Rockefellers


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Rockefellers

 

one of the largest financial industrial groups in the USA.

The oil business served as the foundation for the Rockefellers’ power. In 1870, John D. Rockefeller (1839–1937) founded the Standard Oil Company, which monopolized the distillation, refining, and sale of oil and oil products in the USA in the late 19th century. In the 1920’s the Rockefeller group ranked second (after the Morgans) among the eight largest monopolistic groups in the USA. After World War II (1939–45), the Rockefellers substantially expanded their sphere of influence. By the beginning of the 1970’s they controlled assets totaling $124.6 billion. The nucleus of the Rockefellers’ industrial financial empire consists of the Standard Oil Company of New Jersey, a monopoly that was renamed Exxon in 1972, and the Chase Manhattan Bank, a large commercial bank with assets totaling $36.8 billion in 1973. The bank ranks third in total assets among the 50 largest US commercial banks.

The Rockefellers own an extensive network of credit and financial institutions, including banks and insurance companies. They also control the Chemical New York Corporation, a commercial bank (1973 assets, $18.6 billion), and two life insurance companies—Metropolitan Life (1973 assets, $32 billion) and Equitable Life (1973 assets, $17.2 billion).

The development of state-monopoly capitalism and the scientific and technological revolution have resulted in considerable changes in the structure of the Rockefeller industrial financial group. The Rockefellers’ interests are concentrated not only in the oil industry and in banking but also in other industries. In the early 1970’s the Rockefellers controlled many machine-building, electrical engineering, and food-processing companies. However, Exxon continues to serve as the foundation for the family’s power. In 1972 Exxon’s profits (after taxes) totaled $1.5 billion. In the early 1970’s the company ranked second in total assets (after General Motors) among the 500 largest US corporations. The Rockefellers and other US financial groups exercise joint control over a number of the largest American industrial corporations (American Telephone and Telegraph, International Business Machines, Westinghouse Electric, and McDonnell Douglas) and several leading investment banks, including Stone and Webster and the First Boston Corporation.

In the early 1970’s the group was headed by the five sons of John D. Rockefeller, Jr. According to American estimates, the Rockefeller family fortune is between $4 billion and $ 10 billion. The organizational center for family capital is the Rockefeller Brothers, Inc., which was founded in 1946. It participates in speculative transactions and buys up stock in small, promising firms.

The financial industrial interests of the Rockefellers are represented in many parts of the world. The Rockefellers have substantial influence on US politics, especially the election of the president and members of Congress.

REFERENCES

Men’shikov, S. M. Millionery i menedzhery. Moscow, 1965. Pages 57–58, 371, 373–74, 378.
Fursenko, A. Dinastiia Rokfellerov, 2nd ed. Moscow, 1970.
Zhukov, E. F. Strakhovye monopolii ν ekonomike SShA. Moscow, 1971.
Beglov, I. SShA.• sobstvennost’ i vlast’. Moscow, 1971.
Kapitalisticheskie i razvivaiushchiesia strany: Sotsial’no-ekonomicheskii spravochnik. Moscow, 1973. Page 217.

E. F. ZHUKOV

References in periodicals archive ?
ITEM: The New York Times reported on March 20, 2017: "David Rockefeller, the banker and philanthropist with the fabled family name who controlled Chase Manhattan bank for more than a decade and wielded vast influence around the world for even longer as he spread the gospel of American capitalism, died on Monday morning [March 20] at his home in Pocantico Hills, N.Y.
The Rockefeller family will be closing the book on their eight-decade stay in Room 5600 at 30 Rockefeller Plaza by the summer of 2015.
30 May 2012 - RIT Capital Partners Plc (LON:RCP), the London-based investment trust founded by Lord Jacob Rothschild, will acquire a 37% stake in Rockefeller Financial Services Inc, the wealth advisory and asset management firm that is part of the Rockefeller Group, the Financial Times reported without specifying sources.
The Rockefellers always sought to be on the cutting edge of medical and scientific research, creating profound changes in the world as a result.
The idea was to have Nelson Rockefeller commission one of the artists for a mural he was planning for his new RCA skyscraper.
"Being a millionaire is a tough row to hoe." The late Winthrop Rockefeller was fond of saying that.
Inertia kept the boom going into the early years following the stock market crash, with the City Services, Empire State, and Chrysler Buildings, and that "series of bad guesses, blind stabs, and grandiose inanities," Rockefeller Center.
The news that Rockefeller Center has gone bankrupt tells you all you need to know about the new world order.
McCloy seemed able to serve two masters, but his patrons, the Rockefellers, had a flinty-eyed view of whose interests came first.
The Rockefellers purchased the property in 2005 for $10.8 million from billionaire Marc Ewing and Lisa Lee.
All of this anguish has ensued from Jones' efforts to retain an 18' by 24' cabin that he describes as being "about the size of a porch on one of the Rockefeller condominiums." The vast Rockefeller complex, several thousand acres in size, is located quite near Tim's embattled single-acre property.
Besides Chase, Milbank's other major client for at least six decades was the Rockefeller family, which owned Chase.