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Tuesday, August 27, 2013

WHAT YOU WILL LEARN FROM SIR DAVID ROCKEFELLER

David Rockefeller

From Wikipedia, the free encyclopedia
David Rockefeller
BornJune 12, 1915 (age 98)
New York City, New York, U.S.
ResidenceSleepy Hollow, New York, U.S.
NationalityAmerican
EducationA.B. in 1936 & Ph.D. in 1940
Alma materHarvard University
London School of Economics
University of Chicago
OccupationBanker, philanthropist
Years active1940–present
Net worthSteady US$ 2.7 billion (2013)[1]
Board member of
Rockefeller Brothers Fund
Spouse(s)Margaret McGrath (m. 1940–1996)
Children
Parents
Relatives
FamilyRockefeller family
David Rockefeller (born June 12, 1915) is an American businessman and philanthropist who served as chairman and chief executive of Chase Manhattan Bank. The most senior member of theRockefeller family, David is the only surviving child ofJohn Davison Rockefeller, Jr. and Abigail Greene "Abby" Aldrich, and the only surviving grandchild of oil tycoon John Davison Rockefeller, Sr. (founder ofStandard Oil) and Laura Celestia "Cettie" Spelman. His five siblings were AbbyJohn D. IIINelson,Laurance and Winthrop.

Early life[edit source | editbeta]

Rockefeller was born in New York City, and grew up in a nine-story house at 10 West 54th Street, then the largest private residence in the city. The home contained rare, ancient, medieval and Renaissancetreasures collected by his father— with some, such as the Unicorn Tapestries, held in an adjoining building at 12 West 54th Street. On the seventh floor was his mother Abby's private modern art gallery. The house was subsequently donated by David's father as a site for a sculpture garden in his wife's name and memory, now part of the Museum of Modern Art.
He spent much time as a child at the family estate Kykuit, where, in his memoirs, he recalls visits by associates of his father, including General George C. Marshall, the adventurer Admiral Richard Byrd(whose Antarctic expeditions had been funded by the family), and the aviator Charles Lindbergh.[2]Summer vacations were spent at the Eyrie, a 100-room house in Seal Harbor on the southeast shore of Mount Desert Island, in Maine. The house was demolished by the family in the early 1960s.
Rockefeller attended the experimental Lincoln School at 123rd Street in Harlem. The school was the brainchild of Abraham Flexner, who had structured the institution after the educational philosophy ofJohn Dewey. It opened in 1916 and was operated by the Teachers College at Columbia University, with crucial funding in its early years from the Rockefellers' General Education Board, a philanthropic educational institution later rolled into the Rockefeller Foundation.
In 1936, Rockefeller graduated cum laude from Harvard University. He did a postgraduate year in economics at Harvard and then a year at the London School of Economics. It was at the LSE that he first met John F. Kennedy (although he had earlier been his contemporary at Harvard) and briefly dated Kennedy's sister Kathleen.[3] During his time abroad, Rockefeller briefly worked in the London branch of what was to become the Chase Manhattan Bank. Having returned to the United States to complete his graduate studies, in 1940 he received a Ph.D. from the University of Chicago. His dissertation was entitled Unused Resources and Economic Waste.
After completing his studies in Chicago, he became secretary to New York Mayor Fiorello La Guardia for eighteen months in a "dollar a year" public service position. Although the mayor pointed out to the press that Rockefeller was only one of 60 interns in the city government, his working space was, in fact, the vacant office of the deputy mayor.[4]
From 1941 to 1942, Rockefeller then served as assistant regional director of the United States Office of Defense, Health and Welfare Services. After war broke out, he enlisted in the war effort and entered Officer Candidate School in 1943; he was ultimately promoted to captain in 1945. DuringWorld War II he served in North Africa and France (he spoke fluent French) for military intelligencesetting up political and economic intelligence units. For seven months he also served as an assistant military attaché at the American Embassy in Paris. During this period, he would call on family contacts and Standard Oil executives for assistance, establish contacts of his own, and come to value the potential of networking.[5]

Career at the Chase Bank[edit source | editbeta]

