March 23, 2017

Billionaire David Rockefeller Dies at Age 101

20 March 2017, 08:32 | Darnell Patrick

David Rockerfeller dead: Billionaire philanthropist and head of Chase Manhatten dies aged 101

Billionaire philanthropist David Rockefeller dies at age 101

Billionaire banker and philanthropist David Rockefeller has died aged 101. Rockefeller, who controlled Chase Manhattan bank for more than a decade, was the grandson of Standard Oil co-founder John D Rockefeller. On his 100th birthday in 2015, David announced that he was donating 1000 acres of land in ME next to a National Park to create an even larger area for the public to enjoy. Rockefeller also headed what is now JPMorgan Chase bank.

His advice was not always good.

But Rockefeller took a lot of heat for his bank's substantial dealings with South Africa's white separatist regime and for helping the deposed, terminally ill Shah of Iran come to NY for medical treatment in 1979, the move that triggered the 13-month USA embassy hostage crisis in Tehran.

Rockefeller, in a 2002 interview with Charlie Rose, said Iran would be better today had the shah remained in power. His father, John D. Rockefeller Jr, developed New York City's Rockefeller Center.

Rockefeller maintained the family's patronage of the arts, including its long-standing relationship with New York's Museum of Modern Art, of which his mother had been a fervent patron.

It was reported Rockefeller gave away $2bn of his fortune over his lifetime.

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He set up bequests ranging from a few million dollars to hundreds of millions of dollars. David Rockefeller's nephew, JayRockefeller, was a longtime USA senator from West Virginia.

Rockefeller earned a degree from Harvard University in 1936 and did graduate work at the London School of Economics, where he met future President John F. Kennedy and dated his sister Kathleen.

The private IL university was an educational institution that his grandfather, John D., America's first billionaire, helped found with a donation equivalent in today's currency to roughly $16 million. He served in the Army during World War II, then began climbing the ranks of management at Chase Bank.

The Rockefeller name came to symbolize unpopular US banking policies in debtor countries, and Rockefeller was scorned on the left for working with Chile's Augusto Pinochet and the shah of Iran. He was named chairman and CEO of the bank in 1969.

Rockefeller established several global and philanthropic associations: the Americas Society, the weighty Trilateral Commission to promote cooperation between North America, Europe and Japan, and the New York City Partnership to help the city's poor.

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