50 Pieces of Chase Manhattan Corporation - 50 Stock Certificates - With David Rockefeller's Facimile SignatureInv# WW1024 Stock
Classic vignette of Secretary of the Treasury, Salmon P. Chase by American Bank Note. One of the largest banks in the world. Mixed colors. 50 pieces
JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is a national bank headquartered in Manhattan, New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding company, JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000. Chase Manhattan Bank was formed by the merger of the Chase National Bank and The Manhattan Company in 1955. The bank merged with Bank One Corporation in 2004 and later acquired the deposits and most assets of The Washington Mutual.
Chase offers more than 4,700 branches and 16,000 ATMs nationwide. JPMorgan Chase & Co. has 250,355 employees (as of 2016) and operates in more than 100 countries. JPMorgan Chase & Co. had their assets of $2.49 trillion in 2016.
JPMorgan Chase, through its Chase subsidiary, is one of the Big Four banks of the United States.
From September 1, 1799, to 1955, it was called The Bank of The Manhattan Company (New York); after a 1955 merger with the Chase National Bank (which existed separately from 1877 to 1954) it was called The Chase Manhattan Bank.
Chase traces its history back to the founding of The Manhattan Company by Aaron Burr on September 1, 1799, in a house at 40 Wall Street:
After an epidemic of yellow fever in 1798, during which coffins had been sold by itinerant vendors on street corners, Aaron Burr established the Manhattan Company, with the ostensible aim of bringing clean water to the city from the Bronx River but in fact, designed as a front for the creation of New York's second bank, rivaling Alexander Hamilton's Bank of New York.
In 2006, the modern-day Chase bought the retail banking division of the Bank of New York, which then only months later merged with Pittsburgh-based Mellon Financial to form the present-day BNY Mellon.
Chase National Bank was formed in 1877 by John Thompson. It was named after former United States Treasury Secretary and Chief Justice Salmon P. Chase, although Chase did not have a connection with the bank.
The Chase National Bank acquired a number of smaller banks in the 1920s through its Chase Securities Corporation. In 1926, for instance, it acquired Mechanics and Metals National Bank.
However, its most significant acquisition was that of the Equitable Trust Company of New York in 1930, the largest stockholder of which was John D. Rockefeller, Jr. This made Chase the largest bank in America and indeed, in the world.
Chase was primarily a wholesale bank, dealing with other prominent financial institutions and major corporate clients, such as General Electric, which had, through its RCA subsidiary, leased prominent space and become a crucial first tenant of Rockefeller Center, rescuing that major project in 1930. The bank is also closely associated with and has financed the oil industry, having longstanding connections with its board of directors to the successor companies of Standard Oil, especially ExxonMobil, which are also Rockefeller holdings.
In 1955, Chase National Bank and The Manhattan Company merged to create The Chase Manhattan Bank. As Chase was a much larger bank, it was first intended that Chase acquire the "Bank of Manhattan", as it was nicknamed, but it transpired that Burr's original charter for the Manhattan Company had not only included the clause allowing it to start a bank with surplus funds, but another requiring unanimous consent of shareholders for the bank to be taken over. The deal was therefore structured as an acquisition by the Bank of the Manhattan Company of Chase National, with John J. McCloy becoming chairman of the merged entity. This avoided the need for unanimous consent by shareholders.
For Chase Manhattan Bank's new logo, Chermayeff & Geismar designed a stylized octagon in 1961, which remains part of the bank's logo today. It has been reported that the Chase logo was a stylized representation of the primitive water pipes laid by the Manhattan Company, but this story was refuted in 2007 by Ivan Chermayeff himself. According to Chermayeff, the Chase logo was merely intended to be distinctive and geometric, and was not intended at all to resemble a cross-section of a wooden water pipe.
The bank included an asset management business called the Chase Investors Management Corporation. Under McCloy's successor, George Champion, the bank relinquished its antiquated 1799 state charter for a modern one. In 1969, under the leadership of David Rockefeller, the bank became part of a bank holding company, the Chase Manhattan Corporation.
In 1985, Chase Manhattan expanded into Arizona by acquiring Continental Bank. In 1991, Chase Manhattan expanded into Connecticut by acquiring two insolvent banks.