During his visit to Abu Dhabi in 1980, David Rockefeller (second from right) is seen shaking hands with Jawad Hashim(left) who was the President of the Arab Monetary Fund.
In 1946, Rockefeller joined the staff of the longtime family-associated Chase National Bank. The chairman at that time was Rockefeller's uncle Winthrop Aldrich, the son of the powerful U.S. Senator Nelson W. Aldrich, and the brother of Rockefeller's mother. The Chase Bank was primarily a wholesale bank, dealing with other prominent financial institutions and major corporate clients such as General Electric (which had, through its RCA affiliate, leased prominent space and become a crucial first tenant of Rockefeller Center in 1930). The bank also is closely associated with and has financed the oil industry, having longstanding connections with its board directors to the successor companies of Standard Oil, especially Exxon Mobil. Chase National subsequently became the Chase Manhattan Bank in 1955 and shifted significantly into consumer banking. It is now called JPMorgan Chase.
Rockefeller started as an assistant manager (the lowest rank) in the Foreign Department. There he financed international trade in a number of commodities, such as coffee, sugar and metals. This position also maintained relationships with more than 1,000 correspondent banks throughout the world. He worked his way up through the ranks and became president in 1960. He was chairman and chief executive of Chase Manhattan from 1969 to 1980 and chairman until 1981. He was also, as recently as 1980, the single largest individual shareholder of the bank, holding 1.7% of its shares.[6]
In 1954, Rockefeller became chairman of the committee charged with deciding the location of the bank's new headquarters. The following year his decision to erect the building in the Wall Street area was accepted; it was subsequently seen as a decision that directly revived the City's downtown financial district. In 1960 the headquarters was completed under his direction at One Chase Manhattan Plaza, on Liberty Street in downtown Manhattan, directly across from the Federal Reserve Bank of New York. At 60 stories, it was at that time the largest bank building in the world; it also had, five floors below ground, the largest bank vault then in existence.
In the 1960s Rockefeller and other businessmen formed the Chase International Advisory Committee (IAC) — which by 2005 consisted of twenty-eight prominent and respected businessmen from 19 nations throughout the world, many of whom were his personal friends. Rockefeller subsequently became chairman until he retired from that position on the IAC in 1999. After the Chase's merger with J. P. Morgan, this committee was renamed the International Council, and contains prominent figures such as Henry KissingerRiley P. Bechtel (of the Bechtel Group), Andre DesmaraisLee Kuan Yew and George Shultz, the current chairman. Historically, prominent figures on the IAC have included Gianni Agnelli (a longtime associate, who spent thirty years on the Committee), John Loudon (Chairman of Royal Dutch-Shell), C. Douglas DillonDavid Packard andHenry Ford II.[7]
Under his stewardship Chase spread internationally and became a central pillar in the world's financial system; Chase has a global network of correspondent banks that has been estimated to number about 50,000, the largest of any bank in the world. A notable achievement was the setting up of the first branch of an American bank at One Karl Marx Square, near the Kremlin, in the then Soviet Union, in 1973. That year Rockefeller also traveled to China, resulting in his bank becoming the National Bank of China's first correspondent bank in the United States. In November 1979, while chairman of the Chase Bank, Rockefeller became embroiled in an international incident when he andHenry Kissinger, along with John J. McCloy and Rockefeller aides, persuaded President Jimmy Carter through the United States Department of State to admit the Shah of Iran, Mohammad Reza Pahlavi, into the United States for hospital treatment for lymphoma. This action directly precipitated what is known as the Iran hostage crisis and placed Rockefeller under intense media scrutiny (particularly from The New York Times) for the first time in his public life.[8]

Political life[edit source | editbeta]

In a private capacity Rockefeller has interfaced with every United States president since Eisenhower and has even at times served as an unofficial emissary on high-level diplomatic missions. President Jimmy Carter offered him the positions of United States Secretary of the Treasury and Federal Reserve Chairman but he declined both instead preferring a private role. He at an earlier point declined an offer from his brother Nelson to appoint him to Robert Kennedy's Senate seat after Kennedy was assassinated in June 1968, a post Nelson also offered to their nephew Jay Rockefeller.[9] On account of his personal, political, and professional connections and his family name, Rockefeller has been able to act as bridge to various interests around the world—even controversial leaders such as Fidel CastroNikita KhrushchevMikhail Gorbachev and Saddam Hussein.


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