Tuesday, 21 November, 2017

Billionaire banking boss David Rockefeller dies aged 101

David Rockefeller speaks at a ceremony in Mount Desert Maine Billionaire David Rockefeller Dies at Age 101
Juana Turner | 21 March, 2017, 00:39

Billionaire philanthropist David Rockefeller has died in his sleep at his home in Poncantico Hills, New York, a spokesman said.

He was the grandson of oil magnate John D. Rockefeller, one of the founders of the Standard Oil Co., and the son of John D. Rockefeller Jr., developer of New York's famed Rockefeller Center.

He then served in the army World War Two before working at Chase Bank, which later became JP Morgan Chase.

In May 2015, he made a rare public appearance in ME to mark his approaching 100th birthday by donating 1,000 acres (405 hectares) for preservation on exclusive Mount Desert Island.

"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. He was awarded a Ph.D in economics from the University of Chicago in 1940.

He was named president of the company in 1961 and chairman and chief executive in 1969.

"Today the world has lost a great man and philanthropist, and we, a dear friend and inspiration".

Rockefeller favored assisting economies overseas on grounds that bringing prosperity would create customers for American products. He relinquished the chairmanship in 1981, when he retired.

Under his leadership, Chase was the first USA bank to open offices in the Soviet Union and China.

Many members of his family were drawn more to politics than to business.

Rockefeller collected beetles as a lifelong hobby and also acquired art - a Mark Rothko painting he bought in 1960 for less than $10,000 was auctioned for more than $72 million in May 2007.

He was awarded a Presidential Medal of Freedom, the nation's highest civilian honor, in 1998. His wife, a conservationist, died in 1996.

Recommended

Pakistan hold Indus Waters Commission meeting today; 5 things you should know Pakistan hold Indus Waters Commission meeting today; 5 things you should know Mr Asif said the meeting would discuss the design aspects of Pakal Dul, Lower Kalnai and Miyar hydroelectric plants and flood data supply by India.

Passenger Plane With 44 on Board Crashes in South Sudan Passenger Plane With 44 on Board Crashes in South Sudan Smoke filled the air as firefighters arrived at the scene of the air disaster and poured water on the plane's smouldering remains. The plane crash is the latest tragedy to befall South Sudan, which has been gripped by civil war since 2013.

Hezbollah: Israel Attacking Syria To Prevent ISIS Defeat Hezbollah: Israel Attacking Syria To Prevent ISIS Defeat An IDF statement said "several anti-aircraft missiles" were fired following the raid but that none hit their targets. Hezbollah chief Hassan Nasrallah accused Israel of helping ISIS in Syria by carrying out airstrikes in the country.