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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Volaille de Bresse's picture

Chuck Berry's death was a let-down but this one makes me feel all giddy!

TeaClipper's picture

Chuck Berry was a criminal sexual deviant, and a nasty piece of work to all he came into contact with. Any cudos he earned for Johhny B Good, which he probably plagiarised anyway, was negated by his later offering of my ding a ling.

BendGuyhere's picture

In CELEBRATION of the DEATH of an ARCH SATANIC GLOBALIST:

 

https://www.youtube.com/watch?v=gQKnzO54Lac#t=148.004

ljm81's picture

Dont be surprised if this cunt comes back to life at some point lol

 

Son of Captain Nemo's picture

Hasbro's Monopoly should at least include his "bust" as one of the NEW play pieces!

TeaClipper's picture

Great, one spare piece of rope, and one spare lamppost

Bill of Rights's picture

Please take Soro's next!!

RedDwarf's picture

"Only the good die young, all the evil seems to live forever."

True words from 7th son of a 7th son / Iron Maiden.  They seem applicable here.

Moustache Rides's picture

Glory Glory Hallelujah!

thebigunit's picture

I think I would like to devote my life to philanthropy, too.

His father, John D. Rockefeller Jr., the only son of the oil titan, devoted his life to philanthropy.

Does anyone have any surplus cash that you would like me to give away for you?  No coins, please.  Just large denomination bills.

Rikky's picture

In a few centuries nobody will know who this guy is (or care).  What will matter is where he spends eternity.  As the Bible states:

"And as it is appointed unto men once to die, but after this the judgment:" - Hebrews 9:27

 

Your every word, deed and action will be judged and your punishment will be proportional if you don't know Christ.

Pumpkin's picture

He finally gets the see his masters lying, thieving, murdering ways from his own perspective.  Reap what you sowed old fool, eternity is a long, long time.

1.21 jigawatts's picture

I imagine David is pretty giddy about meeting his idol, Lucifer. 

hangemhigh77's picture

Satan is jamming his white hot flaming cock into Rocky's pristine well manicured virgin bunghole as we speak. Where's your money now slave?

Paul Morphy's picture

I never heard of the guy until I started reading ZH.

I knew about the Rockefeller family but had no idea that they were as connected as it appears.

samsara's picture

The son of a bitch is finally DEAD. Best news all year

Let's hope good things happen in 3's. Now Soros and a Rothschild

Another article I skip right to the comments

Farmerz's picture

Im sure he will be put in "deep freeze" for re-animation when medically possible.

DirkDiggler11's picture

Tyler(s), this should be the featured ZH story for the WEEK at least if not longer...

MrBoompi's picture

His philanthopy was only exceeded by his tax evasion and lust for oligarchy.  

Versengetorix's picture

Everytime I saw the "cigarette man" on the X-Files, I knew he was speaking for David Rockefeller.  Now we can watch as the glitteratti gather to sing his praises for the next 10 days. It will help us to indentify some of the more obscure agents of darkness in the crowd.

dynomutt's picture

I would be ... afraid

 

A psychopath like that is sure to have a "dead-man's switch" that will cause some terrible calamity to befall a large population somewhere.

JPMorgan's picture

One less asshole in the world.

flaminratzazz's picture

I hope they parade his dead body around for a month like the pope.

Every day will be a celebration!

BenBache's picture

The seventh heart transplant David had last year didn't take so well.  The sixth didn't either, as it lasted only a year or so.  The little boys who gave them up did so voluntarily and with love.  

headless blogger's picture

6 heart transplants to keep himself alive, which means 5 people had to die to keep him alive. I can see him one, but 5??

That tells me the guy had a huge fear of death, so I hope he got a long Life Review showing all the damage he did and which he has never shown a sign of remorse for, before they sent him to await his Karma.

Gamma735's picture

All the people that have sold their souls are desperate not to die.   They can delay judgement, but they can not skip judgement.

BurningBetty's picture

Never thought I'd read so much praise about the death of an Rockefeller in an article posted on ZH...had to stop reading with so much blasphemy protruding through the words. Let's hope Soros is just around the corner. 

headless blogger's picture

Maybe SOROS is next!!

kalboking's picture

Id like to see Kissinger Mcshame, Albright, nuttyyahoo join him. Davy say hello to janet reno for me.

musimann's picture

Rockefellers - a deep crypto Jew family pretending to be protestants.

"A book overlooked by most people and published for sale mainly within the Jewish community states that the Rockefellers are Jews of Sephardic descent (meaning Spanish and Portuguese Jews). The book is entitled "The Grandees - America's Sephardic Elite." The author is Stephen Birmingham, who is recognized by the Jewish community as an expert on Jewish history.

In "The Grandees" Stephen Birmingham reveals the existence of a very rare book which was published only for Jews some years ago. The work was compiled by the Jewish historian Malcolm H. Stern and entitled "Americans of Jewish Decent." That book weighed 10 pounds and gave the history of 25,000 Jewish individuals in America. It is extremely interesting to note that only 550 copies of the book were printed and each copy was consecutively numbered. The book was delivered to the top Jewish community leaders in America for their personal reference files in dealing with and contacting Jews who are "Marranos" (those Jews who "PRETEND" to be Christians in their community but secretly hold to their Jewish faith and race when among their own kind)."
https://israelect.com/reference/WillieMartin/NEWS-11.htm

In spite of all his wealth he was just another Rothschild Lt. ransacking America. He did a lot to destroy America as a free country. He shall not be missed!

BigWillyStyle87's picture

Why do the pieces of shit always last the longest? Perhaps, all the bathing in blood of virgins and the pizza parties maintain their youth? 

 

Side Note : I wonder at what age his dick stopped working

Heavenly Entity's picture

They live long because they run children blood thur there bodies.  

Bendromeda Strain's picture

May he meet the pissed off dead of WTC 1&2 .

Heavenly Entity's picture

He's in HELL!

What this vile monster did to thousands of children is going to be done to him forever. This is a good day. We all get what we got coming

Weirdly's picture

Bullshit.  You say he is in hell to make yourself feel better.  He got away with evil day after day after day for 101 revolutions around the sun.  And we let him get away with it.  And his kids now get to enjoy the spoils of his evil.  And we will let them get away with it too. 

adr's picture

Exactly, FEAR of hell is what keeps good people from doing what is necessary. DESTROYING THESE EVIL MONSTERS BEFORE THEY DO HARM TO THE WORLD!!!!

The only true justice is at the end of a rope tied by the righteous.

 

atthelake's picture

No complete list of his survivors was available. In this day, and age, I wouldn't tell the plebs who I am, either.

Caleb Abell's picture

Better late than never.

AntiSocialLoser's picture

He will burn in Hell, big time

SystemOfaDrown's picture

Man I'm gonna miss Chuck Berry.

metanoic's picture

When you pay for overnight delivery on that 19 year old black market Haitian heart and UPS lets you down...Hope his estate gets the shipping costs fully refunded.

_freedom_lover_'s picture

Rest in hell, enemy of humanity.