David Rockefeller, banker at Chase Manhattan and last surviving grandson of Standard Oil founder John D. Rockefeller, passed away on Monday, March 20 of congestive heart failure at his home in Pocantino Hills, New York. He was 101 at the time of his death, and is survived by his five children: David Jr., Abigail, Neva, Margaret, and Eileen Rockefeller.
The son of John Rockefeller Jr. and Abigail Green Aldrich, David Rockefeller grew up swaddled in vast material wealth and privilege-John D. Rockefeller was, after all, America's first billionaire. Carrying on the Rockefeller legacy was not a task taken lightly: David Rockefeller was described in a 1977 issue of Forbes magazine as a man who "always felt an obligation to perform in a way that he would describe as "appropriate"-that will bring credit to the Rockefeller name and support the proposition that the family's power is being usefully channeled." In many regards, he succeeded: Rockefeller will long be remembered for his dedication to philanthropy, his love for culture and the arts, and his tremendous business influence.
Rockefeller started his career at Chase bank in 1946 as an assistant manager in foreign trade. At the time, his uncle Winthrop Aldrich, was serving as the bank's chairman. Chase was considered a "family bank," with close ties to John D. Rockefeller's company, Standard Oil. The two companies' mutually beneficial relationship continued well after after Standard Oil's monopoly was broken down through government legislation and became Exxon Mobil
It was Rockefeller's ventures that led Chase to set its sights on the international market. The New York Times recounted a pivotal moment in the 1970s when Rockefeller met with, "Anwar el-Sadat of Egypt, Leonid Brezhnev of the Soviet Union, and Zhou Enlai of China" allowing "Chase Manhattan [to become] the first American bank with operations in those countries." Rockefeller was determined to break into countries that American businesses had not previously thought to engage with. These meetings were not only crucial for Chase, but helped strengthen America's foreign relations and credibility.
At the time, Rockefeller was criticized for these ventures, with detractors claiming that his frequent international trips left the bank in disarray. In reality, the bank was being severely impacted by an economic recession in the 1970s that hit New York City especially hard, but critics were eager to place the blame for bank's stunted domestic growth squarely on Rockefeller's shoulders. Rockefeller himself recounted in his biography that he did not regret this strategic business move, claiming that they "were of considerable benefit to the bank both financially and in terms of its prestige around the world."
Rockefeller's engagement in politics were not limited solely to his international ventures. In fact, he had considerable influence on local politics in New York City. Though Rockefeller never ran for public office, he was invested in spurring economic growth throughout the city, particularly around Lower Manhattan where Chase Manhattan was located. It was David Rockefeller who suggested the construction of the World Trade Center, stimulating a wave of economic renewal in Manhattan outside of the midtown area.
After retiring from his position with Chase in 1981, Rockefeller was still engaged with the culture and arts scene of New York City. He donated over $150 million dollars to the Museum of Modern Art (MoMA), which had been co-founded by his mother. This generosity was a continuation of previous projects Rockefeller had supported-in 1968, with his brother Nelson, Rockefeller had purchased Gertrude Stein's art collection and given it as a permanent loan to the MoMA.
Outside of his love of the arts, Rockefeller was also a valiant supporter of scientific research. Rockefeller first joined the Board of the Rockefeller Institute for Medical Research-now referred to as The Rockefeller University-in 1940. Though he stepped down as chairman of the board in 1975, he continued to serve as chair of the Executive Committee for another 20 years, until he was almost 80 years old. The university itself exclaimed that David Rockefeller has touched every aspect of the institution, from its physical campus to its pioneering research: "David Rockefeller's magnificent stewardship has influenced every aspect of The Rockefeller University-from its landscape, buildings, and art collection to its scientific programs and educational outreach. While it is impossible to imagine the University without David, he will live on in every scientific advance and breakthrough made in University laboratories, in every young Ph.D. candidate fortunate enough to participate in the David Rockefeller Graduate Program, and in the incredible beauty of our campus."
While his time has come to a close, Rockefeller's legacy will undoubtedly live on for generations to come.
