Although international banking is probably the Rockefellers’ most important business, Standard Oil remains the keystone in the arch of the Rockefeller Empire. The family is still better known to the public for its oil properties than for its bank shares.
Petroleum is now the single most important commodity in world trade. lt supplies the fuel, of course, for almost every motor vehicle in the world, it powers most electric generating plants, and it is the most vital raw material for the manufacturing of plastics, chemicals and drugs. All of this has brought huge benefits to the Rockefellers. As Time magazine reported in its, issue of February 18, 1974:
For 111 years, the business that has been variously known as the Standard Oil Trust, Standard Oil Co. (New Jersey), Esso and now Exxon has survived wars, expropriations, brutalizing competition, muckraking attacks and even dismemberment by the US Supreme Court (in 1911). It has not only survived but has also grown-from a refinery in Cleveland to a global behemoth that sells petroleum in more than 100 countries through some 300 subsidiaries and affiliates that make up a -United Nations of oil.” Not only grown but also prospered-so much so that last month it reported the largest annual profit ever earned by any industrial company: $2.4 billion after taxes.
The explosive growth of Exxon, the tiger of the oil industry, is revealed in the following UPI release fifteen months after the Time article:
Fortune magazine has just issued its list of the nation’s 500 biggest corporations, and never in the 20 years that it has tracked their performance have the rankings been so changed. The reason, the May issue of the magazine reports, is oil.
Fortune’s new list of the biggest publicly held industrial corporations for 1974 introduces a new No. 1: the Exxon Corporation. lt displaced the General Motors Corporation, which had been America’s biggest industrial company for 40 years. Exxon was No. 2 in 1973.
Propelled by soaring prices for oil, Exxon’s sales-the gauge by which Fortune determines size-surged from $25.7 billion in 1973 to $35.8 billion last year. (1974 Ed.)
To get some idea of the mammoth size of Exxon, consider the following: If Exxon were shorn of all its foreign operations, it would still be the ninth or tenth largest industry in the United States. Yet it gets only 16% of its oil production and 32% of its sales from this country. If Exxon merely transported oil, it would be the world’s biggest shipping firm. lt has 155 tankers of its own and varying numbers under charter at sea. It is a substantial international banker, holding fortunes in marks, yen, francs, pounds and dollars all over the world. And on and on it goes.
In order to determine actual Rockefeller family control over Exxon and the other offshoots of the original Standard Oil Trust (Mobil, Standard of Indiana, Standard of California, Chevron, Sohio, Phillips 66, Marathon, et al)we must gather all of the pieces of the puzzle we can find and carefully fit them together. In his testimony before Congress, Dilworth revealed that the Rockefeller family has approximately $324,600,000 worth of oil stock. This represents an average of about 2 % in each of the four giant oil companies. But,in 1966, testimony before the Patman Committee indicated that the nine Rockefeller family foundations also controlled an average of about 3 % in the Standard Oil Trust descendants. This known total of 5% would give the Rockefellers effective working control over the four giant corporations:
In addition, there are shares held in trust by the Rockefeller banks, insurance companies, universities and other groups whose boards of directors and trustees are interlocked with the Rockefellers.
And yet, incredibly, oil is not even the Rockefellers’ biggest business. That honor is reserved for international banking. The Rockefeller family banks are the First National City Bank and the Chase Manhattan Bank. The Chase Manhattan is the third largest banking establishment in the world; and while only number three’, it is by far the most influential.
The largest bank in the world is Bank of America in California, inventor of the bank credit card, Bank Americard, which now has 39 million cardholders worldwide. Bank of America became a giant through branch banking in California, where it has over 1,000 offices. Until recently, however, when it linked is overseas operations with the Rothschilds of Europe, the Bank of America lacked international horsepower. Now it too has joined the internationalists’ crusade for World Government.
Chase Manhattan was created by the union of the Rockefeller-owned Chase Bank with the Kuhn, Loeb controlled Manhattan Bank. The marriage has been a huge success for both families; in 1971 Chase Manhattan claimed $36 billion in assets. This is impressive enough, but the New York Times has pointed out that it is not the whole story:. . a major portion of their [Chase Manhattan’s business carried on through affiliated banks overseas is not consolidated on the balance sheet.”
