Guardian of Rockefeller fortune, philanthropy dies at 101


Guardian of Rockefeller fortune, philanthropy dies at 101
  1. Guardian of Rockefeller fortune, philanthropy dies at 101
    china.org.cn
    David Rockefeller was the last of his generation in a famous American family that taught its children that wealth brings great responsibility. Even as children, he and his siblings had to set aside portions of their allowances for charitable…
    World

David Rockefeller was the last of his generation in a famous American family that taught its children that wealth brings great responsibility. Even as children, he and his siblings had to set aside portions of their allowances for charitable giving.

That lesson lasted throughout his life; to mark his 100th birthday in 2015, Rockefeller gave 1,000 acres of land next to a national park to the state of Maine.

Rockefeller died Monday in his sleep at his home in Pocantico Hills at age 101, according to his spokesman, Fraser P. Seitel.

He was the grandson of Standard Oil co-founder John D. Rockefeller and the youngest of five sons and one daughter born to John D. Rockefeller Jr. He was also the guardian of his family's fortune and head of a sprawling network of family interests, both business and philanthropic, that ranged from environmental conservation to the arts.

Unlike his brothers Nelson, the governor of New York who hungered for the White House and was briefly vice president, and Winthrop, a governor of Arkansas, David Rockefeller wielded power and influence without ever seeking public office. Among his many accomplishments were spurring the project that led to the World Trade Center.

"No individual has contributed more to the commercial and civic life of New York City over a longer period of time than David Rockefeller," said Michael Bloomberg, a former mayor and fellow billionaire. "I have long admired his commitment to the city, which began with a dollar-a-year job working as a secretary to Mayor Fiorello La Guardia. During my time in City Hall, he was always there for the city when we called."Unlike his other brothers, John D. 3rd and Laurance, who shied from the spotlight and were known for philanthropy, David Rockefeller embraced business and traveled and spoke widely as a champion of enlightened capitalism.

"American capitalism has brought more benefits to more people than any other system in any part of the world at any time in history," he said. "The problem is to see that the system is run as efficiently and as honestly as it can be."Rockefeller graduated from Harvard in 1936 and received a doctorate in economics from the University of Chicago in 1940. He served in the Army during World War II, then began climbing the ranks of management at Chase Bank. That bank merged with the Manhattan company in 1955.

He was named Chase Manhattan's president in 1961 and chairman and CEO eight years later. He retired in 1981 at age 65 after a 35-year career.

In his role of business statesman, Rockefeller preached capitalism at home and favored assisting economies abroad on grounds that bringing prosperity to the Third World would create customers for American products.

He parted company with some of his fellow capitalists on income taxes, calling it unseemly to earn a million and then find ways to avoid paying the taxes. He didn't say how much he paid in taxes, and he never spoke publicly about his personal worth. In 2015, Forbes magazine estimated his fortune at $3 billion.

As one of the Rockefeller grandchildren, David belonged to the last generation in which the inherited family billions were concentrated in a few hands. The next generation, known as "the cousins," are more numerous.

Rockefeller was estimated to have met more than 200 rulers in more than 100 countries during his lifetime, and often was treated as if he were a visiting head of state.

In addition to the philanthropy that "touched and lifted innumerable lives," Rockefeller's "connections and keen aptitude for issues made him a valuable adviser to presidents of both parties — yours truly certainly included," said former President George H.W. Bush. He said Rockefeller was a "wonderful friend" to him and his wife, Barbara.

Under Rockefeller, Chase — now known as JPMorgan Chase — was the first US bank to open offices in the Soviet Union and China and, in 1974, the first to open an office in Egypt after the Suez crisis of 1956.

In his early travels to South Africa, Rockefeller arranged clandestine meetings with several underground black leaders. "I find it terribly important to get overall impressions beyond those I get from businessmen," he said.

But Rockefeller took a lot o…

  1. France's Le Pen, on Russia visit, heads to Kremlin for exhibition

    Channelnewsasia.com - World
    03.24 / 10:36 www.channelnewsasia.com
    French far-right presidential candidate Marine Le Pen set off for the Kremlin on Friday to visit an exhibition of French gothic art, Vyacheslav Volodin, the speaker of the State Duma, Russia's lower house of parliament, told…
  2. Using GPS switches off parts of brain, scientists find

    Channelnewsasia.com - World
    03.24 / 10:16 www.channelnewsasia.com
    Scientists studying what satnavs (GPS systems) do to the brain have found that people using them effectively switch off parts of the brain that would otherwise be utilised to simulate different routes and boost navigational…
  3. Commentary: The 3 types of jihadist attacks in the West

    Channelnewsasia.com - World
    03.24 / 10:16 www.channelnewsasia.com
    A terrorism expert reflects on a decade of research to identify and explain the three categories into which the recent London parliament attack is likely to…
  4. Brazil Official Statement After Several Countries Have Banned Imports of Meat

