Whitney, Jock

http://mapper.nndb.com/start/?id=59946 eh

pilgrim soc:

John Hay "Jock" Whitney (1904-1982) (CFR)--CEO of Freeport Sulpher Co. Son of Payne Whitney (1876-1927) (S&B 1898). Father married daughter of John Hay and Clara Stone--Helen Hay (2-6-1902). Grandson of William Collins Whitney. Yale graduate. Brother of Joan Payson.<a href="http://watch.pair.com/pilgrim.html#N_20_">(20)</a>

Partner in Selznick International Pictures (1935) with David O. Seznick (1902-1965) His first independent film production company was Selznick International Pictures. Movies produced under the SIP aegis include A Star is Born (1937), The Prisoner of Zenda (1937), Nothing Sacred (1937), The Adventures of Tom Sawyer (1938), and Gone with the Wind (1939). Selznick was responsible for bringing the Swedish actress, Ingrid Bergman, and the British director, Alfred Hitchcock, to Hollywood. Hitchcock directed such movies as Rebecca (1940), Spellbound (1945), and Notorious (1946) while under contract to Selznick. Ambassador to Great Britain (1957-61). There is a Harvey Cushing/John Hay Whitney Medical Library at Yale University.

In June 1990, a gift from Mrs. John Hay Whitney (daughter of Harvey Cushing), made possible the completion of a major renovation and expansion project. The Library was renamed the Harvey Cushing/John Hay Whitney Medical Library, honoring Cushing and John Hay Whitney (editor of the Herald Tribune, and patron of the arts). Whitney acquired control of the New York Herald Tribune in 1958 and served as its publisher from 1961 to 1967. Mary Elizabeth Altemus Whitney: debutante Betsy Cushing Roosevelt Whitney: debutante. Heir to one of America's greatest fortunes. John Hay "Jock" Whitney distinguished himself in a whole slew of careers, not the least of which was carrying on his family's tradition of public service. In addition to being an international polo star and a Broadway and Hollywood financier, Whitney served as an intelligence officer during World War II. Spent eighteen days as POW in WW II. Shocked when other prisoners could not give a moral or ideological reason for fighting.<a href="http://watch.pair.com/pilgrim.html#N_21">(21)</a> He established the John Hay Whitney Foundation in 1946 as an umbrella for his service endeavors, and also became a leading thoroughbred horse breeder and collector of art. Became a force in Republican politics in the post-war years. Elected to Yale Corporation in 1955.<a href="http://watch.pair.com/pilgrim.html#N_22">(22)</a> Gave $30 million to Yale over next 25 years.<a href="http://watch.pair.com/pilgrim.html#N_23">(23)</a> Served as ambassador to Great Britain from 1957 to 1961 after donating $47,000 to Ike.<a href="http://watch.pair.com/pilgrim.html#N_24">(24)</a> Chairman of English-Speaking Union (1961). While Ambassador to Britain, Whitney set up a press service in London called Forum World Features, which published propaganda furnished directly by the CIA and the British intelligence services. In 1967 an expose in the NY Times revealed that the John hay Whitney Trust for Charitable Purposes had been used a conduit for CIA funds.<a href="http://watch.pair.com/pilgrim.html#N_25">(25)</a> Prominent member of what Ike called "the military-industrial complex."<a href="http://watch.pair.com/pilgrim.html#N_26">(26)</a> Estimated personal worth: $200-$300 million. Total benefactions: $50 million.<a href="http://watch.pair.com/pilgrim.html#N_27">(27)</a> Inherited $20 million trust from his Father and was left $20+ million in his mother's will.<a href="http://watch.pair.com/pilgrim.html#N_28">(28)</a> Captain Vincent Astor was his Brother-in-law.

http://watch.pair.com/pilgrim.html

A few prominent Pilgrim members, past and present, are listed below: J.P. Morgan, Russell Leffingwell, Henry P. Davison, John W. Davis, John D. Rockefeller, Harry Rockefeller, Ogden Mills Reid, Henry Morgenthau, Otto Kahn, Robert Fulton Cutting, James B. Clews, John B. Trevor, William Fellowes Morgan, Henry W. Taft, Adolph Ochs, James Speyer, Charles H. Rabin, Sir Ashley Sparks, George F. Trewbridge, Phillip Rhinelander, Andrew W. Mellon, Albert H. Wiggin. J. W. Hill, John F. O'Ryan, Frank L. Polk, George R. ??, Julius Ochs Adler, Alfred I. Aiken, Herbert I. Aldrich, John Whitney, W.B. Whitney, Cornelius Vanderbilt, Vincent Astor, Julius S. Bache, Robert Lew Boron, Ancell H. Bail, David H. Biddle, Robert W. Bigelow, Irving T. Bush, Newcomb Carleton, Joseph H....

In the nature of their exclusive membership and... the Pilgrims may be termed the wholesale agency for promoting the interests of Britain in this country. It is strictly a Tory organization. The retail outlet is the more widely known English-Speaking Union, which has for its avowed purpose:

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John Hay Whitney (27 August 1904 – 8 February 1982), colloquially known as "Jock" Whitney, was <a class="mw-redirect" href="http://en.wikipedia.org/wiki/U.S._Ambassador_to_the_United_Kingdom" title="U.S. Ambassador to the United Kingdom">U.S. Ambassador to the United Kingdom</a>, publisher of the <a href="http://en.wikipedia.org/wiki/New_York_Herald_Tribune" title="New York Herald Tribune">New York Herald Tribune</a>, and a member of the <a href="http://en.wikipedia.org/wiki/Whitney_family" title="Whitney family">Whitney family</a>.

Born on August 27, 1904, in <a href="http://en.wikipedia.org/wiki/Ellsworth,Maine" title="Ellsworth, Maine">Ellsworth</a>, <a href="http://en.wikipedia.org/wiki/Maine" title="Maine">Maine</a>, Whitney was a descendant of John Whitney, a <a href="http://en.wikipedia.org/wiki/Puritan" title="Puritan">Puritan</a> who settled in <a href="http://en.wikipedia.org/wiki/Massachusetts" title="Massachusetts">Massachusetts</a> in 1635, as well as of <a class="mw-redirect" href="http://en.wikipedia.org/wiki/William_Bradford%281590-1657%29" title="William Bradford (1590-1657)">William Bradford</a>, who came over on the <a href="http://en.wikipedia.org/wiki/Mayflower" title="Mayflower">Mayflower</a>. His father was <a href="http://en.wikipedia.org/wiki/Payne_Whitney" title="Payne Whitney">Payne Whitney</a>, and his grandfathers were <a class="mw-redirect" href="http://en.wikipedia.org/wiki/William_C._Whitney" title="William C. Whitney">William C. Whitney</a> and <a href="http://en.wikipedia.org/wiki/John_Hay" title="John Hay">John Hay</a>, both <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Presidential_cabinet" title="Presidential cabinet">presidential cabinet</a> members. His mother was <a href="http://en.wikipedia.org/wiki/Helen_Hay_Whitney" title="Helen Hay Whitney">Helen Hay Whitney</a>.

The Payne Whitneys lived around the corner from <a class="mw-redirect" href="http://en.wikipedia.org/wiki/James_B.Duke" title="James B. Duke">James B. Duke</a>, and his wife and daughter <a href="http://en.wikipedia.org/wiki/Doris_Duke" title="Doris Duke">Doris</a>. Whitney's uncle, <a href="http://en.wikipedia.org/wiki/Oliver_Hazard_Payne" title="Oliver Hazard Payne">Oliver Hazard Payne</a>, a business partner of <a href="http://en.wikipedia.org/wiki/John_D.Rockefeller" title="John D. Rockefeller">John D. Rockefeller</a>, arranged the buyout of Duke's competitors to create the <a class="mw-redirect" href="http://en.wikipedia.org/wiki/American_Tobacco_Co." title="American Tobacco Co.">American Tobacco Co.</a>

"Jock" Whitney attended <a href="http://en.wikipedia.org/wiki/Yale_College" title="Yale College">Yale College</a>. He joined <a href="http://en.wikipedia.org/wiki/Delta_Kappa_Epsilon" title="Delta Kappa Epsilon">Delta Kappa Epsilon</a> fraternity (Phi chapter), as his father had. Whitney, his father, grandfather, and great-uncle were oarsmen at Yale, and his father was captain of the crew in 1898. He was a member of <a href="http://en.wikipedia.org/wiki/Scroll_and_Key" title="Scroll and Key">Scroll and Key</a>. While at Yale, he allegedly coined the term "<a href="http://en.wikipedia.org/wiki/Crew_cut" title="Crew cut">crew cut</a>" for the haircut that now bears the name.

