John D. Rockefeller’s father had a nefarious past

John D. Rockefeller—the world's first billionaire—was born to a well-known con artist father.

How John D. Rockefeller became the world's first billionaire

From a young age, John D. Rockefeller knew he was interested in business. He worked as a bookkeeper and sold candy prior to starting the business empire that would help cement the Rockefeller name in history: Standard Oil.

A timeline of the Rockefeller family

The Rockefeller family timeline (as it relates to the business world, at least) starts in 1839 with John D. Rockefeller’s birth. In the nearly 200 years since, his offspring have gotten involved in everything from the Watergate scandal to the McCormick & Company spice business.

The history of the Rockefellers in 60 seconds

John D. Rockefeller—the world's first billionaire—once controlled 90% of the US oil refining market, built Standard Oil through vertical integration, and used his fortune to fund universities, museums, and landmarks like Rockefeller Center.

Today’s Rockefellers have become climate activists

The Rockefeller Family Fund has been engaged in more than 40 lawsuits against ExxonMobil, a company that John D. Rockefeller’s Standard Oil created.

Standard Oil's predatory business practices included temporarily operating at a loss to drive competitors out of business

Rockefeller's oil monopoly had a dark side, including cutting oil prices so low that Standard Oil was sometimes temporarily operating at a loss in order to drive competitors out of business.

How the Rockefellers' wealth evolved over time

The Rockefellers built one of the most powerful business empires in US history. By the early 1900s, their company, Standard Oil, controlled over 90% of the US oil market.

The Rockefellers funded the restoration of Colonial Williamsburg

John D. Rockefeller Jr. and his wife spent millions of dollars restoring Colonial Williamsburg and turning it into the tourist attraction it is today. You can go back in time via video footage from before and after the restoration.

'If you want to succeed, you should strike out on new paths, rather than travel the worn paths of accepted success.'

- Billionaire John D. Rockefeller (1839-1937)

Modern antitrust law was created to combat the Standard Oil Trust

John D. Rockefeller's Standard Oil Trust enabled him to evade laws against a single corporation buying stock in another. His centralized board of directors held stock in many different oil companies under his control, allowing Rockefeller to eventually monopolize the oil refining industry. Efforts to regulate and prevent the Standard Oil Trust's monopoly became known as "antitrust" laws.

In 1931-32, JP Morgan Jr. paid no income taxes due to his company’s losses

This legally reduced his taxable income under existing laws. Similarly, the Rockefellers leveraged charitable foundations to minimize taxes, allowing them to preserve wealth while directing funds to their preferred causes.

The Rockefellers' family office expanded to become a multifamily office

The Rockefellers created the first known single-family office in the late 1800s but the firm has evolved since to serve many wealthy American families.

Larry Fink cofounded BlackRock with a $5M investment from Blackstone cofounder Stephen Schwarzman in 1988, before officially severing ties with Blackstone in 1994.

Standard Oil used vertical integration to create an empire

“Vertical integration” is a modern business phrase that refers to a company taking on multiple stages of production—but John D. Rockefeller pioneered it with his Standard Oil company, employing its own plumbers and handling its own oil transportation.

The winding journey from Standard Oil to the modern oil industry

Standard Oil’s impact on the business world can be clearly seen today in oil giants like Exxon and Chevron. But the journey from the Rockefellers’ trust to the modern firms was a windy road. After the Supreme Court ordered Standard Oil’s break up, the first step saw it separate into many state-based companies like Standard Oil of California and the Ohio Oil Company. Visualize it here.

Soybean oil fraud almost decimated American Express in 1963

A New York commodities trader who had defrauded the American government over uninspected meat for school lunches, Anthony "Tino" De Angelis, used American Express warehouses to sell soybean oil. However, Angelis had actually filled the tanks with water and placed just enough soybean oil on top of the tanks to pass inspection. American Express was liable for many of the tanks and its stock faced a huge downturn, opening the door for a then 33-year-old Warren Buffett to make his first purchase in the company.

Joseph Kennedy Sr., President John F. Kennedy's father, became the first chairman of the Securities Exchange Commission in 1934.