In August 1995, Chemical Bank of New York and Chase Manhattan Bank announced plans to merge. The merger was completed in August 1996. Chemical's previous acquisitions included Manufacturers Hanover Corporation, in 1991, and Texas Commerce Bank, in 1987. Although Chemical was the nominal survivor, the merged company retained the Chase name since not only was it was better known (particularly outside the United States), but the original charter of Chase required that the name be retained in any future business ventures. Hence, even today, it is known as JPMorgan Chase.
In December 2000, the combined Chase Manhattan completed the acquisition of J.P. Morgan & Co. in one of the largest banking mergers to date. The combined company was renamed JPMorgan Chase. In 2004, the bank acquired Bank One, making Chase the largest credit card issuer in the United States. JPMorgan Chase added Bear Stearns and Washington Mutual to its acquisitions in 2008 and 2009 respectively. After closing nearly 400 overlapping branches of the combined company, less than 10% of its total, Chase will have approximately 5,410 branches in 23 states as of the closing date of the acquisition. According to data from SNL Financial (data as of June 30, 2008), this places Chase third behind Wells Fargo and Bank of America in terms of total U.S. retail bank branches.
In October 2010, Chase was named in two lawsuits alleging manipulation of the silver market. The suits allege that by managing giant positions in silver futures and options, the banks influenced the prices of silver on the New York Stock Exchange's Comex Exchange since early 2008.
In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board its current chairman and CEO Jamie Dimon as president and COO and designating him as CEO William B. Harrison, Jr.'s successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006 after Harrison's resignation.
Bank One Corporation was formed upon the 1998 merger between Banc One of Columbus, Ohio and First Chicago NBD. These two large banking companies were themselves created through the merger of many banks. JPMorgan Chase completed the acquisition of Bank One in Q3 2004. The merger between Bank One and JPMorgan Chase meant that corporate headquarters were now in New York City while the retail bank operations of Chase were consolidated in New York.
On September 25, 2008, JPMorgan Chase bought most banking operations of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation (FDIC). That night, the Office of Thrift Supervision, in what was by far the largest bank failure in American history, seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase Bank, NA for $1.888 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their equity. Through the acquisition, JPMorgan became owner of the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company completed the rebranding of Washington Mutual branches to Chase in late 2009.
In the first-quarter of 2006, Chase purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for $663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.
In April of that same year (2006), Chase acquired the Bank of New York Co.'s retail and small business banking network. This gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, Connecticut, and Indiana.
In 2019, Chase began opening retail branches in Pittsburgh and other areas within Western Pennsylvania; this coincided with Bank of America starting a similar expansion within the area the previous year. Even though Chase entered the market organically as opposed to a merger & acquisition, they still had to receive approval from the Office of the Comptroller of the Currency to open branches due to Chase's size as a whole. Before Chase and Bank of America expanded its retail presence into the market, Pittsburgh had been one of the largest U.S. cities without a retail presence from any of the "Big Four", with locally-based PNC Financial Services (no. 6 nationally) having a commanding market share in the area. Chase had previously considered buying National City branches from PNC that were required for divesture following that bank's acquisition of National City in 2009, but were instead sold to First Niagara Bank (since absorbed into KeyBank); it had been speculated that PNC intentionally sold the branches to a much smaller competitor due to not wanting to compete with a "Big Four" bank in its home market.
A press release from the National Archives and Records Administration (NARA) in 2004 announced that many of the new Federal Bureau of Investigation (FBI) files had become declassified. This declassification enabled the discovery that before and during the early years of World War II, the German government sold a special kind of Reichsmark, known as Rückwanderer Marks, to American citizens of German descent. Chase National Bank, along with other businesses, were involved in these transactions. Through Chase, this allowed Nazi sympathizers to purchase Marks with dollars at a discounted rate. Specifically, "The financial houses understood that the German government paid the commissions (to its agents, including Chase) through the sale of discounted, blocked Marks that came mainly from Jews who had fled Germany." In other words, Nazi Germany was able to offer these Marks below face-value because they had been stolen from emigrés fleeing the Nazi regime. Between 1936 and 1941, the Nazis amassed over $20 million, and the businesses enabling these transactions earned $1.2 million in commissions. Of these commissions, over $500,000 went to Chase National Bank and its subagents.
