The Rockefeller family is an American industrial and banking family that owns one of the world's largest fortunes. The fortune was made in the American petroleum industry during the late 19th and early 20th centuries by John D. Rockefeller and his brother William Rockefeller through Standard Oil; the family is known for its long association with, control of, Chase Manhattan Bank. The Rockefellers are considered to be one of the most powerful families, if not the most powerful family, in the history of the United States. One of the founding members of the Rockefeller family in New York was businessman William Rockefeller Sr., born to a Protestant family in Granger, New York. He had six children with his first wife Eliza Davison, the most prominent of which were oil tycoons John D. Rockefeller and William Rockefeller Jr. the co-founders of Standard Oil. John D. Rockefeller was a devout Northern Baptist, he supported many church-based institutions; the combined wealth of the family—their total assets and investments plus the individual wealth of its members—has never been known with any precision.
The records of the family archives relating to both the family and individual members' net worth are closed to researchers. From the outset the family's wealth has been under the complete control of the male members of the dynasty, through the family office. Despite strong-willed wives who had influence over their husbands' decisions—such as the pivotal female figure Abby Aldrich Rockefeller, wife of John D. Rockefeller Jr.—in all cases they received allowances only and were never given partial responsibility for the family fortune. Much of the wealth has been locked up in the notable family trust of 1934 and the trust of 1952, both administered by Chase Bank, the corporate successor to Chase Manhattan Bank; these trusts have consisted of shares in the successor companies to Standard Oil and other diversified investments, as well as the family's considerable real estate holdings. They are administered by a trust committee. Management of this fortune today rests with professional money managers who oversee the principal holding company, Rockefeller Financial Services, which controls all the family's investments, now that Rockefeller Center is no longer owned by the family.
The present chairman is David Rockefeller Jr. In 1992, it had five main arms: Rockefeller & Co.. S. during the 20th century. Chief among them: Rockefeller Center, a multi-building complex built at the start of the Depression in Midtown Manhattan, financed by the family International House of New York, New York City, 1924 Wren Building, College of William and Mary, from 1927 Colonial Williamsburg, from 1927 onwards, Abby Aldrich, John III and Winthrop, historical restoration Museum of Modern Art, New York City, from 1929 Riverside Church, New York City, 1930 The Cloisters, New York City, from 1934 The Interchurch Center, New York City, 1948 Asia Society, New York City, 1956 One Chase Manhattan Plaza, New York City, 1961 Nelson A. Rockefeller Empire State Plaza, New York, 1962 Lincoln Center, New York City, 1962 World Trade Center Twin Towers, New York City, 1973–2001 Embarcadero Center, San Francisco, 1974 Council of the Americas/Americas Society, New York City, 1985 In addition to this is Senior and Junior's involvement in seven major housing developments: Forest Hill Estates, Ohio City Housing Corporation's efforts, Sunnyside Gardens, New York City Thomas Garden Apartments, The Bronx, New York City Paul Laurence Dunbar Housing, New York City Lavoisier Apartments, New York City Van Tassel Apartments, Sleepy Hollow, New York A development in Radburn, New Jersey A further project involved David Rockefeller in a major middle-income housing development when he was elected in 1947 as chairman of Morningside Heights, Inc. in Manhattan by fourteen major institutions that were based in the area, including Columbia University.
