Who is David Rockefeller? Major banker, philanthropist and conspiracy theorist: biography of David Rockefeller
Biography
early years
On September 7, 1940, David Rockefeller married Margaret "Peggy" McGrath (1915-1996), the daughter of a partner in a prominent Wall Street law firm.
From 1941 to 1942, David Rockefeller worked for the Departments of Defense and Health and Welfare. In May 1942 he entered military service as a private, and by 1945 he had risen to the rank of captain. During the war he was stationed in North Africa and France (he spoke French fluently), working for military intelligence. For seven months he also served as assistant military attaché at the American Embassy in Paris. In 1946, his long career with Chase Manhattan Bank began.
Chase Manhattan Bank
David Rockefeller began his career at Chase National Bank in 1946. David made this decision largely on the advice of his uncle Winthrop Aldrich. Another reason was that the largest shareholder (4%) of Chase National Bank was David's father, John Rockefeller II. Chase National Bank was a bit of a paradox at the time. One of the largest banks in the world with the strongest shareholders was significantly behind its competitors in terms of organization and planning. David began his career as an assistant manager in the foreign department. It was a low position with a salary of $3.5 thousand. He worked in this post for three years. Thanks to the rotation, he was able to participate in the work of each of the 33 divisions of the bank's foreign department.
His first task was to attract new clients to the branches in Paris and London, but he did not achieve much success in this. In 1947, David, on his own initiative, transferred to the Latin American department.
Chase National Bank controlled 50% of the deposit market in Panama, financed sugar production and exports in Cuba, but had a very weak presence in Puerto Rico. According to Rockefeller, the bank had every chance to strengthen its position. In Panama, David managed to open a bank branch in the province of Chiriqui and began issuing loans to pastoralists. Chase received livestock as collateral. The venture led to increased revenue, the development of the ranching business in Panama, and the establishment of Chase's reputation as a bank that helped improve the welfare of local residents. In Cuba, a plan to buy a stake in a large local bank failed to materialize.
Rockefeller achieved his most notable success in Puerto Rico, where Chase National Bank had previously operated very weakly. The governor of this country was Luis Muñoz Marin. Rockefeller was familiar with him and used his desire for development to his advantage. Chase National Bank provided loans to entrepreneurs who wanted to buy government companies. Gradually, Chase National Bank strengthened its position and began opening branches in major cities. Employees were recruited in Puerto Rico, and the practice spread to other Latin American countries. It was easier to innovate work here than in Europe. In the early 50s, the branch system in the Caribbean region became the most developing in the company. The proven operating model, which included the launch of new types of lending, the opening of branches and the purchase of shares in banks operating in the country, began to be seen by Rockefeller as key to development in other parts of the world.
In 1961, David Rockefeller became president of Chase Manhattan Bank, and in 1969 he was promoted to chairman of the board of directors.
One of Rockefeller's successes at the head of Chase Manhattan Bank was his entry into the USSR market. In 1964, he personally communicated with Nikita Khrushchev. There is an entire chapter in Rockefeller's memoirs devoted to the conversation.
In 1954, David Rockefeller became the youngest director in history of the Council on Foreign Relations, from 1970-1985 he headed its board of directors, and then served as honorary chairman of the board of directors.
Bilderberg Club
Hotel Bilderberg
A committed globalist, influenced by his father, David expanded his connections at an early age by attending meetings of the elite Bilderberg Club. Participant of the very first meeting of the Club in 1954 (Hotel Bilderberg, Netherlands). For decades, David Rockefeller has been a regular attendee of Club meetings and a member of the “governing committee” that determines who is invited to subsequent annual meetings. This list includes the most significant national leaders, who sometimes even stand for elections in the respective country. This was the case, for example, with Bill Clinton, who first took part in Club meetings back in 1991, while he was governor of Arkansas.
Trilateral Commission
Meetings with world leaders
D. Rockefeller met with prominent politicians from many countries. Among them are the following:
- Nikita Khrushchev (August 1964)
The meeting lasted 2 hours and 15 minutes. David Rockefeller called it "interesting." According to him, Khrushchev spoke about the need to increase trade turnover between the USSR and the USA (New York Times, September 12, 1964). In his 2002 memoir, David Rockefeller noted that despite Khrushchev's self-confidence, it was clear that the USSR was facing economic difficulties. According to Rockefeller, Khrushchev made a good impression on him.