Largely considered to be the inspiration for Gordon Gekko in the movie 'Wall Street,' Ivan Boesky was one of the most high-profile white-collar criminals and faced a $100M fine for insider trading in 1986.

The story of the Sackler empire behind highly addictive OxyContin

This investigative report examines how the Sackler family built its fortune through Purdue Pharma’s aggressive marketing of OxyContin, a highly addictive painkiller. Through 2017, the drug had generated more than $30B in sales for Purdue Pharma, controlled by the Sacklers.

Listen to a sit-down interview with BlackRock CEO Larry Fink to learn more about his background, the lessons he's learned throughout his career, and his outlook for the future.

JP Morgan Jr. once angered the nation with his zero-dollar tax bill

In the aftermath of the Great Depression, Congress learned that Morgan and his banking partners had avoided paying any federal income tax in 1931 and 1932. By claiming their losses in the stock market, they seemingly erased what they owed.

BlackRock sponsored the Federal Reserve's purchasing of corporate debt through exchange-traded funds during the COVID-19 pandemic, while it simultaneously sold some of its own shares on the secondary market—sparking controversy over potentially unfair advantages.

How famed investigative journalist Ida Tarbell took on Standard Oil

After watching her father lose his oil refining business to Standard Oil, Ida Tarbell began to focus on unfair business practices in the US, writing a series on the oil giant's transgressions.

Founded in 1959 by Jay Van Andel and Richard DeVos, Amway, a home goods company, is the largest multilevel marketing company in the world by revenue, generating more than $7B annually.

Jeff Bezos came from humble beginnings and spent much of his childhood on a cattle ranch, where his grandfather made his own needles for the cattle by hand.

A DJ helped popularize the term 'rock 'n' roll' to resell rhythm and blues to a broad audience.

Rockwell worked with psychoanalyst Erik Erikson

In 1953, the painter and his family moved to Stockbridge, Massachusetts, to be closer to the Austen Riggs Center, where his wife was undergoing treatment for alcoholism and depression. Rockwell began treatment, too, working with Erikson—famous for coining the term “identity crisis”—on his anxieties about his art.

Listen to the details of Henry Ford's widely speculated affair and secret child.

Diego Rivera hid a tiny image of Vladimir Lenin in Rockefeller Center

Nelson Rockefeller commissioned painter Diego Rivera to paint a mural for the entrance of the Rockefeller Center. Allegedly in response to criticism that he had “sold out,” Rivera slipped in a painting of Vladimir Lenin.

In the 1920s, Rockwell worked as a commercial illustrator

After getting his start at Boys’ Life, Rockwell began illustrating advertisements for products like Jell-O and Orange Crush. Below is one of Rockwell’s advertisements for Jell-O, from 1923.

Famed American investor Jesse Livermore made millions when the stock market crashed in 1929

Livermore made his first major short against rail company Union Pacific in 1906, coincidentally before an earthquake in San Francisco, which ultimately tanked share prices. During a financial panic the next year, JP Morgan reportedly asked Livermore to increase his long-term investments to restore hope and restabilize the market—which Livermore did. However, Livermore began betting against the market in 1929, sensing that stocks were too hot, and was one of the few people to benefit from the 1929 stock crash.

Norman Rockwell was sometimes confused with another Rockwell, who was a notorious Nazi

George Lincoln Rockwell was the founder of the American Nazi Party and had no relation to Norman Rockwell, the beloved American painter. But that didn't stop people from confusing the two or suggesting that they were family members. It was something that Norman Rockwell's granddaughter said had greatly disturbed the painter.

Rockwell based many of his paintings on staged photographs

Rockwell’s work was often noted for its realism. His paintings' near-photographic precision was no accident. Early in his career, he painted from live models. Later, he’d conceived a scene, staged it, photographed it, and then used the photos as the foundation for his paintings.

The origins of modern family offices date back to the 1500s

Wealth management for families with massive fortunes has evolved over the centuries, with the Rockefellers establishing the first single-family office in 1882.

See Rockefeller Center's Christmas trees since 1931

In 1931, with construction still underway, Rockefeller Center's very first Christmas tree was erected out front. John D. Rockefeller himself greeted the construction workers who put up the first 20-foot tree and decorated it with cranberries and paper garland.