After graduating in 1926, Whitney went to <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Oxford_University" title="Oxford University">Oxford University</a>, but the death of his father necessitated his returning home. He inherited a trust fund of $20 million (approximately $210 million in 2005 dollars), and later inherited four times that amount from his mother.

...

<h3>Freeport Texas Co.</h3>

In 1929, Whitney was hired as a clerk at the firm of Lee, Higginson, where he met <a href="http://en.wikipedia.org/wiki/Langbourne_Meade_Williams,Jr." title="Langbourne Meade Williams, Jr.">Langbourne Meade Williams, Jr.</a>, the son of the founder of <a href="http://en.wikipedia.org/wiki/Freeport-McMoRan" title="Freeport-McMoRan">Freeport Texas Co.</a>, a <a href="http://en.wikipedia.org/wiki/Sulfur" title="Sulfur">sulfur</a> mining company. Williams enlisted his aid in ousting the chairman of his family's company by buying shares of the company. Whitney soon was Freeport's biggest shareholder, enabling Williams to sack the chairman and his management team. Williams became Freeport's president in 1933 and Whitney was appointed Chairman of the Board.<h3 style="background: none rgb(255, 255, 255); margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom: 0px; line-height: 1.6;">Management history</h3>Notable historical members of the <a href="https://en.wikipedia.org/wiki/Board_of_directors" title="Board of directors" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">board of directors</a> have included: <a href="https://en.wikipedia.org/wiki/John_Hay_Whitney" title="John Hay Whitney" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">John Hay Whitney</a>, <a href="https://en.wikipedia.org/wiki/Kidder,Peabody%26_Co." title="Kidder, Peabody & Co." style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">Kidder, Peabody & Co.</a>, <a href="https://en.wikipedia.org/wiki/Chauncey_Stillman" title="Chauncey Stillman" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">Chauncey Stillman</a>, <a href="https://en.wikipedia.org/wiki/Godfrey_Stillman_Rockefeller" title="Godfrey Stillman Rockefeller" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">Godfrey StillmanRockefeller</a>, <a href="https://en.wikipedia.org/wiki/Augustus_Long" title="Augustus Long" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">Augustus Long</a>, <a href="https://en.wikipedia.org/wiki/Robert_A.Lovett" title="Robert A. Lovett" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">Robert A. Lovett</a>, <a href="https://en.wikipedia.org/wiki/Jean_Mauz%C3%A9" title="Jean Mauzé" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">Jean Mauzé</a>, <a href="https://en.wikipedia.org/wiki/Henry_Kissinger" title="Henry Kissinger" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">Henry Kissinger</a> 1988-1995, and George Putnam of <a href="https://en.wikipedia.org/wiki/Putnam_Investments" title="Putnam Investments" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">Putnam Investments</a>.

<h3>Technicolor</h3>

Whitney invested in several <a href="http://en.wikipedia.org/wiki/Broadway_theatre" title="Broadway theatre">Broadway</a> shows, including <a href="http://en.wikipedia.org/wiki/Peter_Arno" title="Peter Arno">Peter Arno</a>'s 1931 revue Here Goes the Bride, a failure that cost him $100,000, but was more successful as one of the backers of <a href="http://en.wikipedia.org/wiki/Life_with_Father" title="Life with Father">Life with Father</a>.

An October 1934 <a href="http://en.wikipedia.org/wiki/Fortune%28magazine%29" title="Fortune (magazine)">Fortune</a> article on the <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Technicolor_Corporation" title="Technicolor Corporation">Technicolor Corporation</a> noted Whitney's interest in pictures. He had met Technicolor head <a href="http://en.wikipedia.org/wiki/Herbert_Kalmus" title="Herbert Kalmus">Herbert Kalmus</a> at the <a href="http://en.wikipedia.org/wiki/Saratoga_Race_Course" title="Saratoga Race Course">Saratoga Race Course</a>. In 1932, Technicolor achieved a breakthrough with its three-strip process. <a href="http://en.wikipedia.org/wiki/Merian_C.Cooper" title="Merian C. Cooper">Merian C. Cooper</a> of <a class="mw-redirect" href="http://en.wikipedia.org/wiki/RKO_Radio_Pictures" title="RKO Radio Pictures">RKO Radio Pictures</a> approached Whitney with the idea of investing in Technicolor. They joined forces and founded <a href="http://en.wikipedia.org/wiki/Pioneer_Pictures" title="Pioneer Pictures">Pioneer Pictures</a> in 1933, with a distribution deal with RKO to distribute Pioneer's films. Whitney and his cousin <a href="http://en.wikipedia.org/wiki/Cornelius_Vanderbilt_Whitney" title="Cornelius Vanderbilt Whitney">Cornelius Vanderbilt Whitney</a> bought a 15% stake in Technicolor.

Whitney was also the major investor in <a href="http://en.wikipedia.org/wiki/David_O.Selznick" title="David O. Selznick">David O. Selznick</a>'s production company, putting up $870,000 and serving as Chairman of the Board. He put up half the money to option <a href="http://en.wikipedia.org/wiki/Margaret_Mitchell" title="Margaret Mitchell">Margaret Mitchell</a>'s <a href="http://en.wikipedia.org/wiki/Gone_with_the_Wind" title="Gone with the Wind">Gone with the Wind</a> for the <a href="http://en.wikipedia.org/wiki/Gone_with_the_Wind%28film%29" title="Gone with the Wind (film)">Selznick film version</a>, in which he then invested, and later in <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Rebecca_%28film%29" title="Rebecca (film)">Rebecca</a> (1940).

<h3>[<a href="http://en.wikipedia.org/w/index.php?title=John_Hay_Whitney&action=edit&section=6" title="Edit section: J.H. Whitney & Co.">edit</a>] J.H. Whitney & Co.</h3>

<div class="rellink relarticle mainarticle">Main article: <a href="http://en.wikipedia.org/wiki/J.H.Whitney%26_Company" title="J.H. Whitney & Company">J.H. Whitney & Company</a></div>

<a href="http://en.wikipedia.org/wiki/J.H.Whitney%26_Company" title="J.H. Whitney & Company">J.H. Whitney & Company</a> is the oldest venture capital firm in the U.S. (Whitney's business partner, <a href="http://en.wikipedia.org/wiki/Benno_C.Schmidt,Sr." title="Benno C. Schmidt, Sr.">Benno C. Schmidt, Sr.</a>, in fact, coined the term "venture capital".)

In 1958, while he was still ambassador to the United Kingdom, his company Whitney Communications Corp. bought the <a href="http://en.wikipedia.org/wiki/New_York_Herald_Tribune" title="New York Herald Tribune">New York Herald Tribune</a>, and was its publisher from 1961 to its closure in 1966. Whitney Communications also owned and operated other newspapers, plus magazines and broadcasting stations.

<h2>[<a href="http://en.wikipedia.org/w/index.php?title=John_Hay_Whitney&action=edit&section=7" title="Edit section: Personal life">edit</a>] Personal life</h2>

Jock Whitney purchased the <a href="http://en.wikipedia.org/wiki/Llangollen_estate" title="Llangollen estate">Llangollen estate</a> in 1930 as a bridal gift for his fiancée, the <a href="http://en.wikipedia.org/wiki/Pennsylvania" title="Pennsylvania">Pennsylvania</a> socialite <a href="http://en.wikipedia.org/wiki/Liz_Whitney_Tippett" title="Liz Whitney Tippett">Mary Elizabeth "Liz" Altemus</a>. It was a 2,200-acre (890 ha) historic <a href="http://en.wikipedia.org/wiki/Equestrianism" title="Equestrianism">equestrian</a> farm just outside <a href="http://en.wikipedia.org/wiki/Middleburg,_Virginia" title="Middleburg, Virginia">Middleburg, Virginia</a>. The couple divorced in 1940, but Liz Whitney remained there for the rest of her life, becoming an internationally renowned horse breeder and a member of the <a class="new" href="http://en.wikipedia.org/w/index.php?title=Virginia_Thoroughbred_Association_Hall_of_Fame&action=edit&redlink=1" title="Virginia Thoroughbred Association Hall of Fame (page does not exist)">Virginia Thoroughbred Association Hall of Fame</a>.

