Billionaire Banker David Rockefeller, Former Head Of Chase Manhattan, Dies At 101

Tyler Durden's picture

David Rockefeller, the famous banker and philanthropist with the family name that controlled Chase Manhattan bank for more than a decade and wielded vast influence around the world in the world of finance, has died on Monday morning at his home in Pocantico Hills, N.Y. He was 101.

A family spokesman, Fraser P. Seitel, confirmed the death.

Below is an exccerpt of his obituary from the NYT:

Chase Manhattan had long been known as the Rockefeller bank, though the family never owned more than 5 percent of its shares. But Mr. Rockefeller was more than a steward. As chairman and chief executive throughout the 1970s, he made it “David’s bank,” as many called it, expanding its operations internationally.

His stature was greater than any corporate title might convey, however. His influence was felt in Washington and foreign capitals, in the corridors of New York City government, art museums, great universities and public schools.

Mr. Rockefeller could well be the last of an increasingly less visible family to have cut so imposing a figure on the world stage. As a peripatetic advocate of the economic interests of the United States and of his own bank, he was a force in global financial affairs and in his country’s foreign policy. He was received in foreign capitals with the honors accorded a chief of state.

He was the last surviving grandson of John D. Rockefeller, the tycoon who founded the Standard Oil Company in the 19th century and built a fortune that made him America’s first billionaire and his family one of the richest and most powerful in the nation’s history.

As an heir to that legacy, Mr. Rockefeller lived all his life in baronial splendor and privilege, whether in Manhattan (as a boy he and his brothers would roller-skate along Fifth Avenue trailed by a limousine in case they grew tired) or at his magnificent country estates.

Imbued with the understated manners of the East Coast elite, he loomed large in the upper reaches of a New York social world of glittering black-tie galas. His philanthropy was monumental, and so was his art collection, a museumlike repository of some 15,000 pieces, many of them masterpieces, some lining the walls of his offices 56 floors above the streets at Rockefeller Center, to which he repaired, robust and active, well into his 90s.

In silent testimony to his power and reach was his Rolodex, a catalog of some 150,000 names of people he had met as a banker-statesman. It required a room of its own beside his office.

Spread out below that corporate aerie was a city he loved and influenced mightily. He was instrumental in rallying the private sector to help resolve New York City’s fiscal crisis in the mid-1970s. As chairman of the Museum of Modern Art for many years — his mother had helped found it in 1929 — he led an effort to encourage corporations to buy and display art in their office buildings and to subsidize local museums. And as chairman of the New York City Partnership, a coalition of business executives, he fostered innovation in public schools and the development of thousands of apartments for lower-income and middle-class families.
He was always aware of the mystique surrounding the Rockefeller name.

“I have never found it a hindrance,” he once said with typical reserve. “Obviously, there are times when I’m aware that I’m treated differently. There’s no question that having financial resources, which, thanks to my parents, I learned to use with some restraint and discretion, is a big advantage.”

Ambassador for Business

With his powerful name and his zeal for foreign travel — he was still traveling to Europe into his late 90s — Mr. Rockefeller was a formidable marketing force. In the 1970s his meetings with Anwar el-Sadat of Egypt, Leonid Brezhnev of the Soviet Union and Zhou Enlai of China helped Chase Manhattan become the first American bank with operations in those countries.

“Few people in this country have met as many leaders as I have,” he said.

Some faulted him for spending so much time abroad. He was accused of neglecting his responsibilities at Chase and failing to promote aggressive, visionary managers. Under his leadership Chase fell far behind its rival Citibank, then the nation’s largest bank, in assets and earnings. There were years when Chase had the most troubled loan portfolio among major American banks.

“In my judgment, he will not go down in history as a great banker,” John J. McCloy, a Rockefeller friend and himself a former Chase chairman, told The Associated Press in 1981. “He will go down as a real personality, as a distinguished and loyal member of the community.”

His forays into international politics also drew criticism, notably in 1979, when he and former Secretary of State Henry A. Kissinger persuaded President Jimmy Carter to admit the recently deposed shah of Iran into the United States for cancer treatment. The shah’s arrival in New York enraged revolutionary followers of the Ayatollah Ruhollah Khomeini, provoking them to seize the United States Embassy in Iran and hold American diplomats hostage for more than a year. Mr. Rockefeller was assailed as well for befriending autocratic foreign leaders in an effort to establish and extend his bank’s presence in their countries.