Mark Zuckerberg's dad is a dentist—but he originally wanted to work with computers

Mark Zuckerberg grew up in Dobbs Ferry in Westchester County, about 25 miles north of New York City. His father, Ed Zuckerberg, owned a practice connected to Mark's childhood home, but he was always fascinated by computers. Ed's family was the first in his neighborhood to have a color television, and Ed was an early adopter of computing technology—something that he passed on to Mark. (Some users may experience a paywall.)

A teenage Springsteen struggled with his father

Springsteen's father didn't understand why his son was interested in pursuing a music career, leading to a tense relationship that was often exacerbated by his father's struggles with mental illness.

Fracking brought short-term wealth and long-term collapse to Rock Springs, Wyoming

In the early 2000s, the fracking boom transformed the quiet mining town into a hub of oil field laborers with plentiful job opportunities. Once the boom faded and industry left, unaffordable housing, unsafe working conditions, and drug epidemics left many residents with no prospects amid a disappearing way of life.

BlackRock played an integral role in the Federal Reserve's response to the Great Recession, managing about $30B of hard-to-sell Bear Stearns assets on behalf of the New York Fed.

Charles Dickens' novels inspired a young Norman Rockwell

Rockwell is considered a narrative painter who tells stories through his portraits of everyday Americans. The interest in using images to tell stories began at a young age, when his father read Dickens aloud to him while the young Norman illustrated the books’ scenes.

Read about why America is obsessed with the stories of financial scammers.

How Jim Chanos used a Wall Street Journal article to uncover Enron's fraud

After seeing an article in the Wall Street Journal about the unclear financials of energy companies, Chanos' firm Kynikos Associates began investigating the finances and accounting of Enron, an American energy corporation that was the seventh-largest company at the time. The firm ended up making $500M on its short positions against Enron.

Thomas Edison publicly executed animals with AC to convince the public of its dangers

J.P. Morgan first backed Thomas Edison's direct current system, seeing electricity's potential to usurp John D. Rockefeller's kerosene empire. Despite the investments and smear campaign against alternating current, alternating current ultimately won public support after lighting the 1893 World's Fair, after which Morgan would fund Tesla's wireless transmission tower.

Ray Dalio grew up in New York City, and his dad was a jazz musician

Dalio grew up in the Jackson Heights neighborhood in Queens—though his family moved to the city's suburbs when he was eight-years-old. His father played music in famous Manhattan nightclubs like the Copacabana, while his mother stayed home.

Watch the infamous live feud between Bill Ackman and Carl Icahn from 2013 in the fallout of a billion-dollar accusation that Herbalife was a pyramid scheme.

A deep dive into Enron, one of the largest accounting scandals in history

Investing comes with great opportunities for reward, but it also carries great risk. Investors learned that the hard way when Enron collapsed. Everyone lost money—from the largest institutions on Wall Street to mom-and-pop investors who bought S&P 500 index funds. This series from American Scandal starts with a close-up into an investment manager at Enron who started to unravel the accounting scandal happening behind the scenes. Listen here.

Listen to a podcast that traces the history of DOJ antitrust enforcement

This podcast series traces how the US government's approach to regulating big business has changed over a century—from the DOJ's breakup of John D. Rockefeller's Standard Oil monopoly, through lawyer Robert Bork's influence on how courts interpret competition law, to the FTC's modern antitrust lawsuit against Amazon.

See how DOJ prosecutors took down a pharmaceutical company's executives over the opioid crisis

This FRONTLINE documentary follows federal prosecutors as they used anti-racketeering laws to convict executives at Insys Therapeutics, a pharmaceutical company that bribed doctors to overprescribe a fentanyl painkiller.

Known as the 'Pecora Hearings,' the widely covered trials following the stock market crash of 1929 generated massive public outrage that forced Congress to impose stricter regulations on Wall Street.

Before his final answer, the first US ‘Millionaire’ winner called his dad to tell him he’d won

John Carpenter was the first US contestant on “Who Wants to Be a Millionaire?” to win the top prize. Impressively, he did it without using any of his “lifelines,” which could provide hints. Well, that’s not exactly true: Carpenter did use his “Phone a Friend” lifeline, but it was just to let his father know that he’d be winning a million bucks.