Details of the meeting were not disclosed. According to official data, the issue of trade relations between the USSR and the USA was discussed in anticipation of the adoption by the US Congress of the Jackson-Vanik amendment, limiting trade relations with the USSR. In an interview with the New York Times on May 22, 1973, D. Rockefeller said:
“Soviet leaders seem confident that President Nixon will push [in Congress] for most favored nation trade treatment for the USSR.”
However, this did not happen and the Jackson-Vanik amendment was adopted in 1974.
D. Rockefeller writes in the book “The Bankers Club” (2012): “An agreement was signed under which Chase Manhattan Bank became the first American correspondent bank of the Bank of China after the communist takeover 25 years ago.”
David Rockefeller and the Shah of Iran held talks in Saint-Maurice, Switzerland. The 1973 oil crisis was discussed and numerous issues were addressed. The conversation lasted 2 hours.
- Anwar Sadat, President of Egypt (1976, 1981)
On March 22, 1976, D. Rockefeller “agreed to become an informal financial adviser” to A. Sadat. After 18 months, Sadat announced his readiness to visit Israel, and after another 10 months the Camp David Accords were signed, which changed the geopolitical situation in the Middle East in favor of the United States.
- Mikhail Gorbachev (1989, 1991, 1992)
In 1989, David Rockefeller visited the USSR at the head of a Trilateral Commission delegation that included Henry Kissinger, former French President Valéry Giscard d'Estaing (a Bilderberg member and later editor-in-chief of the EU constitution), former Japanese Prime Minister Yasuhiro Nakasone, and William Hyland, editor of the Council on International Relations of Foreign Affairs magazine. At the meeting with Mikhail Gorbachev, the delegation was interested in how the USSR was going to integrate into the world economy and received corresponding explanations from Mikhail Gorbachev.
The next meeting between D. Rockefeller and other representatives of the Trilateral Commission and Mikhail Gorbachev, with the participation of his entourage, took place in Moscow in 1991. [ ]
Then M. S. Gorbachev paid a return visit to New York. On May 12, 1992, already a private citizen, he met with Rockefeller at the Waldorf Astoria Hotel. The official purpose of the visit was to negotiate for Mikhail Gorbachev to receive financial assistance in the amount of $75 million to organize a global fund and a “presidential library on the American model.” Negotiations continued for an hour. The next day, in an interview with the New York Times, David Rockefeller said that Mikhail Gorbachev was “very energetic, extremely lively and full of ideas.”
- Boris Yeltsin (September 1989)
During his first trip to the United States, Boris Yeltsin was preparing for a meeting with President Bush. Yeltsin had a lecture scheduled at the Council on Foreign Relations, where New York's business elite had already gathered. David Rockefeller met him there. Assistant to Yeltsin in 1988-1997. Lev Sukhanov says in his book, “David Rockefeller introduced Yeltsin as an oppositionist to Gorbachev, which, however, did not stop those present from applauding.” On that American tour, D. Rockefeller provided Yeltsin with his personal plane for flights around America. It is with that tour that the story is connected when Yeltsin “urinated” on the wheel of David Rockefeller’s private plane.
The meeting lasted about 6 hours. In an interview with La Nación, David Rockefeller said: “Castro was energetic and full of vitality. He talked to us almost all the time about his achievements in Cuba. I have to say that what they have done in the areas of education and health is quite impressive."
Last years
On October 20, 2003, David Rockefeller again arrived in Russia to present the Russian translation of his memoirs. On the same day, David Rockefeller met with Moscow Mayor Yuri Luzhkov.
David Rockefeller was the long-time chairman of the board of the Museum of Modern Art (MoMA). Until the age of 90, Rockefeller came to the office at 10:00 and left at 17:00
On the occasion of his 100th birthday, David Rockefeller donated a park in Maine for public use. He died on March 20, 2017 at his home in New York State at the age of 102 due to heart failure.
Views
Globalization
Rockefeller is known as one of the first and most influential ideologues of globalism and neoconservatism. He is credited with a phrase allegedly spoken by him at a Bilderberg meeting in Baden-Baden, Germany, in 1991:
Charity
Rockefeller always paid attention to charity. In November 2006, The New York Times estimated his total donations at more than $900 million. In 2008, Rockefeller donated $100 million to his alma mater Harvard University, one of the largest private donations in its history.
About the Russian economy in 1998
On December 1, 1998, on Charlie Rose, Rockefeller said the following: “Unfortunately, I think that the Russian market is currently in a chaotic state. And I think it will take some time before they work this all out. My concern is that the market, as interpreted in Russia, seems to mean that in many cases, former communists are now heads of large enterprises. The enterprises are no longer owned by the state, but the same people are running the enterprises and making millions and hundreds of millions of dollars for themselves... I think this is bad for the country and sets a bad example, and in my opinion the risk is that when everything is settled, in Russia will not get the pure democratic market economy we hoped for.”
