Billionaire David Rockefeller Dies at 101

Billionaire David Rockefeller has died on Monday morning aged 101. A famous philanthropist, banker and former Chase Manhattan head until 1981 when he retired, David Rockefeller died reportedly in his sleep at his residence in Pocantico Hills, New York.

The name Rockefeller is well known due to the family’s huge influence around the world, especially in financial circles.

According to Fraser P. Seitel, the family spokesman, Mr. Rockefeller’s death on Monday morning was due to congestive heart failure. David Rockefeller had a 35 years long career as Chase Manhattan’s CEO until 1981 and according to Fortune Magazine, we was worth more than three billion dollars.

The Rockefeller Foundation confirmed his death while describing Mr. Rockefeller as, let me quote:

“one of the most influential figures in the history of American philanthropy and finance, considered by many to be ‘America’s last great international business statesman’.”  

Also known as the banker’s banker, Mr. Rockefeller donated more than 2 billion dollars over his long lifetime to various humanitarian causes and institutions, including Harvard University, the Rockefeller University and art museums.

David was the youngest of John D. Rockefeller Jr.’s 6 children and also the grandson of John D. Rockefeller, the co-founder of Standard Oil company.

Mr. Rockefeller who was the Patriarch of the family in recent years was a Harvard graduate (1936) and also an alumni of the University of Chicago, from which he received a doctorate in economics in 1940.

In 1961, David Rockefeller was appointed president of Chase Manhattan Bank and just 8 years later he became CEO. Mr. Rockefeller spoke often about the importance of American capitalism, saying that:

[Capitalism in America]“brought more benefits to more people than any other system in any part of the world at any time in history.”

“The problem is to see that the system is run as efficiently and as honestly as it can be,”

David Rockefeller had 6 children during his marriage to MargaretMc Grath, from 1940 until her death in 1996.

 

Source NYT

Photo: (AP)