These facts were discovered when the FBI began its investigation in October 1940. The purpose of the investigation was to follow German-Americans who had bought the Marks. However, Chase National Bank's executives were never federally prosecuted because Chase's lead attorney threatened to reveal FBI, Army, and Navy "sources and methods" in court. Publicly naming the sources and methods could have posed security risks and threatened future intelligence gathering. To avoid such revelations, the executives' violations of the Johnson Act, the Espionage Act, and the Foreign Agents Registration Act were never prosecuted.
Besides the controversial Rückwanderer Mark Scheme, NARA records also revealed another controversy during the occupation of France by the Nazis. From the late 1930s until June 14, 1941, when President Franklin D. Roosevelt (FDR) issued an Executive Order freezing German assets, Chase National Bank worked with the Nazi government. The order blocking any access to French accounts in the U.S. by anyone, but especially by the Nazis was issued by Secretary of the Treasury, Henry Morgenthau Jr., with the approval of FDR. Within hours of the order, Chase unblocked the accounts and the funds were transferred through South America to Nazi Germany.
US Treasury officials wanted an investigation of French subsidiaries of American banks, such as Chase Bank, J.P. Morgan & Co, National City Corporation, Guaranty Bank, Bankers Trust, and American Express. Of these banks, only Chase and Morgan remained open in France during the Nazi occupation. The Chase branch chief in Paris, France, Carlos Niedermann, told his supervisor in New York that there had been an "expansion of deposits". Also, Niedermann was, "very vigorous in enforcing restrictions against Jewish property, even going so far as to refuse to release funds belonging to Jews in anticipation that a decree with retroactive provisions prohibiting such release might be published in the near future by the occupying Nazi authorities".
In 1998, Chase general counsel William McDavid said that Chase did not have control over Niedermann. Whether that claim was true or not, Chase Manhattan Bank acknowledged seizing about 100 accounts during the Vichy regime. Kenneth McCallion, a partner in the New York firm Goodkind Labaton Rudoff & Sucharow, led a lawsuit against Barclays Bank for the illegal seizure of assets during WWII and has since turned his attention toward Chase. The World Jewish Congress (WJC), entered into discussions with Chase and a spokesperson for the WJC said, "Nobody at Chase today is guilty. They were not involved in whatever happened, but they do accept that they have an institutional responsibility." A Chase spokesman said, "This is a moral issue that we take very seriously." Chase general counsel McDavid added, "that Chase intends to compensate Jewish account holders whose assets were illegally plundered". In 1999, the French government formed a commission to report findings to Prime Minister Lionel Jospin. Claire Andrieu, a commission member and history professor at the Sorbonne, said that under the Vichy regime, French banks received visits from Nazi officials but U.S. banks did not. At that time, they did not have to report Jewish accounts, but they did just as the French banks did. She goes on to say that an American ambassador protected the U.S. subsidiaries.
JPMorgan Chase has paid $16 billion in fines, settlements, and other litigation expenses from 2011 to 2013. Of the $16 billion JPMorgan Chase has paid, about $8.5 billion were for fines and settlements resulting from illegal actions taken by bank executives, according to Richard Eskow at the Campaign for America's Future, who cited a new report from Joshua Rosner of Graham Fisher & Co.
The $16 billion total does not include a recent settlement that calls for JPMorgan Chase to pay $100 million to waive $417 million in claims it had made against clients of the firm MF Global.
The U.S. Treasury's Office of Foreign Assets Control found that JPMorgan had illegally aided dictatorships in Cuba, Sudan, Liberia and Iran, including transferring 32,000 ounces of gold bullion (valued at approximately $20,560,000) to the benefit of a bank in Iran. JPMorgan did not voluntarily self-disclose the Iranian matter to OFAC.
Among its other transgressions, JPMorgan has been found to have:
- Misled investors
- Engaged in fictitious trades
- Collected illegal flood insurance commissions
- Wrongfully foreclosed on soldiers; charged veterans hidden fees for refinancing
- Violated the Federal Trade Commission Act by making false statements to people seeking automobile loans
- Illegally increased their collection of overdraft fees by processing large transactions before smaller ones
- Helped drive Jefferson County, Alabama, into bankruptcy by switching its fixed-rate debt to variable
- Violated antitrust provision of the Sherman Act relating to bid rigging
During 2013 and 2014, Chase and other banks received media attention for the practice of canceling the personal and business accounts of hundreds of legal sex workers, citing in some instances the "morality clause" of their account agreement. Later it was discovered that this practice included mortgage accounts and business loans. Chase canceled the mortgage refinancing process for one individual, that the bank had initiated, whose production company made soft core films like those broadcast on Cinemax. This resulted in a lawsuit which cited evasive dealings and misleading statements by several Chase executives including Securities Vice President Adam Gelcich, Legal Fair Lending Department Vice President Deb Vincent, and an unnamed executive director and assistant general counsel.