Although married to Altemus, Jock Whitney was romantically linked to <a href="http://en.wikipedia.org/wiki/Tallulah_Bankhead" title="Tallulah Bankhead">Tallulah Bankhead</a>, <a href="http://en.wikipedia.org/wiki/Joan_Bennett" title="Joan Bennett">Joan Bennett</a>, <a href="http://en.wikipedia.org/wiki/Paulette_Goddard" title="Paulette Goddard">Paulette Goddard</a> and <a href="http://en.wikipedia.org/wiki/Joan_Crawford" title="Joan Crawford">Joan Crawford</a>. <a href="http://en.wikipedia.org/wiki/Clark_Gable" title="Clark Gable">Clark Gable</a> and <a href="http://en.wikipedia.org/wiki/Carole_Lombard" title="Carole Lombard">Carole Lombard</a> met at one of Whitney's parties. In the early 1930s Jock Whitney began an affair with Nina Gore Vidal; at the same time Mary Altemus Whitney had an affair with Nina Vidal's husband Eugene Vidal.<a href="http://en.wikipedia.org/wiki/John_Hay_Whitney#cite_note-0">[1]</a> Whitney and Liz divorced in 1940 and in 1942 he married <a href="http://en.wikipedia.org/wiki/Betsey_Cushing_Roosevelt_Whitney" title="Betsey Cushing Roosevelt Whitney">Betsey Cushing Roosevelt Whitney</a>, ex-wife of <a href="http://en.wikipedia.org/wiki/James_Roosevelt" title="James Roosevelt">James Roosevelt</a>, son of <a href="http://en.wikipedia.org/wiki/Franklin_D._Roosevelt" title="Franklin D. Roosevelt">Franklin D. Roosevelt</a>, and adopted her two daughters, Kate and <a href="http://en.wikipedia.org/wiki/Sara_Wilford" title="Sara Wilford">Sara</a> Whitney.

Whitney met <a href="http://en.wikipedia.org/wiki/Fred_Astaire" title="Fred Astaire">Fred Astaire</a> in <a href="http://en.wikipedia.org/wiki/New_York" title="New York">New York</a> while the former was a student at <a href="http://en.wikipedia.org/wiki/Yale_University" title="Yale University">Yale University</a> and they became lifelong friends, sharing a passion for horse racing. Whitney became a major investor in two of Astaire's <a href="http://en.wikipedia.org/wiki/Broadway_theatre" title="Broadway theatre">Broadway</a> stage vehicles, <a href="http://en.wikipedia.org/wiki/The_Band_Wagon%28musical%29" title="The Band Wagon (musical)">The Band Wagon</a> (1930) and <a href="http://en.wikipedia.org/wiki/Gay_Divorce" title="Gay Divorce">Gay Divorce</a> (1932), and played a crucial role in securing for Astaire a contract with <a href="http://en.wikipedia.org/wiki/RKO_Pictures" title="RKO Pictures">RKO Pictures</a> in 1933, using his contacts with <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Merion_C.Cooper" title="Merion C. Cooper">Merion C. Cooper</a> - both men were board members of <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Pan_American_Airways" title="Pan American Airways">Pan American Airways</a> whose planes were prominently featured in Astaire's breakthrough film with <a href="http://en.wikipedia.org/wiki/Ginger_Rogers" title="Ginger Rogers">Ginger Rogers</a>: <a href="http://en.wikipedia.org/wiki/Flying_Down_to_Rio" title="Flying Down to Rio">Flying Down to Rio</a> (1933).<a href="http://en.wikipedia.org/wiki/John_Hay_Whitney#cite_note-1">[2]</a>

During the 1970s, Jock Whitney was listed as one of the ten wealthiest men in the world. The residences at his disposal over the years included an estate on <a href="http://en.wikipedia.org/wiki/Long_Island" title="Long Island">Long Island</a>; a <a href="http://en.wikipedia.org/wiki/Plantation" title="Plantation">plantation</a> in Georgia; a townhouse and an elegant apartment in <a href="http://en.wikipedia.org/wiki/Manhattan" title="Manhattan">Manhattan</a>; a large summer house on <a href="http://en.wikipedia.org/wiki/Fishers_Island" title="Fishers Island">Fishers Island</a>, near <a href="http://en.wikipedia.org/wiki/New_London,Connecticut" title="New London, Connecticut">New London, Connecticut</a>; a 12-room house in <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Saratoga_Springs" title="Saratoga Springs">Saratoga Springs</a>, which the Whitneys used when they attended horse races; a golfing cottage in <a href="http://en.wikipedia.org/wiki/Augusta,Georgia" title="Augusta, Georgia">Augusta, Georgia</a> (he was a member of the National Golf Course (the Masters); and a spacious house in <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Surrey,England" title="Surrey, England">Surrey, England</a>, near the <a href="http://en.wikipedia.org/wiki/Ascot_Racecourse" title="Ascot Racecourse">Ascot Racecourse</a>. Mr. Whitney also owned an estate in <a href="http://en.wikipedia.org/wiki/Aiken,South_Carolina" title="Aiken, South Carolina">Aiken, South Carolina</a>, which he considered his 'retirement' home and where he hoped to spend his final days.

<h2>[<a href="http://en.wikipedia.org/w/index.php?title=John_Hay_Whitney&action=edit&section=8" title="Edit section: Art collection">edit</a>] Art collection</h2>

Among the paintings in his collection, Jock Whitney's prized possession was the <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Bal_au_moulin_de_la_Galette,_Montmartre" title="Bal au moulin de la Galette, Montmartre">Bal au moulin de la Galette</a> painted in 1876 by the French artist <a href="http://en.wikipedia.org/wiki/Pierre-Auguste_Renoir" title="Pierre-Auguste Renoir">Pierre-Auguste Renoir</a>. In 1990, his widow put the painting up for auction with <a href="http://en.wikipedia.org/wiki/Sotheby%27s" title="Sotheby's">Sotheby's</a>, <a href="http://en.wikipedia.org/wiki/New_York" title="New York">New York</a> and it sold for US$78 million to <a href="http://en.wikipedia.org/wiki/Japan" title="Japan">Japanese</a> businessman, <a href="http://en.wikipedia.org/wiki/Ryoei_Saito" title="Ryoei Saito">Ryoei Saito</a>.

<h2>[<a href="http://en.wikipedia.org/w/index.php?title=John_Hay_Whitney&action=edit&section=9" title="Edit section: Military career">edit</a>] Military career</h2>

Whitney served in the <a href="http://en.wikipedia.org/wiki/United_States_Army_Air_Forces" title="United States Army Air Forces">United States Army Air Forces</a> as an <a href="http://en.wikipedia.org/wiki/Military_intelligence" title="Military intelligence">intelligence</a> officer during <a href="http://en.wikipedia.org/wiki/World_War_II" title="World War II">World War II</a>, assigned to the <a href="http://en.wikipedia.org/wiki/Office_of_Strategic_Services" title="Office of Strategic Services">Office of Strategic Services</a>. He was taken prisoner by the Germans in southern France, but escaped when the train transporting him to a <a class="mw-redirect" href="http://en.wikipedia.org/wiki/POW_camp" title="POW camp">POW camp</a> came under <a href="http://en.wikipedia.org/wiki/Allies" title="Allies">Allied</a> fire.