Companions
- Henry Kissinger, Harvard University professor, US Secretary of State from 1973 to 1977, family protégé Rockefeller
- Zbigniew Brzezinski, Columbia University professor, international affairs expert and Rockefeller advisor, executive director of the Trilateral Commission from 1973 to 1976.
Wife, children, home
David Rockefeller and Margaret McGrath had six children:
As of 2002, David Rockefeller had 10 grandchildren: David's son's children (Ariana and Camille); daughter Neva's children (David and Miranda); daughter Peggy's son (Michael); son Richard's children (Clay and Rebecca); daughter Abby's son (Christopher); children daughter Eileen (Daniel and Adam).
One of his granddaughters, Miranda Kaiser ( Miranda Kaiser; genus. 1971) came to the attention of the press in April 2005 when she publicly resigned without explanation from her post as an investigator into the corruption case of the UN Oil-for-Food program.
Rockefeller's main home was Hudson Pines. Hudson Pines Farm), located on family lands in Westchester County. He also owned a house on East 65th Street in Manhattan, New York, as well as a country residence known as the "Four Winds" in Livingston(District of Columbia, New York), where his wife founded the Simmental beef farm (named after a valley in the Swiss Alps).
Hobbies
David Rockefeller was a beetle collector. He managed to assemble one of the richest and most well-structured private collections in the world. The first specimen appeared in his collection at the age of 7 and it was Parandra brunneus. While serving in North Africa in 1943-1944, he personally collected 131 beetles for his collection. Subsequently, the collection was replenished during Rockefeller's trips to Brazil, Cuba, Europe and Australia. He also repeatedly sponsored various entomological expeditions, during which 150 new species of insects were discovered. David Rockefeller acquired a collection of 9,000 species of longhorned beetles and lamellar beetles from a collector in Spain.
Works
- Unused Resources and Economic Waste, Doctoral dissertation, University of Chicago Press, 1941;
- Creative Management in Banking, "Kinsey Foundation Lectures" series, New York: McGraw-Hill, 1964;
- New Roles for Multinational Banks in the Middle East, Cairo, Egypt: General Egyptian Book Organization, 1976;
- Memoirs, New York: Random House, 2002. (David Rockefeller. Banker in the Twentieth Century. Memoirs / Translated from English - ISBN 5-7133-1182-1 - 564 pp., 2003.)
- Memories / Transl. from English M.: Libright, International Relations, 2012. - 504 pp., ill., 3000 copies, ISBN 978-5-7133-1413-2
- Bankers Club / Transl. from English M.: Algorithm, 2012. - 336 p. - (Titans of the 20th century). - 1500 copies, ISBN 978-5-4438-0107-0
see also
Notes
- The World's Billionaires #569 David Rockefeller, Sr. , Forbes. Retrieved November 7, 2016.
- German National Library, Berlin State Library, Bavarian State Library, etc. Record #119271192 // General regulatory control (GND) - 2012-2016.
- David Rockefeller, Philanthropist and Head of Chase Manhattan, Dies at 101
- SNAC - 2010.
- Find a Grave - 1995. - ed. size: 165000000
- Common rendering of surnames in Russian texts; more accurate transmission - Rockefeller
- New Lincoln School (English) // Wikipedia. - 2017-02-11.
- Chase Bank (English) // Wikipedia. - 2017-03-26.
- David Rockefeller, ‘business statesman’ and former Chase Manhattan chairman, dies at 101 - The Boston Globe, BostonGlobe.com
- Major banker, philanthropist and conspiracy theorist: biography of David Rockefeller (Russian), vc.ru(March 27, 2017). Retrieved March 30, 2017.
- Philanthropist, oil heir, banker David Rockefeller dies at 101, USA TODAY. Retrieved March 29, 2017.
- David Rockefeller(English) . Biography. Retrieved March 29, 2017.
- Fidel Castro: Times Coverage, 1957-1959, The New York Times(August 1, 2006). Retrieved March 30, 2017.
- (undefined) . www.rulit.me. Retrieved March 30, 2017.
- The Rockefeller Archive Center - David Rockefeller Biographical Sketch (undefined) . rockarch.org. Retrieved March 30, 2017.
- Book "Banker in the 20th century. Memoirs" - Download for free, read online (undefined) . www.rulit.me. Retrieved March 29, 2017.
- GaryNorth.com. David Rockefeller Is 101 (August 3, 2016). Retrieved March 29, 2017.