The result, in 1951, was the six-building apartment complex known as Morningside Gardens. Senior's donations led to the formation of the University of Chicago in 1889; this was one instance of a long family and Rockefeller Foundation tradition of financially supporting Ivy League and other major colleges and universities over the generations—seventy-five in total. These include: Harvard University Dartmouth College Princeton University University of California, Berkeley Stanford University Yale University Massachusetts Institute of Technology Brown University Tufts U
Percy Avery Rockefeller
Percy Avery Rockefeller was a board director who founded and was vice president of Owenoke Corporation. Percy was the youngest son of Almira Geraldine Goodsell, he attended Yale University from 1897 to 1900, where he was a member of Bones. Rockefeller was manager of the 1899 Yale Bulldogs football team and earned a varsity letter for his efforts, he was a board director of Air Reduction Company, American International Corporation, Atlantic Fruit Company, Anaconda Copper Mining Company, Bethlehem Steel Corporation, Bowman Biltmore Hotels Company, Cuba Company, Chile Copper Company, Consolidated Gas Company, Greenwich Trust Company, W. A. Harriman & Co. & Brown Brothers Harriman & Company, Mesabi Iron Company, National City Bank of New York, National City Company, New York Edison Company, North American Reassurance Company, National Surety Company, Provident Loan Society, Remington Arms, United Electric Light & Power Company, Western Union. On April 23, 1901, Percy married Isabel Goodrich Stillman.
She was the younger daughter of First National City Bank president James Jewett Stillman and Sarah Elizabeth Rumrill. Together, they had: Isabel Stillman Rockefeller, she was a bride's maid at the wedding of Dorothy Wear Walker. Avery Rockefeller Winifred Rockefeller Faith Rockefeller Gladys Rockefeller He died on September 25, 1934
Vice President of the United States
The Vice President of the United States is the second-highest officer in the executive branch of the U. S. federal government, after the President of the United States, ranks first in the presidential line of succession. The Vice President is an officer in the legislative branch, as President of the Senate. In this capacity, the Vice President presides over Senate deliberations, but may not vote except to cast a tie-breaking vote; the Vice President presides over joint sessions of Congress. The Vice President is indirectly elected together with the President to a four-year term of office by the people of the United States through the Electoral College. Section 2 of the Twenty-fifth Amendment, ratified in 1967, created a mechanism for intra-term vice presidential succession, establishing that vice presidential vacancies will be filled by the president and confirmed by both houses of Congress. Whenever a vice president had succeeded to the presidency or had died or resigned from office, the vice presidency remained vacant until the next presidential and vice presidential terms began.
The Vice President is a statutory member of the National Security Council, the Board of Regents of the Smithsonian Institution. The Office of the Vice President organises the vice president's official functions; the role of the vice presidency has changed since the office was created during the 1787 constitutional Convention. Over the past 100 years, the vice presidency has evolved into a position of domestic and foreign policy political power, is now seen as an integral part of a president's administration; as the Vice President's role within the executive branch has expanded, his role within the legislative branch has contracted. The Constitution does not expressly assign the vice presidency to any one branch, causing a dispute among scholars about which branch of government the office belongs to: 1) the executive branch; the modern view of the vice president as an officer of the executive branch is due in large part to the assignment of executive authority to the vice president by either the president or Congress.
Mike Pence of Indiana is the current Vice President of the United States. He assumed office on January 20, 2017. No mention of an office of vice president was made at the 1787 Constitutional Convention until near the end, when an 11-member committee on "Leftover Business" proposed a method of electing the chief executive. Delegates had considered the selection of the Senate's presiding officer, deciding that, "The Senate shall choose its own President," and had agreed that this official would be designated the executive's immediate successor, they had considered the mode of election of the executive but had not reached consensus. This all changed on September 4, when the committee recommended that the nation's chief executive be elected by an Electoral College, with each state having a number of presidential electors equal to the sum of that state's allocation of representatives and senators; the proposed presidential election process called for each state to choose members of the electoral college, who would use their discretion to select the candidates they individually viewed as best qualified.
Recognizing that loyalty to one's individual state outweighed loyalty to the new federation, the Constitution's framers assumed that individual electors would be inclined to choose a candidate from their own state over one from another. So they created the office of vice president and required that electors vote for two candidates, requiring that at least one of their votes must be for a candidate from outside the elector's state, believing that this second vote could be cast for a candidate of national character. Additionally, to guard against the possibility that some electors might strategically throw away their second vote in order to bolster their favorite son's chance of winning, it was specified that the first runner-up presidential candidate would become vice president. Creating this new office imposed a political cost on strategically discarded electoral votes, incentivizing electors to make their choices for president without resort to electoral gamesmanship and to cast their second ballot accordingly.