<h2>[<a href="http://en.wikipedia.org/w/index.php?title=John_Hay_Whitney&action=edit&section=10" title="Edit section: Political life">edit</a>] Political life</h2>

Whitney was the major backer of <a href="http://en.wikipedia.org/wiki/Dwight_D._Eisenhower" title="Dwight D. Eisenhower">Dwight D. Eisenhower</a>. President Eisenhower appointed him <a href="http://en.wikipedia.org/wiki/United_States_Ambassador_to_the_United_Kingdom" title="United States Ambassador to the United Kingdom">United States Ambassador to the United Kingdom</a>. He played a major role in improving Anglo-American relations, which had been severely strained during the 1956 <a href="http://en.wikipedia.org/wiki/Suez_Crisis" title="Suez Crisis">Suez Crisis</a>, when Eisenhower demanded that the British, French and <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Israeli_Army" title="Israeli Army">Israelis</a> terminate their invasion of <a href="http://en.wikipedia.org/wiki/Egypt" title="Egypt">Egypt</a>.

hmmn

Memorandum Number Four: Who Is In This Secret Society?

The membership list of about 2500 initiates into The Order has very obvious features:

● Most members are from the Eastern seaboard United States. As

late as 1950 only three members resided in Los Angeles, California, but 28 members resided in New Haven,

Connecticut.

● Members are all males and almost all WASPS (White Anglo

Saxon Protestant). In great part they descended from English Puritan families, their ancestors arrived in

North America in the 1630-1660 period.

● These Puritan families either intermarried with financial power

or invited in sons of money moguls, e.g., Rockefellers, Davisons, and Harrimans, whose sons became

members of The Order.

From this preliminary information we can derive Hypothesis One:

THERE EXISTS [N THE UNITED STATES TODAY, AND HAS EXISTED SINCE 1833, A SECRET

SOCIETY COMPRISING MEMBERS OF OLD LINE AMERICAN FAMILIES AND REPRESENTATIVES

OF FINANCIAL POWER.

The chart on page 19 presents a simplified layout of this hypothesis. Full information remains for a later

book - for now we'll give details of just two key families, the Whitneys and the Harrimans.

The Whitney Family

A key family is the Whitneys, descended from English Puritans who came to the U.S. about 1635 and settled

in Watertown, Mass. Eight Whitneys have been members of The Order. Of these, three had brief lives;

Emerson Cogswell Whitney died a few months after initiation and Edward Payson Whitney "disappeared in

1858" according to his biographer. However, three Whitneys, William Collins Whitney and his two sons, are the

core of Whitney influence in The Order which survives today through the Harriman family and intermarriage

with Paynes and Vanderbilts.

Whitneys In The Order:

Initiation Name Field

1851 Emerson Cogswell Whitney 1E,d 1u8c5at1i.o"n : "Died December

1854 Edward Payson Whitney Medicine: "Disappeared in

1858"

1856 James Lyman Whitney Library work: Boston

Library

1863 William Collins Whitney Secretary of Navy (1885-9)

Promoter and Financier

1878 Edward Baldwin Whitney Law: Justice, New York

Supreme Court

1882 Joseph Ernest Whitney Education: "Died Feb. 25,

1893"

1894 Payne Whitney Finance: Knickerbocker

(son of W.C. Whitney) Trust Co.

1898 Harry Payne Whitney Finance: Guaranty Trust

(son of W.C. Whitney) and Guggenheim Exploration Co.

William Collins Whitney (1841-1904) is a fine example of how members of The Order rise to fame and

fortune. W.C. Whitney was initiated in 1863 and by 1872 had only advanced his career to Inspector of

Schools for New York. However, in the last three decades of the century, he rolled up a massive fortune,became a power behind the throne in the Cleveland Administration, and directed the often unscrupulous activities of a cluster of capitalists known as "the Whitney Group". A brief quotation suggests the power that

Whitney amassed in a brief 30 years. This is a list of Whitney estates at the turn of the century:

". . . a city residence in New York, a Venetian palace and 5,000 acres in Wheatley Hills, near Jamaica,

L.I.; a Sheepshead Bay house, with a private track covering 300 acres; a mansion at Berkshire Hills,

Mass., with 700 acres of land; October Mountain house, with a large tract of land; Stony Ford Farm,

New York, used as an auxiliary to his Kentucky Stock Farm; an Adirondack game preserve of 16,000

acres; a lodge at Blue Mountain Lake with a fine golf course, a Blue Grass farm of 3,000 acres in Kentucky;

and an estate at Aiken, S.C., comprising a mansion, race course, and 2,000 acres of hunting

land."

William C. Whitney married Flora Payne, daughter of Standard Oil Treasurer Oliver Payne. The Paynes are

not in The Order, but adding the Payne piece of the Standard Oil fortune made Whitney's fortune that much

larger. Their two sons, Harry Payne ('94) and Payne Whitney ('98), went to Yale and became members of The

Order. After Yale Harry Payne promptly married Gertrude Vanderbilt in 1896 and so the Whitney-Payne

fortune now joined some Vanderbilt money. This financial power was channeled into Guaranty Trust, the J.P.

Morgan and Guggenheim outfits.

And it gets more complicated. For example, the son of Harry Payne Whitney, Cornelius Vanderbilt

Whitney, married Marie Norton. After their divorce, Marie Norton Whitney married W. Averell Harriman

(his first wife) who is today at 91 a key member. It is these tightly woven family and financial interlocks that

make up the core of The Order.