In addition to closing accounts for sex workers, the bank has also been using its "morality clause" to disassociate from other types of businesses. Some of these other businesses include medical marijuana dispensaries and any that are "gun related". Another was a woman-owned condom manufacturing company called Lovability Condoms. Company founder Tiffany Gaines was rejected by Chase Paymentech services "as processing sales for adult-oriented products is a prohibited vertical" and was told that it was a "reputational risk" to process payment for condoms. Gaines then started a petition to ask Chase to review and change its policy of classifying condoms as an "adult oriented product". The bank later reversed its decision and invited Gaines to submit an application citing that was already doing business with a "wide variety of merchants, including grocers and drug stores, that sell similar products".
In 2019 the bank faced growing criticism for its alleged practice of arbitrarily targeting the personal accounts of outspoken online personalities such as Martina Markota and Proud Boys chairman Enrique Tarrio. Although the specific motives behind the closures were not officially disclosed the assumption among many on the right was that they were political in nature.
Financial documents from Energy Transfer Partners, the pipeline builder for the Dakota Access Pipeline, lists a number of large banking institutions that have provided credit for the project, including JP Morgan Chase. Because of these financial ties, Chase and other banks were a target of the Dakota Access Pipeline protests during 2016 and 2017.
JPMorgan Chase agreed to pay $5 million to compensate their male employees who did not receive the same paid parental leave as women from 2011 to 2017. In December 2017, the bank "clarified its policy to ensure equal access to men and women looking to be their new child's main caregiver". According to the involved attorneys, this is the biggest recorded settlement in a U.S. parental leave discrimination case. JPMorgan agreed to train and monitor to ensure equal parental leave benefits and stated that "its policy was always intended to be gender-neutral".
Chase has faced criticism and protests over its high rate of investment in various fossil fuel industries such as coal, oil, and gas. A study released in October 2019 indicated that Chase invests more ($75 billion) in fossil fuels than any other bank.
David Rockefeller (June 12, 1915 – March 20, 2017) was an American banker who served as chairman and chief executive of Chase Manhattan Corporation. He was the oldest living member of the 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, and 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 City, New York. He grew up in an eight-story house at 10 West 54th Street, the tallest private residence ever 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, Laurance, and Winthrop.
In 1936, Rockefeller graduated cum laude from Harvard University, where he worked as an editor on The Harvard Crimson. He also studied economics for a year at Harvard and then a year at the London School of Economics (LSE). At LSE he first met the future President John F. Kennedy (although he had earlier been his contemporary at Harvard) and once dated Kennedy's sister Kathleen. During his time abroad, Rockefeller briefly worked in the London branch of what was to become the Chase Manhattan Bank.
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, Health and Welfare Services.
Rockefeller enlisted in the U.S. Army and entered Officer Candidate School in 1943; he was ultimately promoted to Captain in 1945. During World War II he served in North Africa and France (he spoke fluent French) for military intelligence setting up political and economic intelligence units. He served as a "Ritchie Boy" secret unit specially trained at Fort Ritchie, Maryland. For seven months he also 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 primarily a wholesale bank, dealing with other prominent financial institutions and major corporate clients such as General Electric (which had, through its RCA affiliate, leased prominent space and become a crucial first tenant of Rockefeller Center in 1930). The bank also is closely associated with and has financed the oil industry, having longstanding connections with its board of directors to the successor companies of Standard Oil, especially Exxon Mobil. Chase National became the Chase Manhattan Bank in 1955 and shifted significantly 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, sugar and metals. This position also 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 also, as recently 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 then 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.
Also during this period, Chase Manhattan expanded its influence over many non-financial corporations. A 1979 study titled "The Significance of Bank Control over Large Corporations" provided an estimate for which large U.S.-based financial institutions had the most control over other corporations. The study finds that:
"The Rockefeller-controlled Chase Manhattan Bank tops the list, controlling 16 companies."