The resultant method of electing the president and vice president, spelled out in Article II, Section 1, Clause 3, allocated to each state a number of electors equal to the combined total of its Senate and House of Representatives membership. Each elector was allowed to vote for two people for president, but could not differentiate between their first and second choice for the presidency; the person receiving the greatest number of votes would be president, while the individual who received the next largest number of votes became vice president. If there were a tie for first or for second place, or if no one won a majority of votes, the president and vice president would be selected by means of contingent elections protocols stated in the clause; the emergence of political parties and nationally coordinated election campaigns during the 1790s soon frustrated this original plan. In the election of 1796, Federalist John Adams won the presidency, but his bitter rival, Democratic-Republican Thomas Jefferson came second and became vice president.
Thus, the president and vice president were from opposing parties.
The Ivy Club simply Ivy, is the oldest eating club at Princeton University, it is "still considered the most prestigious" by its members. It was founded in 1879 with Arthur Hawley Scribner as its first head; as described by F. Scott Fitzgerald in This Side of Paradise, the club is "detached and breathlessly aristocratic". A more recent account described Ivy as the "most patrician eating club at Princeton University" where members "eat at long tables covered with crisp white linens and set with 19th-century Sheffield silver candelabra, which are lighted when daylight streams into the windows." The club was one of the last to admit women, resisting the change until spring 1991 after a lawsuit had been brought against the Ivy Club, Tiger Inn, Cottage Club by the Princeton student Sally Frank. The members of each class are selected through the bicker process, a series of ten screening interviews, which are followed by discussions amongst the members as to whom of the remaining to admit. Current undergraduate members host regular "Roundtable Dinners" featuring talks by faculty and alumni.
The first clubhouse was Ivy Hall, a brownstone building on Mercer Street in Princeton that still stands. It had been constructed by Richard Stockton Field in 1847 as the home for the Princeton Law School, a short-lived venture that lasted from 1847 to 1852. From the time of its founding until its incorporation in 1883, the club was known as the "Ivy Hall Eating Club."In 1883 the club purchased an empty lot on Prospect Avenue, a country dirt road at the time. Ivy erected a shingle-style clubhouse in 1884 on; the clubhouse was remodeled and extended in 1887-88. Following Ivy's move to new quarters across Prospect Avenue some ten years its second clubhouse was used by Colonial before being sold and moved to Plainsboro Township, New Jersey. Ivy's third and current clubhouse was designed in 1897 by the Philadelphia firm of Cope & Stewardson. In 2009, the club completed its most significant renovation to date; the expansion added a second wing to the facility, changing the club's original L-shaped layout to a U.
Designed by Demetri Porphyrios, the new wing includes a two-story Great Hall and a crypt to provide additional study space. The following is a list of some notable members of the Ivy Club: Hobey Baker – World War I fighter pilot, member of the Hockey Hall of Fame and U. S. Hockey Hall of Fame James A. Baker III – Chief of Staff for Ronald Reagan. Bolten – White House Chief of Staff and Office of Management and Budget director under George W. Bush Philip Bobbitt – constitutional law scholar and author of The Shield of Achilles: War and the Course of History Lauren Bush-Lauren – fashion model and niece of George W. Bush Joey Cheek – speed skater who won gold and silver medals in the 2006 Winter Olympics and co-founder and president of Team Darfur Leonard S. Coleman, Jr. – president of the National League Frank Deford - author and sports commentator Richard B. Fisher – philanthropist and chairman of Morgan Stanley Moira Forbes—president and publisher, ForbesWoman Bill Ford - Ford Motor Company Thomas F. Gibson – first political cartoonist of USA Today and Director of Communication under Ronald Reagan John Marshall Harlan II – Associate Justice, United States Supreme Court Frederick Hitz – Inspector General of the Central Intelligence Agency Arthur Krock – four-time Pulitzer Prize–winning journalist A.