“He spent his life in the club of the ruling class and was loyal to members of the club, no matter what they did,” The New York Times columnist David Brooks wrote in 2002, citing the profitable deals Mr. Rockefeller had cut with “oil-rich dictators,” “Soviet party bosses” and “Chinese perpetrators of the Cultural Revolution.”

Still, presidents as ideologically different as Mr. Carter and Richard M. Nixon offered him the post of Treasury secretary. He turned them both down.

After the death in 1979 of his older brother Nelson A. Rockefeller, the former vice president and four-time governor of New York, David Rockefeller stood almost alone as the remaining family member with an outsize national profile. Only Jay Rockefeller, a great-grandson of John D. Rockefeller, had earned prominence as a governor and United States senator from West Virginia. No one from the family’s younger generations has attained or perhaps aspired to David Rockefeller’s stature.

“No one can step into his shoes,” Warren T. Lindquist, a longtime friend, told The Times in 1995, “not because they aren’t good, smart, talented people, but because it’s just a different world.”

A Privileged Life

The youngest of six siblings, David Rockefeller was born in Manhattan on June 12, 1915. His father, John D. Rockefeller Jr., the only son of the oil titan, devoted his life to philanthropy. His mother, Abby Aldrich Rockefeller, was the daughter of Nelson Aldrich, a wealthy senator from Rhode Island.

Besides Nelson, born in 1908, the other children were Abby, who was born in 1903 and died in 1976 after leading a private life; John D. Rockefeller III, who was born in 1906 and immersed himself in philanthropy until his death in an automobile accident in 1978; Laurance, born in 1910, who was an environmentalist and died in 2004; and Winthrop, born in 1912, who was governor of Arkansas and died in 1973.

David, the youngest, grew up in a mansion at 10 West 54th Street, the largest private residence in the city at the time. It bustled with valets, parlor maids, nurses and chambermaids. For dinner every night his father dressed in black tie and his mother in a formal gown.

Summers were spent at the 107-room Rockefeller “cottage” in Seal Harbor, Me., weekends at Kykuit, the family’s country compound north of the city in Tarrytown, N.Y. The estate was likened to a feudal fief. As Mr. Rockefeller wrote in his autobiography, “Memoirs” (2002), “Eventually the family accumulated about 3,400 acres that surrounded and included almost all of the little village of Pocantico Hills, where most of the residents worked for the family and lived in houses owned by Grandfather.”

In that bucolic setting he developed a fascination for insects that would lead to his building one of the largest beetle collections in the world.

David was 21 when John D. Rockefeller died. “He told amusing stories and sang little ditties,” Mr. Rockefeller recalled in 2002. “He gave us dimes.”

His sense of noblesse oblige was heightened by his early education at the experimental Lincoln School in Manhattan, founded by the American philosopher John Dewey and financed by the Rockefeller Foundation to bring together children from varied social backgrounds. He went on to study at Harvard, receiving his B.S. in 1936, and then spent a year at the London School of Economics, a hotbed of socialist intellectuals. Mr. Rockefeller was awarded a Ph.D in economics from the University of Chicago in 1940.

Moved by the Great Depression at home and abroad, he stated in his doctoral thesis that he was “inclined to agree with the New Deal that deficit financing during depressions, other things being equal, is a help to recovery.” The notion that a Rockefeller would take such a liberal economic view was major news; the family, rock-ribbed Republican, was known for its fierce opposition to President Franklin D. Roosevelt, the New Deal’s author.

After receiving his doctorate, Mr. Rockefeller became a secretary to Fiorello H. La Guardia, New York’s pugnacious, liberal Republican mayor. In 1940, he married Margaret McGrath, known as Peggy, whom he had met at a dance seven years earlier, when he was a Harvard freshman and she was a student at the Chapin School in New York. His wife, a dedicated conservationist, died at 80 in 1996. They had six children: David Jr., Abby, Neva, Margaret, Richard and Eileen. A complete list of his survivors was not immediately available.

Mr. Rockefeller enlisted in the Army in 1942, attended officer training school and served in North Africa and France in World War II. He was discharged a captain in 1945.