He was faulted for spending excessive amounts of time abroad, and 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, when the city was nearing bankruptcy. A scandal erupted in 1974 when an audit found that losses from bond trading had been understated, and 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 (particularly from The New York Times) for the first time in his public life.
Rockefeller retired from active management of the bank in 1981, succeeded by his protégé Willard C. Butcher. Former Chase chairman John J. McCloy said at the time that he believed Rockefeller would not go down in history as a great banker but rather as a "real personality, as a distinguished and loyal member of the community".
Rockefeller traveled widely and met with both foreign rulers and U.S. presidents, beginning with Dwight D. Eisenhower. At times he served as an unofficial emissary on high-level business. Among the foreign leaders he met were Saddam Hussein, Fidel Castro, Nikita Khrushchev, and Mikhail Gorbachev.
In 1968, he declined an offer from his brother Nelson Rockefeller, then governor of New York, to appoint him to Robert F. Kennedy's Senate seat after Kennedy was assassinated in June 1968, a post Nelson also offered to their nephew John Davison "Jay" Rockefeller IV. President Jimmy Carter offered him the position of United States Secretary of the Treasury but he declined.
Rockefeller was criticized for befriending foreign autocrats in order to expand Chase interests in their countries. The New York Times columnist David Brooks wrote in 2002 that Rockefeller "spent his life in the club of the ruling class and was loyal to members of the club, no matter what they did." He noted that Rockefeller had cut profitable deals with "oil-rich dictators", "Soviet party bosses" and "Chinese perpetrators of the Cultural Revolution".
Rockefeller met Henry Kissinger in 1954, when Kissinger was appointed a director of a seminal Council on Foreign Relations study group on nuclear weapons, of which David Rockefeller was a member. He named Kissinger to the board of trustees of the Rockefeller Brothers Fund, and consulted with him frequently, with the subjects including the Chase Bank's interests in Chile and the possibility of the election of Salvador Allende in 1970. Rockefeller supported his "opening of China" initiative in 1971 as it afforded banking opportunities for the Chase Bank.
Though a lifelong Republican and party contributor, he was a member of the moderate "Rockefeller Republicans" that arose out of the political ambitions and public policy stance of his brother Nelson. In 2006, he teamed up with former Goldman Sachs executives and others to form a fund-raising group based in Washington, Republicans Who Care, that supported moderate Republican candidates over more ideological contenders.
Rockefeller was acquainted with Central Intelligence Agency (CIA) director Allen Dulles and his brother, Eisenhower administration Secretary of State John Foster Dulles—who was an in-law of the family—since his college years. It was in Rockefeller Center that Allen Dulles had set up his WWII operational center after Pearl Harbor, liaising closely with MI6, which also had their principal U.S. operation in the Center. He also knew and associated with the former CIA director Richard Helms as well as Archibald Bulloch Roosevelt Jr., a Chase Bank employee and former CIA agent whose first cousin, CIA agent Kermit Roosevelt Jr., was involved in the Iran coup of 1953. Also in 1953, he had befriended William Bundy, a pivotal CIA analyst for nine years in the 1950s, who became the Agency liaison to the National Security Council, and a subsequent lifelong friend. Moreover, in Cary Reich's biography of his brother Nelson, a former CIA agent states that David was extensively briefed on covert intelligence operations by himself and other Agency division chiefs, under the direction of David's "friend and confidant", CIA Director Allen Dulles.
In 1964, along with other American business figures such as Sol Linowitz, Rockefeller founded the non-profit International Executive Service Corps which encourages developing nations to promote private enterprise. In 1979, he formed the Partnership for New York City, a not-for-profit membership organization of New York businessmen. In 1992, he was selected as a leading member of the Russian-American Bankers Forum, an advisory group set up by the head of the Federal Reserve Bank of New York to advise Russia on the modernization of its banking system, with the full endorsement of President Boris Yeltsin.
Rockefeller had a lifelong association with the Council on Foreign Relations (CFR) when he joined as a director in 1949. In 1965, Rockefeller and other businessmen formed the Council of the Americas to stimulate and support economic integration in the Americas. In 1992, at a Council sponsored forum, Rockefeller proposed a "Western Hemisphere free trade area", which became the Free Trade Area of the Americas in a Miami summit in 1994. His and the Council's chief liaison to President Bill Clinton in order to garner support for this initiative was through Clinton's chief of staff, Mack McLarty, whose consultancy firm Kissinger McLarty Associates is a corporate member of the Council, while McLarty himself is on the board of directors. He was also a trustee of the Carnegie Endowment for International Peace, including 1948, when Alger Hiss was president.
