David Rockefeller, banker and philanthropist, dies at 101
David Rockefeller, the famed banker and philanthropist, died Monday at age 101, according to a spokesperson for the Rockefeller Brothers Fund.
Rockefeller served as chairman and CEO of Chase Manhattan Bank, which after a series of mergers is now JPMorgan Chase (JPM). But he was also born into great wealth as a grandson of John D. Rockefeller, who was the founder of the Standard Oil empire and America's first billionaire.
According to Forbes, David Rockefeller was worth $3.3 billion at the time of his death, making him the world's oldest billionaire.
He died in his sleep Monday morning of congestive heart failure at his home in Westchester County, New York, according to family spokesman Fraser P. Seitel.
"Barbara and I were deeply saddened to hear that our wonderful friend, David Rockefeller, has passed from this good earth," former President George H. W. Bush said in a statement. "So many knew him as one of the most generous philanthropists — and brightest Points of Light — whose caring and commitment to the widest range of worthy causes touched and lifted innumerable lives."
Rockefeller retired in 1980 as CEO and chairman Chase Manhattan after nearly nearly 35 years at the bank. But he was also well known for his charitable work.
He donated almost $2 billion to a wide range of institutions, including The Rockefeller University, Harvard University, the Museum of Modern Art, the Rockefeller Brothers Fund and the Council on Foreign Relations. He also founded the Trilateral Commission, an organization designed to promote cooperation among the nations of North America, Western Europe and Japan.
To mark his 100th birthday in 2015, Rockefeller donated more than 1,022 acres of land in Seal Harbor, Maine to the Mount Desert Island Land and Garden Preserve.
He was the last surviving grandchild of John D. Rockefeller, who started the oil empire that today includes both Exxon Mobil (XOM) and Chevron (CVX).
Many members of his family were drawn more to politics than to business. His brother Nelson served as governor of New York and U.S. vice president while another brother, Winthrop, served as governor of Arkansas. He also had a nephew, Jay Rockefeller, who served as U.S. senator from West Virginia.
David Rockefeller started out in government as well, serving as secretary to former NYC mayor Fiorello LaGuardia before joining the army during World War II.
Do you think that this will affect central banking?
Do you think this will affect the economy?
Do you believe that he played a big role in central banking?
Do you think that with him not being around anymore welfare will need to find more funding?
I think he must've played a big role in central banking and his influences will last. Now the issue will be how to divide up his money and where it will go to.
ReplyDeleteI do believe that he played a big role in central banking and while i don't think his death will directly affect the economy what people do with his money will likely affect the economy.
ReplyDeleteThis will affect central banking due to im being the face of it. I dont think his death will affect the economy. He certainly played a big role in the central banking but there will be a new person to take that place over.
ReplyDeleteI think that in the long run this will not affect the central bank they might be set back by this, but he was so old that he was most likely not doing much anyway. His money will still be there and that will help it a lot.
ReplyDeleteI don't think that this will affect central banking. Any effect that he had on it would have been years ago, he did little in the present day with banking. I also don't think that this will effect the economy. I definitely do think he played a big role in central banking. I'm not a hundred percent sure about the welfare situation however I'm sure there were some back up plans just in case anything should happen.
ReplyDeleteI don't believe that this will affect central banking or the economy too much. He most definitely had a right hand man and he will now take over, running the company how he is supposed to. I think that he played a big role in the up and coming central banking industry, but I wouldn't say he was a huge player around he time of his death.
ReplyDeleteI agree with Mikey that this will not really affect banking because it just means that someones has passed away. Someone could easily take his position and it will not have too many falters.
ReplyDeleteWow what a guy. This is going to really impact the U.S economy. I'm talking about one guy is going to just destroy the NYSE. This one man is worth like 10000000 stocks of Apple and now that he got killed off GoT style, well the land called America is going to go into the depression phase and debate everyday if it's going to be the day to just yank it.
ReplyDeleteI believe that central banking and the economy will not be very affected. Although, he was a very influential person, his unfortunate passing should not affect the economy in too big of a way.
ReplyDeleteI don't think it will be affected much because at his age he wouldn't be able to do much. I believe that he was an extremely influencial person in his time and he would still continue be.
ReplyDeleteI think that he was well retired before he died and nothing should really be affected. He lived a long life and I dont think people did not expect him to die.
ReplyDeleteI do not think that this will affect central banking. If the economy would be affected it should have happened years ago. He definitely played a big role in central banking.
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ReplyDeleteI don't think this would affect central banking. I also don't think this would affect the economy. I think David Rockefeller played a role in central banking and gave insight as well.
ReplyDeleteI don't think this would affect central banking much nor the economy. I think that Chase Manhattan Bank will need some assisting because they just lost an asset, however, nothing they can't recover from.
ReplyDeleteHis death will not really affect how it works, but people will remember him by what he did and how his decisions brought us to where we are today.
ReplyDeleteI believe his death will have far more symbolic and sentimental impact than actual impact on the mechanisms of business. A shift of power may ensue, howver
ReplyDeleteWhether Chase Manhattan Bank will succeed or fail depends on the capability of those who take after Mr. Rockefeller.
ReplyDeleteI think his passing was well expected so I doubt this will have any sort of effect on the company adjusting to new leadership.
ReplyDeleteI don't think his death will effect central banking or the economy. He did play a huge role in central banking, but I doubt he had a lot of work or influence in the banking world today, as I would assume he has been retired for years now.
ReplyDeleteAlthough he played a huge role I don't think his death will dramatically change central banking along with the economy.
ReplyDeleteI don't think think his death will effect the economy or bank. I think that the bank will have to take a new direction or Guidness because he is gone.
ReplyDeleteI agree with Jen because the death will create a change within the central banking or the economy. I think the bank should be heading to a new direction within the future.
ReplyDeleteI think that he played a big role in banking but his death will not have too much of an impact on banking or the economy
ReplyDeleteI don't really think his death will play a role in the economy that much and although he did have a huge role in banking, this should not really affect banks
ReplyDeleteI do believe that he played a big role in central banking and while i don't think his death will directly affect the economy what people do with his money will likely affect the economy.
ReplyDeleteI think the loss of the mastermind behind banking will have an impact on the hearts of those close to him, but not banking as a whole since he was so old.
ReplyDeleteI do not think that his death will effect the economy in any way he had been retired for so long. As well I think he helped the economy from being successful at his job and donating several billion the charity.
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