Samuel Insull
USA- Early Life and Career
- Edison's Protege
- Chicago Edison
- Personal Life
- Financial Collapse
- Legal Battles
- Exile and Death
Early Life and Career
Samuel Insull was born on November 11, 1859, in London, to Emma Short and Samuel Insull Sr., a minister and temperance advocate. Insull began his career at age 14 as an office boy, later becoming a stenographer for Vanity Fair magazine. In 1879, he joined Thomas Edison's telephone company as a switchboard operator.
Edison's Protege
In 1881, Insull emigrated to the United States, where he worked diligently to establish his own electrical company. He joined forces with other "Edison Pioneers" to form Edison General Electric, which later became General Electric. Insull rose through the ranks at General Electric, but his ambition to become president was thwarted.
Chicago Edison
Seeking greater autonomy, Insull moved to Chicago in 1892 to lead Chicago Edison. He implemented innovative rates that significantly reduced electricity costs for consumers. By 1907, Chicago Edison and Commonwealth Electric Light & Power Co. merged to form Commonwealth Edison Co.
Personal Life
Insull married actress Alis Gladys Wallis on May 22, 1899. They had one son, Samuel Jr. Insull had a lavish lifestyle and controlled a business empire worth $500 million.
Financial Collapse
During the Great Depression, Insull's holding company collapsed, wiping out the savings of 600,000 shareholders. This led to the Public Utility Holding Company Act of 1935.
Legal Battles
Insull fled to France and later Greece to avoid prosecution. He was eventually arrested in Turkey and extradited to the United States. In 1934, he was indicted for fraud; however, he was acquitted of all charges thanks to the skillful defense of Chicago attorney Floyd Thompson.
Exile and Death
In 1938, Insull and his wife traveled to Paris for Bastille Day. Despite his poor health, Insull died of a heart attack while descending to the Place de la Concorde metro station. He was survived by his widow and son.