B. Krongard – executive director of the CIA Jim Leach – U. S. Congressman from Iowa and chairman of the National Endowment for the Humanities Blair Lee I – United States Senator from Maryland Blair Lee III – Governor of Maryland Michael Lewis – author of Moneyball and Liar's Poker Breckinridge Long – U. S. diplomat in the administrations of Woodrow Wilson and Franklin Delano Roosevelt Allan Marquand – logician whose Marquand diagram was a forerunner of the Karnaugh map Richard King Mellon – financier and philanthropist who led the urban renewal of Pittsburgh, Pennsylvania John Aristotle Phillips – entrepreneur specializing in political campaigns who became famous for attempting to design a nuclear weapon while a student. John Rawls – political philosopher, author of A Theory of Justice, originator of the concepts of original position and veil of ignorance Laurance Rockefeller – venture capitalist and environmentalist Randall Rothenberg – president and CEO of the Interactive Advertising Bureau Saud bin Faisal bin Abdul Aziz – Saudi Arabian Foreign Minister Arthur Hawley Scribner – first head of the eating club and president of publisher Charles Scribner's Sons Booth Tarkington – Pulitzer Prize–winning novelist Jim Thompson – OSS officer and Thai silk entrepreneur who famously and mysteriously disappeared in Malaysia in 1967 Terdema Ussery – president and CEO of the Dallas Mavericks professional basketball team Rodman Wanamaker – arts patron, aviation pioneer, founder of the Professional Golfers' Association of America Woodrow Wilson – U.
S. President, 1913–1921 John Gilbert Winant – Governor of New Hampshire and U. S. Ambassador to the United Kingdom Frank G. Wisner – public servant and diplomat who served as U. S. Ambassador to Zambia, the Philippines, India. Rich, Frederic C.. The First Hundred Years of The Ivy Club. Princeton, NJ: The Ivy Club. ISBN 0-934756-00-7. Official Ivy Club Website culture of the clubs, at Princeton's official site. Further information on the renovation from James Bradberry Architects website At Ivy Club, A Trip Back to Elitism from the New York Times
Abby Aldrich Rockefeller
Abigail Greene "Abby" Aldrich Rockefeller was an American socialite and philanthropist. Through her marriage to financier and philanthropist John D. Rockefeller Jr. she was a prominent member of the Rockefeller family. Referred to as the "woman in the family", she was known for being the driving force behind the establishment of the Museum of Modern Art, on 53rd Street in New York, in November 1929. Abby was born in Providence, Rhode Island, to Senator Nelson Wilmarth Aldrich and Abigail Pearce Truman Chapman, a distant descendant of the fourth signer of the Mayflower Compact, she was a sister of Congressman Richard Steere Aldrich and banker/financier Winthrop Williams Aldrich. Her early education came at the hands of Quaker governesses. In 1891, she enrolled at the Miss Abbott's School for Young Ladies in Rhode Island. While there she studied English composition and literature, German, art history and ancient history and dancing, she graduated in 1893 and made her debut in November 1893. On June 30, 1894, she sailed for Liverpool, beginning a lifetime of extensive European and Asian travel.
The aesthetic education she gained abroad fostered by her father, helped to inform her future discernment as an art collector. This initial four-month sojourn included the countries of England, the Netherlands, Austria, Switzerland and France. In the fall of 1894 she met her future husband, John Davison Rockefeller Jr. the only son of Standard Oil co-founder John Davison Rockefeller Sr. and schoolteacher Laura Celestia "Cettie" Spelman, at a friend's house in Providence. They went through a protracted engagement, during which they were invited for a trip to Cuba in 1900, on President William McKinley Jr.'s yacht. They married on October 9, 1901, in the major society wedding of the Gilded Age, in front of around a thousand of the elite personages of the time, at her father's summer home, "Indian Oaks" https://www.aldrichmansion.com/, in Warwick Neck, Kent County, Rhode Island. They settled in 13 West 54th Street from 1901 until 1913, when the construction of the nine-story mansion at 10 West 54th Street, the largest in New York city at the time, was completed by her husband.