So let's take a look at the Harriman family.
=<div style="background-color: rgb(255, 255, 255);"><div></div><div>https://en.wikipedia.org/wiki/Richard_Whitney(financier)</div><div>
</div><div>Richard Whitney (August 1, 1888 – December 5, 1974) was an American financier, president of the <a href="https://en.wikipedia.org/wiki/New_York_Stock_Exchange" title="New York Stock Exchange" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">New York Stock Exchange</a> from 1930 to 1935. He was later convicted of <a href="https://en.wikipedia.org/wiki/Embezzlement" title="Embezzlement" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">embezzlement</a> and imprisoned.
<div id="toc" class="toc" style="border: 1px solid rgb(162, 169, 177); background-color: rgb(248, 249, 250); padding: 7px; display: table; zoom: 1;"><div class="toctitle" style="direction: ltr; text-align: center;"><h2 style="background: none; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border: 0px; display: inline; line-height: 1.3;">Contents</h2>  [<a role="button" tabindex="0" class="togglelink" style="font-weight: bold; outline: none; background: none; cursor: pointer;">hide</a>] </div><ul style="list-style-type: none; margin: 0.3em 0px; padding: 0px; list-style-image: none;"><li class="toclevel-1 tocsection-1" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#Biography" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">1Biography</a></li><li class="toclevel-1 tocsection-2" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#Downfall" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">2Downfall</a></li><li class="toclevel-1 tocsection-3" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#Legacy" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">3Legacy</a></li><li class="toclevel-1 tocsection-4" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#References" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">4References</a></li></ul></div><h2 linux="Linux" libertine="Libertine" georgia="Georgia" times="Times" serif="serif" line-height="line-height" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177);">Biography[<a href="https://en.wikipedia.org/w/index.php?title=Richard_Whitney(financier)&action=edit&section=1" title="Edit section: Biography" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">edit</a>]</h2>Richard Whitney was born on August 1, 1888 in <a href="https://en.wikipedia.org/wiki/Boston" title="Boston" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Boston</a>, <a href="https://en.wikipedia.org/wiki/Massachusetts" title="Massachusetts" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Massachusetts</a> to <a href="https://en.wikipedia.org/w/index.php?title=George_Whitney,Sr.&action=edit&redlink=1" class="new" title="George Whitney, Sr. (page does not exist)" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">George Whitney, Sr.</a> He was a descendant of <a href="https://en.wikipedia.org/wiki/Whitney_family" title="Whitney family" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">John Whitney</a><a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#cite_note-1" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[1]</a> (1589/92 - 1673), an <a href="https://en.wikipedia.org/wiki/England" title="England" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">English</a> immigrant who arrived in America in 1635 and who settled in <a href="https://en.wikipedia.org/wiki/Watertown,Massachusetts" title="Watertown, Massachusetts" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Watertown, Massachusetts</a>. <a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#cite_note-2" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[2]</a> This prominent branch of the <a href="https://en.wikipedia.org/wiki/Whitney_family" title="Whitney family" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Whitney family</a> of <a href="https://en.wikipedia.org/wiki/New_York(state)" class="mw-redirect" title="New York (state)" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">New York</a> descends from Boston. Richard Whitney's father, George Whitney, Sr., of Boston, Massachusetts, was president of North National Union Bank,<a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#cite_note-3" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[3]</a> and educated Richard and his older brother George Whitney, Jr., at <a href="https://en.wikipedia.org/wiki/Groton_School" title="Groton School" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Groton School</a> and <a href="https://en.wikipedia.org/wiki/Harvard_University" title="Harvard University" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Harvard University</a>.In 1910 he followed his brother, <a href="https://en.wikipedia.org/w/index.php?title=George_Whitney,Jr.&action=edit&redlink=1" class="new" title="George Whitney, Jr. (page does not exist)" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">George Whitney, Jr.</a> to <a href="https://en.wikipedia.org/wiki/New_York_City" title="New York City" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">New York City</a> where he established his own bond <a href="https://en.wikipedia.org/wiki/Brokerage_firm" title="Brokerage firm" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">brokerage firm</a> <a href="https://en.wikipedia.org/w/index.php?title=Richard_Whitney%26_Co.&action=edit&redlink=1" class="new" title="Richard Whitney & Co. (page does not exist)" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Richard Whitney & Co.</a> Two years later, using money borrowed from his family, Richard Whitney & Co. purchased a seat on the <a href="https://en.wikipedia.org/wiki/New_York_Stock_Exchange" title="New York Stock Exchange" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">New York Stock Exchange</a>. His uncle had been a partner in <a href="https://en.wikipedia.org/wiki/JPMorgan_Chase%26_Co." class="mw-redirect" title="JPMorgan Chase & Co." style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">J.P. Morgan & Co.</a>, and brother George proved invaluable because of his position at the <a href="https://en.wikipedia.org/w/index.php?title=Morgan_Bank&action=edit&redlink=1" class="new" title="Morgan Bank (page does not exist)" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Morgan Bank</a> which allowed him to direct substantial business to Richard's brokerage.<div class="thumb tright" style="clear: right; float: right; margin: 0.5em 0px 1.3em 1.4em; width: auto;"><div class="thumbinner" style="min-width: 100px; border: 1px solid rgb(200, 204, 209); padding: 3px; background-color: rgb(248, 249, 250); text-align: center; overflow: hidden; width: 222px;"><a href="https://en.wikipedia.org/wiki/File:Sands_3681834329_d34546ec6b_o.jpg" class="image" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;"><img alt="" src="https://upload.wikimedia.org/wikipedia/commons/thumb/1/16/Sands_3681834329_d34546ec6b_o.jpg/220px-Sands_3681834329_d34546ec6b_o.jpg" width="220" height="302" class="thumbimage" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/16/Sands_3681834329_d34546ec6b_o.jpg/330px-Sands_3681834329_d34546ec6b_o.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/16/Sands_3681834329_d34546ec6b_o.jpg/440px-Sands_3681834329_d34546ec6b_o.jpg 2x" data-file-width="746" data-file-height="1024" style="border: 1px solid rgb(200, 204, 209); vertical-align: middle; background-color: rgb(255, 255, 255);" /></a><div class="thumbcaption" style="border: 0px; line-height: 1.4em; padding: 3px; text-align: left;"><div class="magnify" style="float: right; margin-left: 3px; margin-right: 0px;" /><a href="https://en.wikipedia.org/w/index.php?title=Gertrude_Sheldon_Sands&action=edit&redlink=1" class="new" title="Gertrude Sheldon Sands (page does not exist)" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Gertrude Sheldon Sands</a> in 1916. She was from <a href="https://en.wikipedia.org/wiki/Brooklyn,New_York" class="mw-redirect" title="Brooklyn, New York" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Brooklyn, New York</a>, and her first husband <a href="https://en.wikipedia.org/w/index.php?title=Samuel_Steven_Sands_III&action=edit&redlink=1" class="new" title="Samuel Steven Sands III (page does not exist)" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Samuel Steven Sands III</a> was the step-son of <a href="https://en.wikipedia.org/wiki/William_Kissam_Vanderbilt" title="William Kissam Vanderbilt" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">William Kissam Vanderbilt</a> (1849-1920). She had three children with Whitney. His father-in-law had served as president of the powerful Union League Club and Whitney became a member of a number of the city's elite social clubs and was appointed treasurer of the <a href="https://en.wikipedia.org/wiki/New_York_Yacht_Club" title="New York Yacht Club" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">New York Yacht Club</a>. In 1919, he was elected to the Board of Governors of the New York Stock Exchange and not long thereafter was named its vice-president.On October 24, 1929, <a href="https://en.wikipedia.org/wiki/Black_Thursday" title="Black Thursday" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Black Thursday</a>, he attempted to avert the <a href="https://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929" title="Wall Street Crash of 1929" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Wall Street Crash of 1929</a>. Alarmed by rapidly falling stock prices, several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor of the New York Stock Exchange.<a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#cite_note-4" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">[4]</a> The meeting included <a href="https://en.wikipedia.org/wiki/Thomas_W.Lamont" title="Thomas W. Lamont" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Thomas W. Lamont</a>, acting head of <a href="https://en.wikipedia.org/wiki/J.P.Morgan%26_Co." title="J.P. Morgan & Co." style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Morgan Bank</a>; <a href="https://en.wikipedia.org/wiki/Albert_Wiggin" class="mw-redirect" title="Albert Wiggin" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Albert Wiggin</a>, head of the <a href="https://en.wikipedia.org/wiki/Chase(bank)#Chase_National_Bank" class="mw-redirect" title="Chase (bank)" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Chase National Bank</a>; and <a href="https://en.wikipedia.org/wiki/Charles_E.Mitchell" title="Charles E. Mitchell" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Charles E. Mitchell</a>, president of the <a href="https://en.wikipedia.org/wiki/Citibank#History" title="Citibank" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">National City Bank of New York</a>. They chose Whitney, then vice president of the Exchange, to act on their behalf.With the bankers' financial resources behind him, Whitney went onto the floor of the Exchange and ostentatiously placed a bid to purchase a large block of shares in <a href="https://en.wikipedia.org/wiki/U.S.Steel" title="U.S. Steel" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">U.S. Steel</a> at a price well above the current market. As traders watched, Whitney then placed similar bids on other "<a href="https://en.wikipedia.org/wiki/Blue_chip(stock_market)" title="Blue chip (stock market)" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">blue chip</a>" stocks. This tactic was similar to a tactic that had ended the <a href="https://en.wikipedia.org/wiki/Panic_of_1907" title="Panic of 1907" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Panic of 1907</a>, and succeeded in halting the slide that day. The Dow Jones Industrial Average recovered with a slight increase, closing with it down only 6.38 points for that day. In this case, however, the respite was only temporary; stocks subsequently collapsed catastrophically on Black Tuesday, October 29. Whitney's actions gained him the sobriquet, "White Knight of Wall Street."