural formula


text:
USS Idaho

Five ships of the United States Navy have been named USS Idaho in honor of the 43rd state.

 * USS Idaho (1864) was a wooden steam sloop later converted to a full-rigged sailing ship
 * USS Idaho (BB-24), a Mississippi-class battleship, was launched on 9 December 1905 and was sold to Greece on 30 July 1914
 * USS Idaho (SP-545) was a motor boat acquired by the US Navy in June 1917 and returned to her owner 30 November 1918
 * USS Idaho (BB-42) was a New Mexico-class battleship launched on 30 June 1917, saw action in World War II, and was sold for scrap 24 November 1947
 * USS Idaho (SSN-799) is a Virginia-class submarine currently authorized for construction

title: USS Idaho


text:
Retributive justice

Retributive justice is a legal concept whereby the criminal offender receives punishment proportional or similar to the crime.

As opposed to revenge, retribution—and thus retributive justice—is not personal, is directed only at wrongdoing, has inherent limits, involves no pleasure at the suffering of others (i.e., schadenfreude, sadism), and employs procedural standards. Retributive justice contrasts with other purposes of punishment such as deterrence (prevention of future crimes), exile (prevention of opportunity) and rehabilitation of the offender.

The concept is found in most world cultures and in many ancient texts. Classical texts advocating the retributive view include Cicero's De Legibus (1st century BC), Kant's Science of Right (1790), and Hegel's Philosophy of Right (1821). The presence of retributive justice in ancient Jewish culture is shown by its mention in the law of Moses, which refers to the punishments of "life for life, eye for eye, tooth for tooth, hand for hand, foot for foot" as also attested in the Code of Hammurabi. Documents assert similar values in other cultures, though the judgment of whether a particular punishment is appropriately severe can vary greatly across cultures and individuals in accord with circumstance.

Purposes
Some purposes of official retribution include:
 * to channel the retributive sentiments of the public into the political and legal systems. The intent is to deter people from resorting to lynchings, blood feuds, and other forms of vigilante self-help.
 * to promote social solidarity through participation in the act of punishing, under the theory that "the society that slays together stays together."
 * to prevent a situation in which a citizen who would have preferred to obey the law as part of his civic responsibility decides that he would be a fool to not violate it, when so many others are getting away with lawlessness that the point of his obedience is mostly defeated.

History
In all ancient legal systems, retribution for wrongdoing took precedence over the enforcement of rights. A sense of natural law demanded that a criminal should be punished with similar loss and pain as they inflicted on their victim. Therefore, the concept of lex talionis (an eye for an eye) was common in ancient law. The Hebrew Bible includes the oldest extent example of lex talionis: (law of 'measure for measure'). The Roman lawyer and philosopher Cicero proposed "let the punishment fit the offence" (noxiae poena par esto), giving examples of violence being punished by death, fines being imposed on those convicted of greed etc.

In the 19th century, the philosopher Immanuel Kant argued that retribution is the only legitimate form of punishment the court can prescribe: "Judicial punishment can never be used merely as a means to promote some other good for the criminal himself or for civil society, but instead it must in all cases be imposed on him only on the ground that he has committed a crime." Kant regarded punishment as a matter of justice, which must be carried out by the state for the sake of the law, not for the sake of the criminal or the victim. He argues that if the guilty are not punished, justice is not done and if justice is not done, then the idea of law itself is undermined.

One of the reasons for the abandonment of retribution by many legal systems in the 20th century was the abandonment of the concept of personal autonomy, which had become discredited. While retributive justice is usually considered as a cornerstone of criminal punishment, it has been shown that it also plays a role in private law.

Principles
According to the Stanford Encyclopedia of Philosophy, retributive justice is committed to three principles:
 * "Those who commit certain kinds of wrongful acts, paradigmatically serious crimes, morally deserve to suffer a proportionate punishment."
 * It is "intrinsically morally good—good without reference to any other goods that might arise—if some legitimate punisher gives [those who commit certain kinds of wrongful acts] the punishment they deserve."
 * "It is morally impermissible intentionally to punish the innocent or to inflict disproportionately large punishments on wrongdoers."