They resided at Number 10 until 1938, when they moved to a 40-room triplex apartment at 740 Park Avenue. They became the parents of six children, including the famed five "Rockefeller Brothers" - and established the renowned six-generation-strong business/philanthropic/banking/real estate dynasty: Abigail Aldrich "Abby" Rockefeller John Davison Rockefeller III Nelson Aldrich Rockefeller Laurance Spelman Rockefeller Winthrop Aldrich Rockefeller David Rockefeller Abby Rockefeller suffered a heart attack and died on April 5, 1948, at the family home at 740 Park Avenue in New York City, at the age of 73, she was buried in New York. Abby Rockefeller began collecting paintings and drawings by a number of contemporary American artists in 1925, as well as a number of European modernists: Vincent van Gogh, Edgar Degas, Henri Matisse, Pablo Picasso, Paul Cézanne, Henri de Toulouse-Lautrec, she became a prominent patron of modern art. In 1928, she employed a designer to create a suite of art deco rooms and furnishings for herself on the 7th floor of their nine-story house at 10 West Fifty-fourth Street.
Called the Topside Gallery, it allowed her to display and organize changing exhibitions of her growing collection, integrating modern and folk art. Visitors took the elevator directly to the 7th floor, bypassing the private domain of the rest of her family; the news of her interests and activities spread from this period, many subsequent collectors began to follow her lead. Lillie P. Bliss, Mary Quinn Sullivan, Abby banded together to conceptualize and found the Museum of Modern Art. Most notable was her avid interest in becoming the driving force in the establishment and ongoing operations of the institution on November 7, 1929. Since JDR Jr. only gave Abby a small allowance she could not rely on her husband to finance this undertaking. His financial support was limited due to his dislike for modern art. Financing for the museum and acquisition of paintings came from her solicitation of the public and prominent New York individuals. Alfred Barr, the museum's first director, claimed that Abby " was crucial to the institution's success."She was elected to MoMA's Board of Trustees in October 1929 and served as inaugural treasurer from 1929 until 1934.
Other roles included terms as First Vice-Chairman. Her son Nelson subsequently became its president and involved himself in its financing and the establishment of its new permanent headquarters on 53rd Street, in 1939, her son Nelson named the Abby Aldrich Rockefeller Sculpture Garden in her honor. It was designed by architect Philip Johnson and opened in 1953. Johnson designed The Abby Aldrich Rockefeller Gallery at the Rhode Island School of Design Museum which showcases Japanese woodblock prints that she donated to the permanent collection. In 1949, the Abby Aldrich Rockefeller Print Room opened at MoMA, housing Abby's gift of 1600 prints, given nine years earlier. In addition to her gifts to MoMA, Mrs Rockefeller gave to other museums, including the Metropolitan Museum of Art and The Cloisters, which received much of her collection of sculpture and decorative arts, she has a residential hall named after her at Spelman College in Atlan
Princeton University is a private Ivy League research university in Princeton, New Jersey. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton is the fourth-oldest institution of higher education in the United States and one of the nine colonial colleges chartered before the American Revolution; the institution moved to Newark in 1747 to the current site nine years and renamed itself Princeton University in 1896. Princeton provides undergraduate and graduate instruction in the humanities, social sciences, natural sciences, engineering, it offers professional degrees through the Woodrow Wilson School of Public and International Affairs, the School of Engineering and Applied Science, the School of Architecture and the Bendheim Center for Finance. The university has ties with the Institute for Advanced Study, Princeton Theological Seminary and the Westminster Choir College of Rider University. Princeton has the largest endowment per student in the United States. From 2001 to 2018, Princeton University was ranked either first or second among national universities by U.