- Who is David Rockefeller? Everything You Need to Know (English). Retrieved March 29, 2017.
- Grigoriev, Andrey. Billionaire David Rockefeller (Russian) died at the age of 101. Life.ru. Retrieved March 29, 2017.
- 1954 Bilderberg Conference (English) // Wikipedia. - 2016-09-15.
Family history
Bilderberg Club
A committed globalist due to his father's influence, David expanded his connections at an early age by attending meetings of the elite Bilderberg Group. His participation in Club meetings began in 1954 with the very first Dutch meeting. For decades, he has been a regular participant in Club meetings and a member of the so-called. a “governing committee” that determines who is invited to the next annual meeting.
This list includes the most significant national leaders, who then stand for election in the respective country. This was the case, for example, with Bill Clinton, who first took part in the meetings of the Club back in 1991, while he was the governor of Arkansas (from this and similar episodes, opinions arise that individuals supported by the Bilderberg Club become national leaders, or even that the Bilderberg Club decides who should be the leader of this or that country).
Views
Rockefeller is known as one of the first and most influential ideologues of globalization and neoconservatism. He is credited with a phrase allegedly spoken by him at a Bilderberg meeting in Baden-Baden, Germany, in 1991:
"We are grateful to The Washington Post, The New York Times, Time magazine, and other prominent publications whose leaders attended our meetings and respected their confidentiality for nearly forty years. We would not have been able to develop our plan for world order if the spotlight had been turned on us all these years. But nowadays the world is more sophisticated and is ready to move towards a world government. The supranational sovereignty of the intellectual elite and world bankers is undoubtedly preferable to the national self-determination practiced in centuries past."
In 2002, on page 405 of his Memoirs (English edition), Rockefeller writes:
« For over a hundred years now, ideological extremists at all ends of the political spectrum have enthusiastically invoked certain famous events, such as my bad experience with Castro, to blame the Rockefeller family for the pervasive, menacing influence they claim we have on American political and economic institutions. Some even believe that we are part of a secret political group working against the interests of the United States, and characterize my family and I as "internationalists" colluding with other groups around the world to build a more integrated global political and economic structure - one world , if you like. If that's the charge, then I plead guilty and I'm proud of it».
Proponent of birth control and restriction on a worldwide scale. David Rockefeller's concern is the growing consumption of energy and water, as well as air pollution due to the growth of the world's population. At a UN conference in 2008, he called on the UN to find " satisfactory ways to stabilize the world population».
Personal life
For many decades he has been devoted to his wife Margaret, whom he lovingly calls Pegi. It is curious that in the history of owners of million-dollar fortunes there are cases of long-term and pure love. Although, of course, history may be silent. In their marriage, the Rockefellers raised six heirs. David Jr. born 1941, Abby 1943, Neva Goodwin 1944, Peggy Dulaney 1947, Richard 1949, and Eileen 1952.
David Sr. currently has 10 grandchildren: children of son David: Ariana and Camilla, children of daughter Neva: David, Miranda, children of daughter Peggy: Michael, children of son Richard: Clay and Rebecca, children of daughter Abby: Christopher, children of daughter Eileen : Danny and Adam.
In general, the clan is expanding and growing. By the way, the oil oligarchs may not be persecuted by the press for nothing, since the notorious story of the voluntary dismissal of Miranda Duncan (Rockefeller’s granddaughter) from the post of investigator in the corruption case under the UN Oil-for-Food program caused a wide resonance in the press.
The Rockefeller family lives in the Hudson Pines residence in Westchester County. David also has a huge house in Manhattan at 65 East Street. There is a house in New York State in Columbia. The Simmental meat farm is also located there.
Interesting
He considered painting complete debauchery and there is still not a single painting in his house - he instilled this dislike in his children. He ate little, treating appetite as a punishment. " What is it: eat and eat, and you want more", he told Henry Ford. By the way, he didn’t skimp on food, but he considered spending on it pointless. In general, he was a very negative person towards the world, almost a misanthrope. For every generally accepted concept he had a “flattering” epithet. He hated literally everything that his contemporaries breathed: theater, music, secular society (and its members), love, literature. At the same time, he turned out to be very prolific, and his family was very friendly. It is noteworthy that he was strikingly indifferent to earthly goods, and he was interested in making money as a process. He didn’t drink, didn’t smoke, and didn’t have a single mistress. At one time he kept his children in a black body: they wore each other’s clothes and took turns riding the same bicycle. However, this educational moment may have been correct - but they all learned to achieve their goals with their own minds. Such a wonderful man, if not for his sweet character. The first barrel of oil was sold as "an excellent remedy for lice." It is true: lice are still poisoned with kerosene and its derivatives.