After the war and alongside his work at Chase, Rockefeller took a more active role in his family's business dealings. Working with his brothers in the two floors of Rockefeller Center known as Room 5600, he reorganized the family's myriad business and philanthropic ventures. The men kept regular "brothers' meetings" where they made decisions on matters of common interest and reported on noteworthy events in each of their lives. Rockefeller served as secretary to the group, making notes of each meeting. The notes are now in the family archive and will be released in the future. Following the deaths of his brothers, Winthrop (1973), John III (1978), Nelson (1979), and Laurance (2004), David became sole head of the family (with the important involvement of his elder son, David Jr.).
Rockefeller ensured that selected members of the fourth generation, known generically as the cousins, became directly involved in the family's institutions. This involved inviting them to be more active in the Rockefeller Brothers Fund, the principal foundation established in 1940 by the five brothers and their one sister. The extended family also became involved in their own philanthropic organization, formed in 1967 and primarily established by third-generation members, called the Rockefeller Family Fund.
In the 1980s, Rockefeller became embroiled in controversy over the mortgaging and sale of Rockefeller Center to Japanese interests. In 1985, the Rockefeller family mortgaged the property for $1.3 billion, with $300 million of that going to the family. In 1989, 51 percent of the property, later increased to 80 percent, was sold to Mitsubishi Estate Company of Japan. This action was criticized for surrendering a major U.S. landmark to foreign interests. In 2000, Rockefeller presided over the final sale of Rockefeller Center to Tishman Speyer Properties, along with the Crown family of Chicago, which ended the more than 70 years of direct family financial association with Rockefeller Center.
In 2005, he gave $100 million to the Museum of Modern Art and $100 million to Rockefeller University, two of the most prominent family institutions; as well as $10 million to Harvard and $5 million to Colonial Williamsburg. In 2006, he pledged $225 million to the Rockefeller Brothers Fund upon his death, the largest gift in the Fund's history. The money will be used to create the David Rockefeller Global Development Fund, to support projects that improve access to health care, conduct research on international finance and trade, fight poverty, and support sustainable development, as well as to a program that fosters dialogue between Muslim and Western nations. Rockefeller donated $100 million to Harvard University in 2008. The New York Times estimated in November 2006 that his total charitable donations amount to $900 million over his lifetime, a figure that was substantiated by a monograph on the family's overall benefactions, entitled The Chronicle of Philanthropy.
He published Memoirs in 2002, the only time a member of the Rockefeller family has written an autobiography.
Rockefeller was a noted internationalist.
Rockefeller's will requires his estate, once assets are liquidated, to donate over $700 million to various non-profits, including Rockefeller University, the Museum of Modern Art and Harvard. The largest donation will be either $250 million or the remaining balance of the estate that will fund the launch of the David Rockefeller Global Development Fund.
In 1940, Rockefeller married Margaret "Peggy" McGrath, who died in 1996. They had six children:
At the time of his death, Forbes estimated Rockefeller's net worth was $3.3 billion. Initially, most of his wealth had come to him via the family trusts created by his father, which were administered by Room 5600 and the Chase Bank. In turn, most of these trusts were held as shares in the successor companies of Standard Oil, as well as diverse real estate investment partnerships, such as the expansive Embarcadero Center in San Francisco, which he later sold for considerable profit, retaining only an indirect stake. In addition, he was or had been a partner in various properties such as Caneel Bay, a 4,000-acre (16 km2) resort development in the Virgin Islands; a cattle ranch in Argentina; and a 15,500-acre (63 km2) sheep ranch in Australia.
Another major source of asset wealth was his art collection, ranging from impressionist to postmodern, which he developed through the influence upon him of his mother Abby and her establishment, with two associates, of the Museum of Modern Art in New York City in 1929. The collection, valued at several hundred million dollars, was auctioned in the spring of 2018, with proceeds going to several designated nonprofit organizations, including Rockefeller University, Harvard University, the Museum of Modern Art, the Council on Foreign Relations, and the Maine Coast Heritage Trust.