<a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#cite_note-5" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">[5]</a><h2 linux="Linux" libertine="Libertine" georgia="Georgia" times="Times" serif="serif" line-height="line-height" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177);">Downfall</h2>At the same time that Richard Whitney was achieving great success, his brother George had also prospered at Morgan bank and by 1930 had been anointed as the likely successor to bank president, <a href="https://en.wikipedia.org/wiki/Thomas_W.Lamont" title="Thomas W. Lamont" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Thomas W. Lamont</a>. While Richard Whitney was assumed to be a brilliant financier, he in fact had personally been involved with speculative investments in a variety of businesses and had sustained considerable losses. To stay afloat, he began borrowing heavily from his brother George as well as other wealthy friends, and after obtaining loans from as many people as he could, turned to <a href="https://en.wikipedia.org/wiki/Embezzle" class="mw-redirect" title="Embezzle" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">embezzlement</a> to cover his mounting business losses and maintain his extravagant lifestyle. He stole funds from the New York Stock Exchange Gratuity Fund, the New York Yacht Club (where he served as the Treasurer), and $800,000 worth of bonds from his father-in-law's estate.Having retired as president of the <a href="https://en.wikipedia.org/wiki/NYSE" class="mw-redirect" title="NYSE" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">NYSE</a> in 1935, Whitney remained on the board of governors, but in early March 1938, his past began to catch up with him when thecomptroller for the NYSE reported to his superiors that he had established absolute proof that Richard Whitney was an embezzler and that his company was insolvent. Within days, events snowballed, and Whitney and his company would both declare bankruptcy. An astonished public learned of his misdeeds on March 10 when he was officially charged with embezzlement by <a href="https://en.wikipedia.org/wiki/New_York_County" class="mw-redirect" title="New York County" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">New York County</a> <a href="https://en.wikipedia.org/wiki/District_Attorney" class="mw-redirect" title="District Attorney" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">District Attorney</a> <a href="https://en.wikipedia.org/wiki/Thomas_E.Dewey" title="Thomas E. Dewey" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Thomas E. Dewey</a>. Following his indictment by a <a href="https://en.wikipedia.org/wiki/Grand_Jury" class="mw-redirect" title="Grand Jury" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Grand Jury</a>, Richard Whitney was arrested and eventually pleaded guilty. He was sentenced to a term of five to ten years in <a href="https://en.wikipedia.org/wiki/Sing_Sing" title="Sing Sing" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Sing Sing</a> prison.<a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#cite_note-6" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">[6]</a> On April 12, 1938, six thousand people turned up at <a href="https://en.wikipedia.org/wiki/Grand_Central_Terminal" title="Grand Central Terminal" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Grand Central Terminal</a> to watch as a scion of the Wall Street Establishment was escorted in handcuffs by armed guards onto a train that delivered him to prison.Despite everything, Richard Whitney's wife and family stood by him and friend May Kinnicutt and her husband, G. Hermann Kinnicutt, a partner in a stockbrokerage firm, provided Mrs. Whitney with a farmhouse to live in at <a href="https://en.wikipedia.org/wiki/Far_Hills,New_Jersey" title="Far Hills, New Jersey" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Far Hills, New Jersey</a>. George Whitney eventually made restitution for all the money his brother owed.A model prisoner, Richard Whitney was released on parole in August 1941 after serving three years and four months in <a href="https://en.wikipedia.org/wiki/Sing_Sing" title="Sing Sing" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Sing Sing</a>. He became the manager of a dairy farm, supervising three farmhands and twenty-five cows. In 1946, he went back into business when he became president of a textile company that made yarns from the <a href="https://en.wikipedia.org/wiki/Ramie" title="Ramie" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">ramie</a> plant, which grew in Florida.<a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#cite_note-7" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">[7]</a> Banned from dealing in securities for life, he was living a quiet life in <a href="https://en.wikipedia.org/wiki/Far_Hills,New_Jersey" title="Far Hills, New Jersey" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Far Hills, New Jersey</a>, at the time of his death on December 5, 1974.<a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#cite_note-8" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[8]</a><h2 linux="Linux" libertine="Libertine" georgia="Georgia" times="Times" serif="serif" line-height="line-height" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177);">Legacy[<a href="https://en.wikipedia.org/w/index.php?title=Richard_Whitney(financier)&action=edit&section=3" title="Edit section: Legacy" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">edit</a>]</h2>The story of Richard Whitney on Wall Street was recounted in detail in a film by German director <a href="https://en.wikipedia.org/wiki/August_Everding" title="August Everding" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">August Everding</a> in 1966,<a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#cite_note-9" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[9]</a> and by <a href="https://en.wikipedia.org/wiki/John_Brooks(writer)" title="John Brooks (writer)" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">John Brooks</a> as part of his 1969 book Once in Golconda : A True Drama of Wall Street 1920-1938 (<a href="https://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">ISBN</a> <a href="https://en.wikipedia.org/wiki/Special:BookSources/0-471-35753-7" title="Special:BookSources/0-471-35753-7" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">0-471-35753-7</a>). <a href="https://en.wikipedia.org/wiki/Louis_Auchincloss" title="Louis Auchincloss" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Louis Auchincloss</a> wrote a novel based on his life entitled The Embezzler. He is mentioned, not by name, in <a href="https://en.wikipedia.org/wiki/John_O%27Hara" title="John O'Hara" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">John O'Hara</a>'s short story "Graven Image." See also cite by <a href="https://en.wikipedia.org/w/index.php?title=Malcolm_MacKay(writer)&action=edit&redlink=1" class="new" title="Malcolm MacKay (writer) (page does not exist)" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Malcolm MacKay</a> in his book Impeccable Connections: The Rise and Fall of Richard Whitney."<h2 linux="Linux" libertine="Libertine" georgia="Georgia" times="Times" serif="serif" line-height="line-height" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177);">References[<a href="https://en.wikipedia.org/w/index.php?title=Richard_Whitney(financier)&action=edit&section=4" title="Edit section: References" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">edit</a>]</h2><div class="reflist" style="margin-bottom: 0.5em; list-style-type: decimal;"><div class="mw-references-wrap"><ol class="references" style="margin: 0.3em 0px 0px 3.2em; padding: 0px; list-style-image: none; list-style-type: inherit;"><li id="cite_note-1" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)#cite_ref-1" style="text-decoration-line: none; outline: none; background: none;"><span class="cite-accessibility-label" style="user-select: none; top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up^{</a></li></ol></div></div></div><div>}=</div><div>The Whitney family is an <a href="https://en.wikipedia.org/wiki/United_States" title="United States" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">American</a> family notable for their social prominence, wealth, business enterprises and philanthropy, founded by John Whitney (1592–1673) who came from <a href="https://en.wikipedia.org/wiki/London" title="London" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">London</a>, <a href="https://en.wikipedia.org/wiki/England" title="England" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">England</a> to <a href="https://en.wikipedia.org/wiki/Watertown,Massachusetts" title="Watertown, Massachusetts" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Watertown, Massachusetts</a> in 1635. The historic family mansion in Watertown, known as The Elms, was built in 1710.<a href="https://en.wikipedia.org/wiki/Whitney_family#cite_note-1" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[1]</a><h2 style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177); line-height: 1.3;">Prominent descendants of John Whitney[<a href="https://en.wikipedia.org/w/index.php?title=Whitney_family&action=edit&section=1" title="Edit section: Prominent descendants of John Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">edit</a>]</h2><div class="div-col columns column-count column-count-2" style="margin-top: 0.3em; column-count: 2;"><ul data:image="data:image" svg="svg" xml="xml" c="C" fxml="Fxml" version="version" d="D" encoding="encoding" utf-8="UTF-8" f="F" e="E" a="A" csvg="Csvg" http="http" fwww.w3.org="Fwww.w3.org" f2000="F2000" fsvg="Fsvg" width="width" height="height" ccircle="Ccircle" cx="cx" cy="cy" r="r" fill="fill" style="margin: 0px 0px 0px 1.6em; padding: 0px; list-style-image: url(" xmlns="xmlns" xmlns:data="data"><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Amos_Whitney" title="Amos Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Amos Whitney</a> (1832–1920)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Anne_Whitney" title="Anne Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Anne Whitney</a> (1821–1915)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Asa_Whitney" title="Asa Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Asa Whitney</a> (1797–1872)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Asa_Whitney(canal_commissioner)" title="Asa Whitney (canal commissioner)" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Asa Whitney (canal commissioner)</a> (1791–1874)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Benson_Whitney" title="Benson Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Benson Whitney</a> (born 1956)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Charlotte_Anita_Whitney" title="Charlotte Anita Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Charlotte Anita Whitney</a> (1867–1955)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Charles_Andrew_Whitney" title="Charles Andrew Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Charles Andrew Whitney</a> (1834–1912)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Cornelius_Vanderbilt_Whitney" title="Cornelius Vanderbilt Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none rgb(255, 255, 102);">Cornelius Vanderbilt </a><a href="https://en.wikipedia.org/wiki/Cornelius_Vanderbilt_Whitney" title="Cornelius Vanderbilt Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Whitney</a> (1899–1992)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Courtney_Whitney" title="Courtney Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Courtney Whitney</a> (1897–1969)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/w/index.php?title=David_Whitney_Steger_Sr.