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J.D. Rockefeller: From Oil Baron To Billionaire
John D. Rockefeller still ranks as one of the richest men in modern times. According to Forbes Magazines Most Wealthy Historical Figures 2008, his adjusted fortune of more than $300 billion rivals the relative wealth controlled by the Pharaohs of ancient Egypt or the Roman emperors. Rockefeller remains one of the great figures of Wall Street - reviled as a villain, applauded as an innovator and universally recognized as one of the most powerful men in history. Read on for a look at his life and achievements.
Son of a Peddler
Rockefeller was born on July 8, 1839. His father led a nomadic life selling goods across the country while his mother raised the children. Rockefeller received an unusually good education for his time and found work as a clerk at a commission house at the age of 16. He left thecommission house to form a partnership at the age of 24.
Oil Refiner
The first thing that distinguished Rockefeller from others was his understanding of risk. He knew that speculators in oil had the potential for huge profits if they hit a deposit, but they were also losing money when they didnt. Instead of getting into the speculation business, Rockefeller chose the refining business, where the profits were smaller but more stable
Putting all of his money into his first refining business, Rockefeller transformed it by emphasizing what we now call research and development (R