Rockefeller's principal residence was at "Hudson Pines", on the family estate in Pocantico Hills, New York. He also had a Manhattan residence at 146 East 65th Street, as well as a country residence (known as "Four Winds") at a farm in Livingston, New York (Columbia County), where his wife raised Simmenthal beef cattle. He also maintained a summer home, "Ringing Point," at Seal Harbor on Mount Desert Island off the Maine coast. In May 2015, he donated one thousand acres of land in Seal Harbor to the Mount Desert Land and Garden Preserve. He also owned a large estate on the French island of St. Barth, and along with the Rothschild family, was one of the earliest developers and tourists on the island in the 1950s. The home was very modern and was located in the Colombier district, known to many as the most beautiful section of the island. It has changed hands several times over the years, and is the single largest private parcel on the island, encompassing the entire Baie de Colombier. Many years ago, the Rockefeller family donated the land in the initial creation of the Saint-Barth "Zone Verte," or Green Zone, which is an area which cannot be developed. The property also includes a private dock in the port of Gustavia as at the time the estate was developed, there were no roads to the property and the only way to get there was by boat; David Rockefeller would moor his yacht at his private dock in Gustavia before transferring to the Colombier estate in a smaller boat as the bay could not accommodate his yacht. The property was recently listed for over $100 million, but is not currently used as a residence and the main house has fallen into disrepair. There is also a dock in the Baie de Colombier. It is not known what the current owners' intentions are.
The Kykuit section of the Rockefeller family compound is the location of The Pocantico Conference Center of the Rockefeller Brothers Fund – established by David and his four brothers in 1940 – which was created when the Fund leased the area from the National Trust for Historic Preservation in 1991.
- David Rockefeller Jr. (born July 24, 1941) – vice chairman, Rockefeller Family & Associates (the family office, Room 5600); chairman of Rockefeller Financial Services; Trustee of the Rockefeller Foundation; former chairman of the Rockefeller Brothers Fund and Rockefeller & Co., Inc., among many other family institutions.
- Abigail Aldrich "Abby" Rockefeller (born 1943) – economist and feminist. Eldest and most rebellious daughter, she was drawn to Marxism and was an ardent admirer of Fidel Castro and a late 1960s/early 1970s radical feminist who belonged to the organization Female Liberation, later forming a splinter group called Cell 16. An environmentalist and ecologist, she was an active supporter of the women's liberation movement.
- Neva Rockefeller (born 1944) – economist and philanthropist. She is director of the Global Development and Environment Institute; trustee and vice chair of the Rockefeller Brothers Fund and Director of the Rockefeller Philanthropy Advisors.
- Margaret Dulany "Peggy" Rockefeller (born 1947) – founder of the Synergos Institute in 1986; Board member of the Council on Foreign Relations; serves on the Advisory Committee of the David Rockefeller Center for Latin American Studies at Harvard University.
- Richard Gilder Rockefeller (1949–2014) – physician and philanthropist; chairman of the United States advisory board of the international aid group Doctors Without Borders; trustee and chair of the Rockefeller Brothers Fund.
- Eileen Rockefeller (born February 26, 1952) – venture philanthropist; Founding Chair of Rockefeller Philanthropy Advisors, established in New York City in 2002.
- Presidential Medal of Freedom (1998);
- U.S. Legion of Merit (1945);
- French Legion of Honor (1945);
- U.S. Army Commendation Ribbon (1945);
- Commander of the Brazilian Order of the Southern Cross (1956);
- Charles Evans Hughes award NCCJ, (1974);
- George C. Marshall Foundation Award (1999);
- Andrew Carnegie Medal of Philanthropy (2001);
- Synergos Bridging Leadership Award (2003);
- The Grand Croix of the Légion d'honneur (2000);
- C. Walter Nichols Award, New York University (1970);
- World Brotherhood Award, Jewish Theological Seminary of America (1953);
- Award of Merit from the American Institute of Architects (1965);
- Medal of Honor for City Planning, American Institute of Architects (1968);
- World Monuments Fund's Hadrian Award (for preservation of art and architecture) (1994);
- National Institute of Social Sciences Gold Medal Award (1967 – awarded to all 5 brothers);
- United States Council for International Business (USCIB) International Leadership Award (1983);
- The Hundred Year Association of New York's Gold Medal Award (1965).
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.