    Novinite.com - World
    03.24 / 09:59 novinite.com
    On Wednesday several countries have banned imports of Brazilian meat after police raided several meat producers last Friday for allegedly doling out bribes to inspectors to certify meat that was either rotten or tainted with salmonella. ''Brazil ranks among the biggest animal protein exporters in the world, and the standards of excellence of our products rate among the best of the world. High quality Brazilian meat and meat products are exported to more than 150 countries '', is said in…
  5. Trump ultimatum: Pass health bill or he'll move on

    Panarmenian.net - World
    03.24 / 08:59 panarmenian.net
    Trump himself set the stage, dispatching an aide to a closed-door meeting of Republican lawmakers to demand a…
  6. Hong Kong may choose Beijing's pick for leader amid tension

    Panarmenian.net - World
    03.24 / 08:48 panarmenian.net
    John Tsang, more popular with the densely populated city's 7.3 million people, is expected to get around a quarter of the…
  7. Westminster attack: 2 more arrested overnight

    Channelnewsasia.com - World
    03.24 / 08:44 www.channelnewsasia.com
    Two more people have been arrested after a British man went on a rampage outside…
  8. Most mutations in cancer are random cell division mistakes: study

    Panarmenian.net - World
    03.24 / 08:32 panarmenian.net
    The report was authored by the same team that led a controversial study in January 2015 that said random DNA mutations is often to blame for…
  9. Trump preparing orders to review trade deals, procurement: Officials

    Channelnewsasia.com - World
    03.24 / 08:24 www.channelnewsasia.com
    The Trump administration is preparing new executive orders to re-examine all 14 U.S. free trade agreements and review government procurement policies to aid American companies, two administration officials…
  10. Russia continued supplying T-90 tanks to Azerbaijan in 2016

    Panarmenian.net - World
    03.24 / 08:16 panarmenian.net
    The publication based the report on remarks by Russian President Vladimir Putin who was summing up the results of arms…
  11. French Defence Minister sees Raqqa battle starting in coming days

    Channelnewsasia.com - World
    03.24 / 08:07 www.channelnewsasia.com
    A battle against Islamic State to recapture the Syrian city of Raqqa is likely to start in the coming days, French Defence Minister Jean-Yves Le Drian said on…
  12. Russia says six of its soldiers killed in Chechnya base attack

    Channelnewsasia.com - World
    03.24 / 08:07 www.channelnewsasia.com
    Russia said on Friday that six of its soldiers had been killed while successfully repelling a militant assault on a military facility in…
  13. Donald Trump issues ultimatum on new healthcare act, asks Republicans to pass it by Friday

    India.com - World
    03.24 / 07:59 www.india.com
    Mick Mulvaney said, he will move to other priorities, if the President doesn't get the required vote on Obamacare to repeal and replace…
  14. Mosul air strike: Over 200 killed, buried in rubble, say Iraqi officials, residents (Watch Video)

    India.com - World
    03.24 / 07:54 www.india.com
    The air strike triggered a massive explosion in the city last week and as per the reports, the civil defence agency officials and locals are still recovering…
  15. London attacker was a criminal with militant links

    Panarmenian.net - World
    03.24 / 07:50 panarmenian.net
    Masood had shown up on the periphery of previous terrorism investigations that brought him to the attention of Britain's MI5 spy…
  16. Indian woman, son strangulated to death in New Jersey

    India.com - World
    03.24 / 07:33 www.india.com
    "Pained to hear about the killing of Sasikala & son Sai in New Jersey, US. My condolences to the family members, " Andhra Pradesh CM…
  17. South China Sea installations ‘primarily’ civilian: Li Keqiang

    India.com - World
    03.24 / 07:23 www.india.com
    The sea is a source of growing regional tension, with Beijing insisting it has sovereignty over virtually all the resource-rich waters, which are also claimed in part by several other countries, and deemed international waters by most of the…
  18. Erdogan Says Turkey will Review EU Ties ‘From A to Z’

    Novinite.com - World
    03.24 / 07:15 novinite.com
    Turkey’s president Recep Tayyip Erdoğan has once again vowed to re-examine all political and administrative ties with the EU, after a constitutional referendum in April. He warned that any review of Ankara’s relations with Europe would include a deal to curb illegal migration to the bloc. “We can continue our economic relations with the European Union, Erdoğan said, but we may need to review our political and administrative ties. We will sit down and talk with our government and review ev…
  19. China says not militarizing South China Sea

    Panarmenian.net - World
    03.24 / 07:00 panarmenian.net
    "Even if there is a certain amount of defense equipment or facilities, it is for maintaining the freedom of navigation," Premier Li…
  20. Greece says to support Rome declaration, calls for EU backing on labour reforms

    Channelnewsasia.com - World
    03.24 / 06:52 www.channelnewsasia.com
    Greece will support a declaration marking the European Union's 60th birthday but needs the bloc's backing against International Monetary Fund demands on labour reforms, Greek Prime Minister Alexis Tsipras said ahead of a Summit in Rome on…