&action=edit&redlink=1" class="new" title="David Whitney Steger Sr. (page does not exist)" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">David Whitney Steger Sr.</a> (1918–1979</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Dorothy_Payne_Whitney" title="Dorothy Payne Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Dorothy Payne Whitney</a> (1887–1968)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Edward_Baldwin_Whitney" title="Edward Baldwin Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Edward Baldwin Whitney</a> (1857–1911)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Eli_Whitney" title="Eli Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Eli Whitney</a> (1765–1825)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Eli_Whitney_Debevoise_II" title="Eli Whitney Debevoise II" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Eli Whitney Debevoise II</a> (born 1953)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Flora_Payne_Whitney" title="Flora Payne Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Flora Payne Whitney</a> (1897–1986)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Harry_Payne_Whitney" title="Harry Payne Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Harry Payne Whitney</a> (1872–1930)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Hassler_Whitney" title="Hassler Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Hassler Whitney</a> (1907–1989)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Henry_Melville_Whitney" title="Henry Melville Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Henry </a><a href="https://en.wikipedia.org/wiki/Henry_Melville_Whitney" title="Henry Melville Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none rgb(255, 255, 102);">Melville </a><a href="https://en.wikipedia.org/wiki/Henry_Melville_Whitney" title="Henry Melville Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Whitney</a> (1839–1923)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/James_Scollay_Whitney" title="James Scollay Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">James Scollay Whitney</a> (1811–1878)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Joan_Whitney_Payson" title="Joan Whitney Payson" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Joan Whitney Payson</a> (1903–1975)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/John_Hay_Whitney" title="John Hay Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">John Hay Whitney</a> (1905–1982)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Josiah_Dwight_Whitney" class="mw-redirect" title="Josiah Dwight Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Josiah Dwight Whitney</a> (1819–1896)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Mary_Watson_Whitney" title="Mary Watson Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Mary Watson Whitney</a> (1847–1921)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Newel_Kimball_Whitney" class="mw-redirect" title="Newel Kimball Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Newel Kimball Whitney</a> (1795–1850)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Orson_F.Whitney" title="Orson F. Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Orson F. Whitney</a> (1855–1931)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Pauline_Payne_Whitney" title="Pauline Payne Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Pauline Payne Whitney</a> (1874–1916)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Payne_Whitney" title="Payne Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Payne Whitney</a> (1876–1927)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Phyllis_Ayame_Whitney" class="mw-redirect" title="Phyllis Ayame Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Phyllis Ayame Whitney</a> (1903–2008)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Richard_Whitney(financier)" title="Richard Whitney (financier)" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Richard Whitney</a> (1888–1974)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Wheelock_Whitney_I" class="mw-redirect" title="Wheelock Whitney I" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Wheelock Whitney I</a> (1894–1957)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Wheelock_Whitney_II" class="mw-redirect" title="Wheelock Whitney II" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Wheelock Whitney II</a> (1926–2016)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Wheelock_Whitney_III" class="mw-redirect" title="Wheelock Whitney III" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Wheelock Whitney III</a> (born 1949)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/William_Collins_Whitney" title="William Collins Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">William Collins Whitney</a> (1841–1904)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/William_Dwight_Whitney" title="William Dwight Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">William Dwight Whitney</a> (1827–1894)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Willis_Rodney_Whitney" class="mw-redirect" title="Willis Rodney Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Willis Rodney Whitney</a> (1868–1958)</li></ul></div>By marriage:<div class="div-col columns column-count column-count-2" style="margin-top: 0.3em; column-count: 2;"><ul data:image="data:image" svg="svg" xml="xml" c="C" fxml="Fxml" version="version" d="D" encoding="encoding" utf-8="UTF-8" f="F" e="E" a="A" csvg="Csvg" http="http" fwww.w3.org="Fwww.w3.org" f2000="F2000" fsvg="Fsvg" width="width" height="height" ccircle="Ccircle" cx="cx" cy="cy" r="r" fill="fill" style="margin: 0px 0px 0px 1.6em; padding: 0px; list-style-image: url(" xmlns="xmlns" xmlns:data="data"><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Liz_Whitney_Tippett" title="Liz Whitney Tippett" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Mary Elizabeth Altemus</a> (1906–1988)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Charles_T.Barney" title="Charles T. Barney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Charles T. Barney</a> (1851–1907)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Kathleen_Blatz" class="mw-redirect" title="Kathleen Blatz" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Kathleen Blatz</a> (born 1954)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Betsey_Cushing_Roosevelt_Whitney" title="Betsey Cushing Roosevelt Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Betsey Cushing</a> (1908–1998)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Henry_F.Dimock" title="Henry F. Dimock" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Henry F. Dimock</a> (1842–1911)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Leonard_Knight_Elmhirst" title="Leonard Knight Elmhirst" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Leonard Knight Elmhirst</a> (1893–1974)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Helen_Hay_Whitney" title="Helen Hay Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Helen Julia Hay</a> (1876–1944)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Almeric_Hugh_Paget,1st_Baron_Queenborough" class="mw-redirect" title="Almeric Hugh Paget, 1st Baron Queenborough" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Almeric Hugh Paget, </a><a href="https://en.wikipedia.org/wiki/Almeric_Hugh_Paget,1st_Baron_Queenborough" class="mw-redirect" title="Almeric Hugh Paget, 1st Baron Queenborough" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">1st Baron Queenborough</a> (1861–1949)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Marylou_Whitney" title="Marylou Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Marie Louise Schroeder</a> (born 1925)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Willard_Straight" class="mw-redirect" title="Willard Straight" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Willard Dickerman Straight</a> (1880–1918)<ul data:image="data:image" svg="svg" xml="xml" c="C" fxml="Fxml" version="version" d="D" encoding="encoding" utf-8="UTF-8" f="F" e="E" a="A" csvg="Csvg" http="http" fwww.w3.org="Fwww.w3.org" f2000="F2000" fsvg="Fsvg" width="width" height="height" ccircle="Ccircle" cx="cx" cy="cy" r="r" fill="fill" style="list-style-type: disc; margin: 0px 0px 0px 1.6em; padding: 0px; list-style-image: url(" xmlns="xmlns" xmlns:data="data"><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Whitney_Willard_Straight" class="mw-redirect" title="Whitney Willard Straight" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Whitney Willard Straight</a> (1912–1979)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Beatrice_Whitney_Straight" class="mw-redirect" title="Beatrice Whitney Straight" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Beatrice Whitney Straight</a> (1914–2001)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Michael_Whitney_Straight" class="mw-redirect" title="Michael Whitney Straight" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Michael Whitney Straight</a> (1916–2004)</li></ul></li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Adeline_Dutton_Train_Whitney" title="Adeline Dutton Train Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Adeline Dutton Train</a> (1824–1906)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/Gertrude_Vanderbilt_Whitney" title="Gertrude Vanderbilt Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Gertrude Vanderbilt</a> (1875–1942)</li><li style="margin-bottom: 0.1em; break-inside: avoid-column;"><a href="https://en.wikipedia.org/wiki/George_W.Headley" title="George W. Headley" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">George W. Headley</a> (1908–1985)</li></ul></div><h2 style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177); line-height: 1.3;">References</h2></div><div></div></div><div>The company was founded as the Texas Freeport Sulphur Company in 1912 as a <a href="https://en.wikipedia.org/wiki/Sulfur" title="Sulfur" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">sulfur</a> mining company in <a href="https://en.wikipedia.org/wiki/Freeport,Texas" title="Freeport, Texas" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Freeport, Texas</a>.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-13" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">[13]</a>In 1928, concerned that the management of the company was not moving aggressively to increase reserves, 25-year old investor <a href="https://en.wikipedia.org/wiki/Langbourne_Meade_Williams,Jr." title="Langbourne Meade Williams, Jr." style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Langbourne Meade Williams, Jr.