He loved chestnuts to death. And he carried them with him everywhere. I ate it for rheumatism, but in fact I almost got used to it. His trouser pockets were always filled with chestnuts.
He founded his first enterprise with borrowed money from his father. Good dad carefully charged penalty interest for late repayment of the debt. By the way, both dad and John himself were dishonest. For example, dad reduced the price of his goods by playing a destitute deaf man. And what’s interesting is that it worked great. Rockefeller subsequently used all methods of unfair competition and actively fed the monster of corruption. With his money, many became henchmen of his methods.
When he turned 96, the insurance company gave him a prize check for five million dollars (much more), since with his longevity he significantly corrected the statistics, which were unfavorable for insurers. This was probably the payment for a ticket to heaven, which John himself joked darkly about alone with his friend Henry, hoping to meet him in heaven.
Video by David Rockefeller
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Rockefeller believed that success in business required “training, discipline and hard work.” He proved this by his own example. After the end of World War II (David volunteered for the front), at the invitation of his uncle, he got a job at the world's largest bank, Chase Bank.
David began his career as an assistant manager (then the lowest category of bank employees), received $3,500 a year and traveled to work by subway.
The future billionaire knew how to “feel the moment.” At that time, higher education and management skills were not important achievements, so he remained silent about the fact that he had a doctorate in economics: “It might seem like a manifestation of an inability to practice.”
Simboloabierto.wordpress.com
Rockefeller did not like sitting in an office. During his 35 years of work at Chase Bank, he flew more than five million miles (that's 200 trips around the world) and visited more than a hundred countries. He visited France over 40 times, visited England 37 times, met with bank clients in 42 of the 50 American states and “ate more than 10 thousand business lunches.”
He could hold up to ten business meetings a day, and was in audience with 200 heads of state and government, with whom he established personal connections. “Although the pace was sometimes a little frantic, I found these trips productive and enjoyable, and important for the globalization of our activities,” Rockefeller wrote.
The billionaire believed that there was no need to be afraid to engage with friends: “I never thought that close personal friendships and good business relationships had to be mutually exclusive. I firmly believe that the most successful business relationships are based on trust, understanding and loyalty.”
Friendship based on business is better than business based on friendship.
David Rockefeller
Rockefeller believed that it was necessary to create, not destroy. “The joy of entrepreneurship is creating something that is permanent, lasting and of value to others.”
To achieve success, according to Rockefeller, you should not focus on money: “If your only goal is to become rich, you will never achieve it.”
And one more business tip from a billionaire: “Don’t be afraid of big expenses. We should be afraid of small incomes.”
Life
The billionaire had an unusual hobby: not women and expensive alcohol, but collecting beetles. This hobby was not destructive. “You can’t run a large commercial bank by staying out all night,” Rockefeller believed.
He fell in love with insects as a child while taking a science course. On all his trips, David took the jar with him. He liked that he could pursue his hobby in any part of the world.
Collecting beetles is not difficult: they have a durable shell.
David Rockefeller
Rockefeller discovered several new species of beetles. Its collection numbers 40 thousand insects and is considered the largest in the world. A rare scarab from the Mexican mountains is named after David: Diplotaxis rockefelleri.
360doc.com
The billionaire believed that children need a good teacher. Rockefeller often recalled his sixth-grade teacher, who instilled in him a lifelong interest in history.
Since childhood, David had a calm character. In the future, this determined his attitude towards people: Rockefeller admitted that most of all he disliked scenes and showdowns.
“The last name Rockefeller can be an advantage... My phone calls are answered more often. But because of it, people sometimes treat me more suspiciously and skeptically than others. They believe that I achieved something thanks to my last name, and not through my own efforts,” said David.
Anyone who stands out even a little from the crowd needs to be thick-skinned.
David Rockefeller
The secret to being perfect with your other half, according to Rockefeller, is simple: “My wife and I have completely different interests, which we pursued separately from each other. This is the key to our very long and very happy marriage.”
notjustrich.com
The billionaire was opposed to living beyond his means: available loans, in his opinion, easily lead to “both large-scale speculation and excessive expansion.”
To live a full, interesting life, Rockefeller advised to love adventures, be sure to travel abroad, study another culture, have no regrets, and also be sincerely interested in people. “This direct and uncomplicated approach applies both to the people I meet every day and to the leaders of our world.”
