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Electric Bond and Share Company

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Title: Electric Bond and Share Company  
Author: World Heritage Encyclopedia
Language: English
Subject: Nuclear whistleblowers, John F. Welch Technology Centre, General Electric EdgeLab, GE Home & Business Solutions, The General Electric Concert
Collection: Holding Companies Established in the 20Th Century
Publisher: World Heritage Encyclopedia

Electric Bond and Share Company

The Electric Bond and Share Company was originally a holding company that sold securities of electric utilities. It was created by General Electric in 1905. The company was restructured after the Public Utility Holding Company Act of 1935. Later known as EBASCO Services, it provided engineering consulting and construction services. Among other projects EBASCO designed nuclear power plants. EBASCO was sold to Raytheon in 1993 and became part of a Raytheon subsidiary, United Engineers and Constructors.[1]

Ebasco (EBS) was included in Dow Jones Utility Average from 1938 to 1947.[2]

Ebasco Services was one of major US architect-engineers, coordinated design of many nuclear power plants both in USA and outside [3][4] including Fukushima Daiichi Nuclear Power Plant (units 1, 2 and 6).[5]

Whistleblowing case

Nuclear power whistleblower Ronald J. Goldstein was a supervisor employed by EBASCO, which was a major contractor for the construction of Houston Lighting and Power Company's South Texas Project (a complex of two nuclear power plants). In the summer of 1985, Goldstein identified safety problems to SAFETEAM, an internal compliance program established by EBASCO and Houston Lighting, including noncompliance with safety procedures, the failure to issue safety compliance reports, and quality control violations affecting the safety of the plant.

SAFETEAM was promoted as an independent safe haven for employees to voice their safety concerns. The two companies did not inform their employees that they did not believe complaints reported to SAFETEAM had any legal protection. After he filed his report to SAFETEAM, Goldstein was fired. Subsequently, Golstein filed suit under federal nuclear whistleblower statutes.

The U.S. Department of Labor ruled that his submissions to SAFETEAM were protected and his dismissal was invalid, a finding upheld by Labor Secretary Lynn Martin. The ruling was appealed and overturned by the Fifth Circuit Court of Appeals, which ruled that private programs offered no protection to whistleblowers. After Goldstein lost his case, Congress amended the federal nuclear whistleblower law to provide protection reports made to internal systems and prevent retaliation against whistleblowers.[6]


  2. ^ Robert J. Landman, Underground Secondary AC Networks, A Brief History, 2007 IEEE Conference on the History of Electric Power; August 4, 2007
  3. ^
  4. ^ - List of NPP with A-E listed
  5. ^ "Nuclear Reactor Maps: Fukushima-Daiichi". Council for Security Cooperation in the Asia Pacific. Retrieved March 14, 2011.  "Fukushima Daiichi 1 .. Fukushima Daiichi 2 .. Fukushima Daiichi 6 ... Architecture: Ebasco"
  6. ^ Kohn, Stephen Martin (2011). The Whistleblower's Handbook: A Step-by-Step Guide to Doing What's Right and Protecting Yourself. Guilford, CT: Globe Pequot Press. pp. 116–118.  
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