Time also emphasizes the immense power of the Chase Manhattan, noting that “The Chase has 28 foreign branches of its own, but more important, it has a globe encircling string of 50,000 correspondent banking offices.”Fifty thousand correspondent banks around the world! if each correspondent bank were worth only a paltry $10 million, it would give Chase potential world wide clout of five hundred billion dollars ! Such a figure is simply incomprehensible. Unfortunately, it is probably, conservative estimate of Chase’s power and influence.
Such financial clout would give the Rockefellers the ability to create an international monetary crisis over, night. Could it be that it is they who have been yo-yoing the price of gold, dollars and foreign currencies during the past few years-creating panics for most investors, but profits for themselves?
Every time an international monetary storm blows up hundreds of millions of dollars flow into European banks’ When the storm subsides, those who were”in the know’: at the beginning have made enormous sums of money, That the Rockefellers have been very profitably involved through the Chase Manhattan Bank and its overseas facilities, seems more than reasonable.
By almost any standard, Chase Manhattan has become virtually a sovereign state. Except it has more money, than most. lt even employs a full-time envoy to the United Nations.
As just one illuminating statistic, during 1973 Chase board chairman David Rockefeller met with 27 heads of state, including the rulers of Russia and Red China, plus scores of lesser dignitaries. Not even Henry Kissinger, he of the – shuttle diplomacy – and much- publicized state dinners, can match Rockefeller’s influence with the men at the top.
Chase Manhattan’s annual reports contain much information detailing the worldwide expansion of the bank. lt has gone international on the grand scale. And it shows no signs of slowing down. In fact, Chase Manhattan is the undisputed world heavyweight champion when it comes to international banking.
During the Senate hearing on Nelson’s confirmation, he claimed,”I do not own any shares in the Chase Manhattan Bank.”However, he neglected to mention that his family owns 623,000 shares, or 2.54 % of the Chase Manhattan stock. And he also conveniently overlooked the fact that the Rockefeller Brothers Fund owns another 148 000 Chase shares and Rockefeller University holds 81,296.
Myer Kutz tells us in the New York Times of April 28, 1974:”The Rockefellers and Rockefeller institutions own a major, essentially controlling interest, estimated at more than 4%,in The Chase Manhattan Bank.
The Chase Annual Report for 1974 reports that the total assets of The Chase Manhattan Corporation stood at $42,532,003,302. That’s over forty-two billion dollars. From this, reports Chase, they had a net income of $180,801,382 for the year 1974 That’s over $180 million profit in just one year-or $3.5 million in profit a week-of which the Rockefeller family pockets over four %, or roughly 7.2 million dollars. That’s not bad, considering Chase is mainly a device for holding and boosting many of the family’s other financial interests.
Once again we must note that actual ownership by the family in Chase Manhattan may be much greater than is admitted. Professor James Knowles in his highly detailed study, ” The Rockefeller Financial Group”states:
It is impossible to establish conclusively that the wealthy families represented on the boards of the banks in the Rockefeller Group own a controlling share of the stock. The ownership of large banks is a carefully guarded secret. Even when banks are required to disclose their largest stockholders, as was the case in the 1962 Patman investigation of chain banking, they have used what are called “street names” in referring to stockholding in trust.
These “street names- are wholly fictitious and bear no resemblance to the actual beneficiary or trustees. In the case of Chase Manhattan Bank, for example, its reported twenty largest stockholders in 1962 included fifteen “street names,” (e.g., Dudd & Co., Don & Co., Atwell & Co.) …. (1)·
If fifteen of the twenty largest blocs of stocks are held in fictitious names designed to hide the identities of the real owners, it is impossible to doubt that some, if not most, of the actual owners are part of the Rockefeller Empire.
When the few facts that are available to the public are considered-that the Rockefellers control by far the largest amount of stock in Chase Manhattan, that other families closely connected with the Standard Oil fortune from its beginning also own substantial blocks of stock, that the board of directors of Chase Manhattan reads like a who’s who of Rockefeller lieutenants, and that David Rockefeller is chairman of the board of the bank-no one can dispute Rockefeller control of the Chase Manhattan Bank.
(1) Knowles, James, “The Rockefeller Financial Group,- MSS Modular Publications, NY, 1973, p. 8.
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