The billionaire believed that “where you have ample opportunity, responsibility also arises.” Rockefeller was a famous philanthropist. In November 2006, The New York Times reported the total size of his donations as more than $900 million. He donated 100 million to Harvard University, his alma mater, which made it possible to expand the teaching of the humanities and financially support students studying abroad.
David Rockefeller
Health
David Rockefeller has had a heart transplant seven times. The first time he underwent this operation was in 1976 after a severe accident that caused a heart attack. A week later, the billionaire was already out for a run.
Late last year, Rockefeller became the first person in the world to receive seven heart transplants. “Every new heart seems to breathe life into my body. “I feel more alive and energetic,” he said.
In addition, he received kidney transplants twice.
timesunion.com
In one of the interviews, Rockefeller revealed another, very simple secret of his longevity.
Love life. Live a normal life, raise your children, enjoy what you have, and spend time with good people and true friends.
David Rockefeller
Rockefeller often joked that he wanted to live to be 200 years old.
6 more wise sayings by David Rockefeller
- The ability to deal with people is a commodity that can be bought in the same way as we buy sugar or coffee. And I will pay more for such a skill than for anything else in the world.
- Build a reputation and it will work for you.
- Good management is about showing average people how to do the work of excellent people.
- I have always tried to turn every failure into an opportunity.
- I'd rather hire someone with passion than someone who knows everything.
- I don't think there is any other quality as essential to any kind of success as persistence.
Today I will tell you about how I made my fortune - the first dollar billionaire, the richest person in the world in the entire history of mankind. To this day, the name of this man is a symbol of wealth. John Davison Rockefeller lived in the second half of the 19th and first half of the 20th century, but still heads.
The first billionaire of our time, the leader - Bill Gates lags behind him in terms of financial status by more than 4 times! Biography and success story of John Rockefeller, the most interesting facts from life in today's publication on Financial Genius.
John Rockefeller: biography. Childhood.
John Davison Rockefeller Sr. (later he had a son with the same name) was born in 1839 in Richford, New York. His parents were very religious (Protestants), the family was large: a total of 6 children were born, of whom John Rockefeller was the second. John's father had a small capital, but often left for long periods of time, selling elixirs; during these periods, his mother was poor and saved a lot on everything.
From childhood, mother, father and the priest, whom the Rockefeller family often visited, taught their children to take care of personal finances, work and earn money on their own. From an early age, business became one of the main areas of family education for John.
His father often paid him for various services, while bargaining. At a very young age, Rockefeller was already buying a pound of candy, then distributing it into piles and reselling it to his sisters at a higher price. At the age of 7, he began working part-time for his neighbors, digging potatoes for them, and raising turkeys for sale. Since childhood, John Davison Rockefeller wrote down all his income and expenses in a small book, and put all the money he earned into his piggy bank. By the way, he kept and continued to maintain his home accounting, the maintenance of which began from an early age.
At the age of 13, John Rockefeller saved up $50 and lent it to a farmer he knew at 7.5% per annum.
John successfully graduated from school, after which he entered college, which taught the basics of accounting and commerce, but soon decided that he would only waste time there, so he left college and instead completed a three-month accounting course, after which he began.
John Rockefeller: biography. Career and entrepreneurship.
John Rockefeller got his first serious job at the age of 16, after 6 weeks of searching: he first became an assistant accountant in a trading company with a salary of $17, and was soon promoted to an accountant with a salary of $25 a month. Rockefeller proved himself so well in this place that after some time, when the head of the company left his post, John became the manager of this company with a salary of $600. However, Rockefeller did not like the fact that the previous manager was paid $2,000 a month, and he was only paid $600, so he soon quit.
This job became the only place of employment in the biography of John Rockefeller.
In 1857, Rockefeller learned that an entrepreneur from England was looking for a business partner with a capital of $2,000. At that time, he only had $800, but he was inspired by this idea, so he borrowed the missing money from his father at 10% per annum and became the junior co-founder of the Clark and Rochester company, which specialized in the sale of hay, grain, meat and some others goods.
When the company had a need to borrow money to increase working capital, negotiations with the bank were conducted by John Rockefeller: thanks to his sincerity and talent for persuasion, he was able to convince the manager to provide their still young company with a loan in the required amount.
John Davison Rockefeller: oil business.
At the beginning of the 2nd half of the 19th century, kerosene lamps became popular in the United States, which stimulated an increase in demand for the main raw material for their production - oil. During this period, John Davison Rockefeller met practicing chemist Samuel Andrews, who specialized in the processing of petroleum raw materials and predicted a great increase in the popularity of kerosene as a product for lighting. They combined their capital with that of Rockefeller's business partner Clark and created the oil refining company Andrews and Clark.