S. News & World Report, holding the top spot for 16 of those 18 years; as of October 2018, 65 Nobel laureates, 15 Fields Medalists and 13 Turing Award laureates have been affiliated with Princeton University as alumni, faculty members or researchers. In addition, Princeton has been associated with 21 National Medal of Science winners, 5 Abel Prize winners, 5 National Humanities Medal recipients, 209 Rhodes Scholars, 139 Gates Cambridge Scholars and 126 Marshall Scholars. Two U. S. Presidents, twelve U. S. Supreme Court Justices and numerous living billionaires and foreign heads of state are all counted among Princeton's alumni body. Princeton has graduated many prominent members of the U. S. Congress and the U. S. Cabinet, including eight Secretaries of State, three Secretaries of Defense and three of the past five Chairs of the Federal Reserve. New Light Presbyterians founded the College of New Jersey in 1746; the college was the religious capital of Scottish Presbyterian America. In 1754, trustees of the College of New Jersey suggested that, in recognition of Governor Jonathan Belcher's interest, Princeton should be named as Belcher College.
Belcher replied: "What a name that would be!" In 1756, the college moved to New Jersey. Its home in Princeton was Nassau Hall, named for the royal House of Orange-Nassau of William III of England. Following the untimely deaths of Princeton's first five presidents, John Witherspoon became president in 1768 and remained in that office until his death in 1794. During his presidency, Witherspoon shifted the college's focus from training ministers to preparing a new generation for secular leadership in the new American nation. To this end, he solicited investment in the college. Witherspoon's presidency constituted a long period of stability for the college, interrupted by the American Revolution and the Battle of Princeton, during which British soldiers occupied Nassau Hall. In 1812, the eighth president of the College of New Jersey, Ashbel Green, helped establish the Princeton Theological Seminary next door; the plan to extend the theological curriculum met with "enthusiastic approval on the part of the authorities at the College of New Jersey".
Today, Princeton University and Princeton Theological Seminary maintain separate institutions with ties that include services such as cross-registration and mutual library access. Before the construction of Stanhope Hall in 1803, Nassau Hall was the college's sole building; the cornerstone of the building was laid on September 17, 1754. During the summer of 1783, the Continental Congress met in Nassau Hall, making Princeton the country's capital for four months. Over the centuries and through two redesigns following major fires, Nassau Hall's role shifted from an all-purpose building, comprising office, dormitory and classroom space; the class of 1879 donated twin lion sculptures that flanked the entrance until 1911, when that same class replaced them with tigers. Nassau Hall's bell rang after the hall's construction; the bell was recast and melted again in the fire of 1855. James McCosh took office as the college's president in 1868 and lifted the institution out of a low period, brought about by the American Civil War.
During his two decades of service, he overhauled the curriculum, oversaw an expansion of inquiry into the sciences, supervised the addition of a number of buildings in the High Victorian Gothic style to the campus. McCosh Hall is named in his honor. In 1879, the first thesis for a Doctor of Philosophy Ph. D. was submitted by James F. Williamson, Class of 1877. In 1896, the college changed its name from the College of New Jersey to Princeton University to honor the town in which it resides. During this year, the college underwent large expansion and became a university. In 1900, the Graduate School was established. In 1902, Woodrow Wilson, graduate of the Class of 1879, was elected the 13th president of the university. Under Wilson, Princeton introduced the preceptorial system in 1905, a then-unique concept in the US that augmented the standard lecture method of teaching with a more personal form in which small groups of students, or precepts, could interact with a single instructor, or preceptor, in their field of interest.
In 1906, the reservoir Lake Carnegie was created by Andrew Carnegie. A collection of historical photographs of the build
David Rockefeller was an American banker, chairman and chief executive of Chase Manhattan Corporation. He was the oldest living member of third generation of the Rockefeller family and family patriarch from August 2004 until his death in March 2017. Rockefeller was the youngest child of John D. Rockefeller Jr. and Abby Aldrich Rockefeller, a grandson of John D. Rockefeller and Laura Spelman Rockefeller, he was noted for his wide-ranging political connections and foreign travel, in which he met with many foreign leaders. His fortune was estimated at $3.3 billion at the time of his death in March 2017. Rockefeller was born in New York, he grew up in an eight-story house at 10 West 54th Street, the tallest private residence built in the city. Rockefeller was the youngest of six children born to financier John Davison Rockefeller Jr. and socialite Abigail Greene "Abby" Aldrich. John Jr. was the only son of Standard Oil co-founder John Davison Rockefeller Sr. and schoolteacher Laura Celestia "Cettie" Spelman.