He began his banking career in 1946 as an assistant manager with the Chase National Bank, which merged in 1955 with the Bank of Manhattan Company to become Chase Manhattan. Banking in the early postwar era was a gentleman’s profession. Top executives could attend to outside interests, using social contacts to cultivate clients, while leaving day-to-day management to junior officers. Mr. Rockefeller found plenty of time for such activities. In the late 1940s he replaced his mother on the Museum of Modern Art’s board and eventually became its chairman. He courted art collectors. In 1968, he put together a syndicate, including his brother Nelson and the CBS chairman, William S. Paley, to buy Gertrude Stein’s collection of modern art. David and Peggy Rockefeller’s own prized paintings — by Cézanne, Gauguin, Matisse, Picasso — were lent to the museum permanently.

Expanding a Bank Globally

Mr. Rockefeller’s rise in banking was swift. By 1961 he was president of Chase Manhattan and its co-chief executive with George Champion, the chairman. Promoting expansion overseas, Mr. Rockefeller clashed with Mr. Champion, who thought that the bank’s domestic business was more important. After Mr. Rockefeller replaced Mr. Champion as chairman and sole chief executive in 1969, he was able to enlarge the bank’s presence on almost every continent. He said his brand of personal diplomacy, meeting with heads of state, was crucial in furthering Chase’s interests.

“There were many who claimed these activities were inappropriate and interfered with my bank responsibilities,” Mr. Rockefeller wrote in his autobiography. “I couldn’t disagree more.” His “so-called outside activities,” he insisted, “were of considerable benefit to the bank both financially and in terms of its prestige around the world.”

By 1976, Chase Manhattan’s international arm was contributing 80 percent of the bank’s $105 million in operating profit. But instead of vindicating Mr. Rockefeller’s avidity for banking abroad, those figures underlined Chase’s lagging performance at home. From 1974 to 1976 its earnings fell 36 percent, while those of its biggest rivals — Bank of America, Citibank, Manufacturers Hanover and J..P. Morgan — rose 12 to 31 percent.

The 1974 recession hammered Chase, which had an unusually large portfolio of loans in the depressed real estate industry. It also owned more New York-related securities than any other bank in the mid-1970s, when the city was edging toward bankruptcy. And among major banks, Chase had the largest portfolio of nonperforming loans.

Chase also got caught up in a scandal in 1974. An internal audit discovered that its bond trading account was overvalued by $34 million and that losses had been understated. A resulting $15 million drain in net income tarnished the bank’s image. In 1975, the Federal Reserve and the comptroller of the currency branded Chase a “problem” bank.

Even as he struggled to reverse Chase Manhattan’s decline, Mr. Rockefeller found time to address New York City’s financial problems. His involvement in municipal affairs dated to the early 1960s, when, as founder and chairman of the Downtown-Lower Manhattan Association, he recommended that a World Trade Center be built.

In 1961, largely at his instigation, Chase opened its 64-story headquarters in the Wall Street area, a huge investment that helped revitalize the financial district and encouraged the World Trade Center project to proceed.

In the mid-1970s, with New York City facing a default on its debts because of sluggish economic growth and uncontrolled municipal spending, Mr. Rockefeller helped bring together federal, state and city officials with New York business leaders to work out an economic plan that eventually pulled New York out of its crisis.

Continued reading at the NYT

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Dr. Engali's picture

Must have ran out of baby's blood.

Chupacabra-322's picture

@ Dr.

Guess that life extension technology can only get you to 101. We honestly give the Elite too much credit. They're just regular Pure Evil pieces of Psychopathic Shit.

runningman18's picture

You notice that none of them ever die of cancer, though.

Urahara's picture

That's because THEY ARE cancers!

WillyGroper's picture

buffett allegedly got prostate cancer.

runningman18's picture

I read somewhere that they have a very thorough prostate exam clinic at Bohemian Grove...

sgt_doom's picture

I admit to being highly suspicious of those summer trips D.R. took each year to the Josef Mengele Clinic in Chile.

Figured it had something to do with either babies' blood or forced organ harvesting.

Alice in the Rabbit Hole's picture

Literally one of the most evil men who has ever lived....

gigadeath's picture

Best of luck to you on the other side David Rockefeller. You now face the consequences of your atrocities. Never thought you would, did you...

Colonel's picture

Yeah he's in Hell but there is no resting there.

Lysander_Spooner's picture

After 7 Heart Transplants nature has finally taken it course 

flaminratzazz's picture

how sweet it is

on a long enough timeline...

SillySalesmanQuestion's picture

I hope the express elevator to hell, whisked him away, immediately after he died.