John Rockefeller saw great prospects for the oil market and tried to persuade Clark to transfer all his available capital to this business. When he still refused, Rockefeller bought out his share in the enterprise for $72,500 and devoted himself entirely to the oil business.
In 1870, John Davison Rockefeller Sr. created his main oil company, Standard Oil, which in the future brought him his main wealth. This company has already carried out a full cycle: from oil production to production and supply of the final product.
At his company, John Rockefeller introduced a non-standard system: instead of wages, he paid employees with company shares, which constantly grew in price and brought good income. It turned out that the employees themselves were interested in doing their work diligently and efficiently: after all, the success of the company depended on this, and therefore the increase in the price of its shares and their personal income.
The Standard Oil company developed rapidly, increasing its turnover, and John Rockefeller began to invest the profits received from its activities in other oil companies. He found an opportunity to dump on the cost of transporting products by agreeing with railway transport companies, which his competitors could not afford. Therefore, Rockefeller presented his competitors with a choice: either merge with him or go bankrupt. So many of them gradually became part of Standard Oil.
In just 10 years, John Rockefeller's company became an almost absolute monopolist in the United States: it concentrated 95% of the country's oil production. After this, Rockefeller raised prices for his products and Standard Oil became the largest oil company in the world.
Another 10 years later, in 1890, an antitrust law was adopted in the United States. At first, the oil tycoon bypassed his norms in every possible way, but when he could no longer resist the authorities, 21 years later, in 1911, he divided his corporation into 34 enterprises, retaining a controlling stake in each of them.
The Standard Oil company brought Rockefeller a profit of $3 million annually (in today's money, that's billions). The corporation's assets included:
– more than 400 enterprises;
– more than 90 miles of railway tracks;
– more than 10 thousand railway tanks;
– 60 oil tankers;
– 150 ships.
The company's share in global oil turnover exceeded 70%.
John Rockefeller: net worth.
Oil tycoon John Rockefeller's fortune was estimated at $1.4 billion, or $318 billion in today's US currency. At the time of his death, Rockefeller's fortune amounted to 1.54% of US GDP, and in 1917 it reached 2.5% of US GDP.
In addition to Standard Oil, John Rockefeller's assets included:
– 16 railway companies;
– 6 steel production companies;
– 9 companies engaged in real estate trading;
– 6 shipping companies;
– 9 banks;
– 3 orange groves.
Rockefeller lived richly, but never focused on his wealth. He had several villas and houses in different states, a land plot of 273 hectares, and a personal golf course.
John Rockefeller: charity.
From his earliest years, John Rockefeller consistently used 10% of his income to donate to the Baptist Church. Over the course of his life, he transferred more than $100 million there.
In addition, Rockefeller donated about $80 million to the University of Chicago, he also became the founder and sponsor of the New York Institute for Medical Research, and later established the famous Rockefeller Charitable Foundation.
At the end of his life, John Rockefeller gave away about half a billion dollars to charity.
John Rockefeller Jr.
John Davison Rockefeller Jr. is the only son of John Rockefeller. He inherited $460 million from his father, and spent about this amount on charity throughout his life. In particular, thanks to his donations, the UN headquarters in New York and the famous Empire Building were built.
John Rockefeller Jr. left behind 5 sons (known as the Rockefeller grandchildren) and a daughter. Each of them has its own story, but all are somehow connected with running a business.
John Rockefeller: interesting facts.
Since childhood, John Rockefeller dreamed of living to be 100 years old and earning 100 thousand dollars, but he only lived to be 97 years old and earned 1.4 billion.
At the age of 96, John Davison Rockefeller received an insurance payout of $5 million as a person who lived to that age. The insurance company estimated the probability of such an “insured event” to occur as 1:100,000, and this was the first such case in the company’s history.
In 1908, John Rockefeller wrote a book, “Memoirs,” in which he described his life path, his success story. To this day, the Memoirs of John Rockefeller is a very popular book, published many times in huge editions, highly appreciated by readers and critics.
Workers of the Rockefeller company used to scare their children with it: “If you cry, Rockefeller will take you.”
What John Rockefeller was most proud of was not his wealth and achievements, but his morals, which he considered impeccable.
The most famous quotes from John Rockefeller:
– He who works all day has no time to earn money;
– Your well-being depends on your own decisions;
– If your only goal is to become rich, you will never achieve it.
Here it is - the biography and success story of John Rockefeller - the richest man on earth, an oil tycoon.