Abby was a daughter of Rhode Island U. S. Senator Nelson Wilmarth Aldrich and Abigail Pearce Truman "Abby" Chapman. David's five elder siblings were Abby, John III, Nelson and Winthrop. Rockefeller attended the experimental Lincoln School at 123rd Street in Harlem. In 1936, Rockefeller graduated cum laude from Harvard University, where he worked as an editor on The Harvard Crimson, he studied economics for a year at Harvard and a year at the London School of Economics. At LSE he once dated Kennedy's sister Kathleen. During his time abroad, Rockefeller worked in the London branch of what was to become the Chase Manhattan Bank. After returning to the U. S. to complete his graduate studies, he received a Ph. D. from the University of Chicago in 1940. After completing his studies in Chicago, he became secretary to New York Mayor Fiorello La Guardia for eighteen months in a "dollar a year" public service position. Although the mayor pointed out to the press that Rockefeller was only one of 60 interns in the city government, his working space was, in fact, the vacant office of the deputy mayor.
From 1941 to 1942, Rockefeller was assistant regional director of the United States Office of Defense and Welfare Services. Rockefeller enlisted in the U. S. Army and entered Officer Candidate School in 1943. During World War II he served in North Africa and France for military intelligence setting up political and economic intelligence units. For seven months he served as an assistant military attaché at the American Embassy in Paris. During this period, he called on family contacts and Standard Oil executives for assistance. In 1946, Rockefeller joined the staff of the longtime family-associated Chase National Bank; the chairman at that time was Rockefeller's uncle Winthrop W. Aldrich; the Chase Bank was a wholesale bank, dealing with other prominent financial institutions and major corporate clients such as General Electric. The bank is associated with and has financed the oil industry, having longstanding connections with its board of directors to the successor companies of Standard Oil Exxon Mobil.
Chase National became the Chase Manhattan Bank in 1955 and shifted into consumer banking. It is now called JPMorgan Chase. Rockefeller started as an assistant manager in the foreign department. There he financed international trade in a number of commodities, such as coffee and metals; this position maintained relationships with more than 1,000 correspondent banks throughout the world. He served in other positions and became president in 1960, he was both chairman and chief executive of Chase Manhattan from 1969 to 1980 and remained chairman until 1981. He was as as 1980, the single largest individual shareholder of the bank, holding 1.7% of its shares. During his term as CEO, Chase spread internationally and became a central component of the world's financial system due to its global network of correspondent banks, the largest in the world. In 1973, Chase established the first branch of an American bank in Moscow, in the Soviet Union; that year Rockefeller traveled to China, resulting in his bank becoming the National Bank of China's first correspondent bank in the U.
S. He was faulted for spending excessive amounts of time abroad, during his tenure as CEO the bank had more troubled loans than any other major bank. Chase owned more New York City securities in the mid-1970s. A scandal erupted in 1974 when an audit found that losses from bond trading had been understated, in 1975 the bank was branded a "problem bank" by the Federal Reserve. From 1974 to 1976, Chase earnings fell 36 percent while those of its biggest rivals rose 12 to 31 percent; the bank's earnings more than doubled between 1976 and 1980, far outpacing its rival Citibank in return on assets. By 1981 the bank's finances were restored to full health. In November 1979, while chairman of the Chase Bank, Rockefeller became embroiled in an international incident when he and Henry Kissinger, along with John J. McCloy and Rockefeller aides, persuaded President Jimmy Carter through the United States Department of State to admit the Shah of Iran, Mohammad Reza Pahlavi, into the United States for hospital treatment for lymphoma.
This action directly precipitated what is known as the Iran hostage crisis and placed Rockefeller under intense media scrutiny for the first time in his publ