Proportionality
Proportionality requires that the level of punishment be related to the severity of the offending behaviour. An accurate reading of the biblical phrase "an eye for an eye" in Exodus and Leviticus is said to be: "only one eye for one eye", or "an eye in place of an eye." However, this does not mean that the punishment has to be equivalent to the crime. A retributive system must punish severe crimes more harshly than minor crimes, but retributivists differ about how harsh or soft the system should be overall. The crime's level of severity can be determined in multiple ways. Severity can be determined by the amount of harm, unfair advantage or the moral imbalance that the crime caused.

Traditionally, philosophers of punishment have contrasted retributivism with utilitarianism. For utilitarians, punishment is forward-looking, justified by a purported ability to achieve future social benefits, such as crime reduction. For retributionists, punishment is backward-looking, justified by the crime that has already been committed. Therefore, punishment is carried out to atone for the damage already done.

Subtypes
Retributive justice is of two distinct types. The classical definition embraces the idea that the amount of punishment must be proportionate to the amount of harm caused by the offence. A more recent version advocated by philosopher Michael Davis asserts that the amount of punishment must be proportionate to the amount of unfair advantage gained by the wrongdoer. Davis introduced this version of retributive justice in the early 1980s, at a time when retributive justice was resurging within the philosophy of law community, perhaps due to the failings of reform theory in prior decades.

A retributive justice system's assessment of blameworthiness (or lack thereof) can either justify punishment or serve merely to limit the punishments society imposes for other reasons.

Criticisms
Many jurisdictions that adopt retributive justice, especially in the United States, use mandatory sentencing, where judges impose a penalty for a crime within the range set by the law. However, judges have limited discretion to consider mitigating factors, leading to lesser penalties under certain circumstances.

When the punishment involves a fine, the theory does not allow the financial position of an offender to be considered, leading to situations in which a poor individual and a millionaire could be forced to pay the same amount. Such a fine would be punitive for the poor offender while insignificant for the millionaire. Instead of pure retribution, many jurisdictions use variants such as the European Union's emphasis on punitive equality, which base the amount of a fine not just on the offense but also on the offender's income, salary, and ability to pay. Consequently, in 2002, a senior Finnish executive at Nokia was given a fine of €116,000 (US$103,000) on a traffic ticket issued for driving 75 km/h in a 50 km/h zone, based on his income of €14 million (US $12.5 million) per year. Similarly, a Finnish businessman was required to pay €54,000 based on his yearly income of €6.5 million, making the fine equally punitive as a typical €200 (US$246) fine for the same offense would have been had it been issued to a Finn earning an average salary. The retributive theory's lack of consideration of the perpetrator's and victim's status has led many jurisdictions to move away from it in various ways, including punitive equality and taking into consideration the status and wealth, or lack of status and wealth, of an offender and their consequent ability to both pay fines and defend themselves effectively in court.

One critique of some concepts of just deserts is that they are primitive, emphasizing social harm rather than the character and culpability of offenders, e.g., California's 1976 statute calling for "terms proportionate to the seriousness of the offense with provision for uniformity in the sentences of offenders committing the same offense under similar circumstances." More generally, prioritizing justice for the public over crime control goals has come under criticism as attributable more to the relative ease of writing sentencing guidelines as crime tariffs (as opposed to describing the appropriate influence of situational and personal characteristics on punishment) than to any sound arguments about penological theory.

Alternatives
Traditional alternatives to retributive justice have been exile and shunning. In pre-modern societies such sentences were often the equivalent of the death penalty as individuals would find it impossible to survive without the support and protection of the society that they had wronged.

Modern alternatives to retributive measures include utilitarian justice, psychiatric imprisonment, restorative justice and transformative justice. A general overview of criminal justice puts each of these ideals in context.

One libertarian approach to this issue argues that full restitution (in the broad, rather than technical legal, sense) is compatible with both retributivism and a utilitarian degree of deterrence.

title: Retributive justice