Stay on, improve your financial literacy, learn to use personal finance competently and effectively, and perhaps someday you too will be able to achieve at least a small fraction of what John Davison Rockefeller achieved in life. See you again!
The site's observer studied the history of billionaire David Rockefeller, who created the international bank Chase Manhattan Bank and became famous for his philanthropic activities, close acquaintance with many heads of state and participation in international organizations. During his lifetime, Rockefeller became involved in various conspiracy theories.
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One of Rockefeller's successes at the head of Chase Manhattan Bank was his entry into the USSR market. In 1964, he personally communicated with Nikita Khrushchev. There is an entire chapter in Rockefeller's memoirs devoted to the conversation.
In 1971, Chase Manhattan Bank helped the USSR finance a large grain purchase, and in 1973 it opened its branch in Moscow. Chase became the first US bank to receive a license in the USSR. Rockefeller visited the Soviet Union more than once and talked with Brezhnev, Kosygin and Gorbachev.
Mikhail Sergeevich Gorbachev and David Rockefeller
In 1973, the oil crisis began. Chase and a number of international banks were tasked with recycling dollars and supporting the international trading and financial system.
Rockefeller had to work a lot and hard. He provided assistance to banks in different countries. Among them was Italy, where the balance of payments deficit was several billion, and the state did not have enough money to purchase oil. Rockefeller knew the head of the Bank of Italy, Guido Carli, and at his request issued a loan of $250 million.
In the 70s, the company successfully expanded into the markets of the Middle East and North Africa. In 1970, she jointly owned a bank in Dubai, had a branch in Lebanon and a representative office in Bahrain. Rockefeller opened a representative office in Tunisia and a branch in Jordan. Joint banks were also created in Saudi Arabia, Qatar, Iran, Kuwait and other countries. Personal acquaintance with most of the rulers of the region played a decisive role in these processes.
In the mid-70s, Chase Manhattan Bank was going through hard times. He faced significant losses in his real estate portfolio, pushing his Chase Manhattan Mortgage and Realty Trust to the brink of bankruptcy. Problems arose with operational management systems, which led to a drop in service levels and decreased revenue. They were connected with the computerization of this area.
The revision of the trading report cost $33 million. The press burst into loud stories about the failures of the bank and that Rockefeller should fire himself. Complicating the situation were the successes of Citibank, its main competitor, which managed to outperform Chase in all financial indicators. Because of the problems that arose, Rockefeller almost lost his job.
The businessman tried to save Chase Manhattan Mortgage and Realty Trust through changes in management, for which he organized a group to study the situation, carry out calculations and search for alternatives.
It turned out that the bank's investment in Chase Manhattan Mortgage and Realty Trust was four times the fund's cost of capital. Chase's liabilities to the trust accounted for 10% of the bank's assets. A bankruptcy would have led to the fund's other creditors calling for a subordination of the Chase Manhattan Bank loan, which would have dried it up entirely. Proceedings with creditors would lead to financial costs, reputational damage and a drop in share prices.
Thanks to the reports and action plan provided to the board, Rockefeller retained his job and was given time to correct the situation. The strategy to save the real estate trust was to purchase its $210 million in loans. Chase would provide $34 million in new loans to the fund for unfinished projects and, along with other lenders, reduce the interest rate charged by Chase Manhattan Mortgage and Realty Trust.
Already in 1977, Rockefeller and Butcher were able to implement new computer systems, solve operational problems and stabilize the situation in the mortgage trust fund. But the revival of the bank dragged on until the end of the decade.
Chase Manhattan Mortgage and Realty Trust still survived in 1979, but thanks to the measures taken, the consequences were not so severe. From 1975 to 1979, the bank wrote off $600 million in real estate loans, and total expenses reached almost $1 billion. Chase Manhattan Bank compensated for the losses due to the successful work of other areas.
Restoring Chase Manhattan was a matter of honor for Rockefeller. In 1980, he turned 65 years old, and he was obliged to leave leadership due to his age. Therefore, he quickly launched a large-scale program to restore the bank. The changes concerned the administrative part. He introduced an annual personnel review system to identify the most talented employees. Rapid salary growth and bonuses began to depend on the results achieved.
The bank's corporate culture has also changed. Before Rockefeller took over as Chairman and CEO of Chase, the bank had a structure with little interaction between departments. The heads of some divisions behaved like appanage princes, and internal competition led to problems.
Rockefeller carried out a restructuring and created three divisions - providing personal banking services, engaged in institutional banking activities and working in the corporate banking industry.
To achieve greater results, the concept of corporate social responsibility was introduced. To consolidate managers in this direction, several differences were introduced from the standard practice at that time.
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