Rockefellers. Financial crime & money laundering

Part 5: Financial crime & money laundering

Rockefellers: amassed a fortune that outraged a democratic nation, then gave much of it away. They were the nearest the USA had to a royal family but they shunned the public eye, retreating behind the walls of their palatial homes.

John D Rockefellers: 1939-1937

• Robber baron

• Son of a swindler & snake oil salesman

• Created a corporate empire and a personal fortune on a scale the world had never seen before

• Ruthlessly crushed anyone in his way

• Alienated the American public – Rockefeller became a word for contempt

John D Rockefeller’s creation: ESSO Standard Oil, incorporation

At one tome he owned:

• 90% of the world’s oil refineries,

• 90% of oil marketing rights and

• 1/3 of all oil wells in the USA

• pioneered the vertical integration concept (exploration, drilling, extraction, refining, marketing, distribution, retail) – the original supply chain manager

• consolidated the industry through orizontal integration, by buying up his competitors

The man- an enigma:

• Ruthless and cruel in business

• a corporate predator

• modest & god fearing in private

• lived quit @ virtuous life

• believed God had given him the power to make money and it was his duty to do so

• the company fell foul of us anti-trust laws in 1911 and was split up

• in 1913 his wealth was estimated at $900mio ($22.5 billion today)

• More than half of this was lost in the 1929 wall street crash

• Appeased his conscience and public dislike by giving away much of his fortune

The Rockefeller foundation:

Founds education, medical, scientific and agricultural causes

Rockefeller institure for medical research

• Post graduate and post doctoral medical research in NY

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