FU in Advance's picture

101 !!  Damn, Soros has more upside?

Bam_Man's picture

Hopefully Soros is next - and soon.

StocksWayUp's picture

I know it is mean and evil but I kind of agree with you. Soros is much worse than anyone else anyway. 

ikhan's picture

i wonder if he regrets drinking baby blood all these years now that he is getting his face pounded in by angels.

Steaming_Pile's picture

Goodnight, sweet prince. May your many misdeeds earn you a special place in a rather warm area beneath the earth's crust.

DirtySanchez's picture

He ate human hearts and drank babies blood for the past 25 years.

Fairly certain the diet in hell will be changed to eternal cock sucking and cum guzzling.

flaminratzazz's picture

There is no great fortune without a great crime.

flaminratzazz's picture

Those who seek riches has no truth in them

Chupacabra-322's picture

Notice how all these Pure Evil Criminal Psychopaths all use the Cover of being a "Philanthropist."

Bill Gates, another Pure Evil Criminal Psychopath "Philanthropist" as well as those two other Fuck Wads over at Amazon & Google.

See a trend?

flaminratzazz's picture

Again I tell you, it is easier for a camel to go through the eye of a needle than for someone who is rich to enter the kingdom of God.

Son of Captain Nemo's picture

Best fucking news i've heard all year!

May he REST IN HELL!!!

Son of Captain Nemo's picture

Find the rest of the family and involuntarily separate them from their "mortal coils" along with the Rothchild(s)

Chupacabra-322's picture

@ Son,

Point is, I hope he's not resting in Hell. He's just begun journey of the most agonizing, painful afterlife.

How fitting. I spit, piss & shit on your Grave David.

Son of Captain Nemo's picture

Chup

You know this eccentric fuck had provisions in his will to probably be buried in a "Masonic" solid gold burial chamber where his severed head will have constant electric pulse stimulation and blood continuously pumped to it that will communicate with computer(s) at CIA HQs and the NYSE for continued participation and decision making on his business ventures and starting war(s) of choice..., while his testicles will be preserved and "cryogenically" frozen to be doled out to ovulating female recipients over the next 100 years to build the next generation of "Uber rich"!...

HenryKissingerChurchill's picture

solid gold burial chamber where his severed head will have constant electric pulse stimulation and blood continuously pumped to it that will communicate with computer(s) at CIA HQs and the NYSE for continued participation and decision making on his business ventures and starting war(s) of choice..., while his testicles will be preserved and "cryogenically" frozen to be doled out to ovulating female recipients over the next 100 years to build the next generation of "Uber rich"!...

Elon Musk? is that you?

flaminratzazz's picture

no!! they BURN in hell.. no resting..

orangegeek's picture

Made my fucking day!!!!

 

Would have preferred Soros.

 

 

Son of Captain Nemo's picture

Who do you think RUNS Soros???...

Chris Dakota's picture
Chris Dakota (not verified) Son of Captain Nemo Mar 20, 2017 10:30 AM

Jacob Rothschild, he is 80.

All the giant redwoods are going to fall in the next 4 yrs.

WillyGroper's picture

hope to hi-heaven you meant the oligarchs & not the trees.

i want my son's & my cremains spread among them.

most enchanting place on the planet with the exception of the Plitvice lakes in Croatia.

Chris Dakota's picture
Chris Dakota (not verified) orangegeek Mar 20, 2017 10:30 AM

Will be Kissinger, Daddy Bush then Soros...very, very soon.

DaBard51's picture

Chuck Berry, too... coincidence?

 

 

 

When nine hundred years old you become, look this good you will not.

Grandad Grumps's picture

Ding Dong ...

He's gone where the goblins go, below ...

A few more need to reach their shelf-life: Soros, Kissinger, HW ... et al.

flaminratzazz's picture

{Poor soul didn't get to see his total NWO enslavement realized}

Obadiah's picture

But he did get to see the Beast ( One World Government) of Revelations receive (receiving) the deadly wound Chapt 13 verses 1-3

FANTASTIC!!

Tiwin's picture

His dealer mustve ran outta fresh baby hearts.

flaminratzazz's picture

The rabbi missed a shipment from Israel

dizzyfingers's picture

It's a happy day. The Soroses next.

knotjammin2's picture

That is a wonderful though and I hope we don't have to wait too long.  May Soros'e son go with him!!