</a> collaborated with <a href="https://en.wikipedia.org/wiki/Payne_Whitney" title="Payne Whitney" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Payne Whitney</a> to launch a <a href="https://en.wikipedia.org/wiki/Proxy_fight" title="Proxy fight" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">proxy fight</a> and gain control of the company.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-williams-14" style="text-decoration-line: none; font-weight: bold; outline: none; background: none rgb(255, 255, 102);">[</a><a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-williams-14" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">14]</a>Freeport pioneered mining sulphur at mines along the US <a href="https://en.wikipedia.org/wiki/Gulf_Coast" class="mw-redirect" title="Gulf Coast" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Gulf Coast</a> using the <a href="https://en.wikipedia.org/wiki/Frasch_Process" class="mw-redirect" title="Frasch Process" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Frasch Process</a>.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-15" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[15]</a>The company began to diversify in 1931, purchasing manganese deposits in <a href="https://en.wikipedia.org/wiki/Oriente_Province" title="Oriente Province" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Oriente Province</a>, Cuba.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-16" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[16]</a><h3 style="background: none rgb(255, 255, 255); margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom: 0px; line-height: 1.6;">1950s[<a href="https://en.wikipedia.org/w/index.php?title=Freeport-McMoRan&action=edit&section=7" title="Edit section: 1950s" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">edit</a>]</h3>The company produced <a href="https://en.wikipedia.org/wiki/Nickel" title="Nickel" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">nickel</a> during World War II and <a href="https://en.wikipedia.org/wiki/Potash" title="Potash" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">potash</a> in the 1950s.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-fundinguniverse-17" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[17]</a>In 1955, Freeport invested $119 million in constructing a nickel-<a href="https://en.wikipedia.org/wiki/Cobalt" title="Cobalt" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">cobalt</a> mine at Moa Bay, Cuba, and a refinery at Port Nickel, <a href="https://en.wikipedia.org/wiki/Louisiana" title="Louisiana" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Louisiana</a>. On March 11, 1957, the U.S. government announced a contract to buy Freeport nickel and cobalt from Cuba until June 30, 1965, as strategic commodities. <a href="https://en.wikipedia.org/wiki/Fidel_Castro" title="Fidel Castro" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Fidel Castro</a>'s government nationalized the Cuban facility in 1960.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-18" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">[18]</a>In 1956, the company formed Freeport Oil Company.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-fundinguniverse-17" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[17]</a>In 1958, the company sold an oil discovery near Lake Washington in <a href="https://en.wikipedia.org/wiki/Louisiana" title="Louisiana" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Louisiana</a> for approximately $100 million to Magnolia Petroleum Company.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-fundinguniverse-17" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[17]</a><h3 style="background: none rgb(255, 255, 255); margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom: 0px; line-height: 1.6;">1960s[<a href="https://en.wikipedia.org/w/index.php?title=Freeport-McMoRan&action=edit&section=8" title="Edit section: 1960s" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">edit</a>]</h3>In 1961, the company entered the <a href="https://en.wikipedia.org/wiki/Kaolin" class="mw-redirect" title="Kaolin" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">kaolin</a> business after purchasing the assets of Southern Clays Inc.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-fundinguniverse-17" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[17]</a>In 1964, the company formed Freeport of Australia to pursue mining opportunities there and in the surrounding <a href="https://en.wikipedia.org/wiki/Pacific_Ocean" title="Pacific Ocean" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Pacific Ocean</a> region.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-fundinguniverse-17" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[17]</a><h4 style="background: none rgb(255, 255, 255); margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom: 0px; line-height: 1.6;">Development of the Ertsberg deposit[<a href="https://en.wikipedia.org/w/index.php?title=Freeport-McMoRan&action=edit&section=9" title="Edit section: Development of the Ertsberg deposit" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">edit</a>]</h4><div role="note" class="hatnote navigation-not-searchable" style="background-color: rgb(255, 255, 255); padding-left: 1.6em; margin-bottom: 0.5em;">Main article: <a href="https://en.wikipedia.org/wiki/Grasberg_mine" title="Grasberg mine" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Grasberg mine</a></div>In 1960, Freeport <a href="https://en.wikipedia.org/wiki/Geologists" class="mw-redirect" title="Geologists" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">geologists</a> confirmed the Dutch discovery of the rich Ertsberg copper and gold deposits, now known as the <a href="https://en.wikipedia.org/wiki/Grasberg_mine" title="Grasberg mine" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Grasberg mine</a>, in extremely rugged, remote country in the <a href="https://en.wikipedia.org/wiki/Jayawijaya_Mountains" title="Jayawijaya Mountains" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Jayawijaya Mountains</a> in then-<a href="https://en.wikipedia.org/wiki/Netherlands_New_Guinea" title="Netherlands New Guinea" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Netherlands New Guinea</a>.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-ourhistory-19" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[19]</a>In 1966, Freeport founded Freeport Indonesia, Inc. The subsidiary negotiated a contract with the Indonesian government to develop the Ertsberg deposit. In their <a href="https://en.wikipedia.org/wiki/Feasibility_study" title="Feasibility study" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">feasibility study</a>, Freeport geologists estimated that the orebody totaled 33 million tons averaging 2.5% copper. The Ertsberg was the largest above-ground copper deposit ever discovered.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-openingertsberg-20" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[20]</a> Construction of an <a href="https://en.wikipedia.org/wiki/Open_pit" class="mw-redirect" title="Open pit" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">open pit</a> mine began in May 1970 and in mid-1973 the mine was declared fully operational. Officials at <a href="https://en.wikipedia.org/wiki/Bechtel" title="Bechtel" style="text-decoration-line: none; font-weight: bold; outline: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Bechtel</a>, the primary project contractor, called mine development at Ertsberg "the most difficult engineering project they had ever undertaken." The challenges included building a 101-kilometre (63 mi) long access road (a project that required boring kilometer long <a href="https://en.wikipedia.org/wiki/Tunnels" class="mw-redirect" title="Tunnels" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">tunnels</a> through two mountains) and constructing the world's longest single span <a href="https://en.wikipedia.org/wiki/Aerial_tramway" title="Aerial tramway" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">aerial tramway</a>. The tramways were needed to move people, supplies and ore because a 2,000-foot (610 m) cliff separates the Ertsberg mine (at 12,000 feet (3,700 m) elevation) from the mill (at 10,000 feet). Moving copper concentrate from that mill to the shipping port required installation of a 109-kilometre (68 mi) <a href="https://en.wikipedia.org/wiki/Slurry" title="Slurry" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">slurry</a> <a href="https://en.wikipedia.org/wiki/Pipeline_transport" title="Pipeline transport" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">pipeline</a> — then the world's longest. Mine construction and startup cost about US$200 million. The Ertsberg project was an engineering marvel, but the mine's early financial performance was disappointing. Depressed copper prices and high operating costs kept profits marginal during the 1970s.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-openingertsberg-20" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[20]</a>...<h3 style="background: none rgb(255, 255, 255); margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom: 0px; line-height: 1.6;">Management history[<a href="https://en.wikipedia.org/w/index.php?title=Freeport-McMoRan&action=edit&section=14" title="Edit section: Management history" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">edit</a>]</h3>Notable historical members of the <a href="https://en.wikipedia.org/wiki/Board_of_directors" title="Board of directors" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none; font-weight: bold; outline: none;">board of directors</a> have included: <a href="https://en.wikipedia.org/wiki/John_Hay_Whitney" title="John Hay Whitney" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none; font-weight: bold; outline: none;">John Hay Whitney</a>, <a href="https://en.wikipedia.org/wiki/Kidder,Peabody%26_Co." title="Kidder, Peabody & Co." style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none; font-weight: bold; outline: none;">Kidder, Peabody & Co.</a>, <a href="https://en.wikipedia.org/wiki/Chauncey_Stillman" title="Chauncey Stillman" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none; font-weight: bold; outline: none;">Chauncey Stillman</a>, <a href="https://en.wikipedia.org/wiki/Godfrey_Stillman_Rockefeller" title="Godfrey Stillman Rockefeller" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none; font-weight: bold; outline: none;">Godfrey Stillman Rockefeller</a>, <a href="https://en.wikipedia.org/wiki/Augustus_Long" title="Augustus Long" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none; font-weight: bold; outline: none;">Augustus Long</a>, <a href="https://en.wikipedia.org/wiki/Robert_A.Lovett" title="Robert A. Lovett" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none; font-weight: bold; outline: none;">Robert A. Lovett</a>, <a href="https://en.wikipedia.org/wiki/Jean_Mauz%C3%A9" title="Jean Mauzé" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none; font-weight: bold; outline: none;">Jean Mauzé</a>, <a href="https://en.wikipedia.org/wiki/Henry_Kissinger" title="Henry Kissinger" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none; outline: none;">Henry Kissinger</a> 1988-1995, and George Putnam of <a href="https://en.wikipedia.org/wiki/Putnam_Investments" title="Putnam Investments" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none; font-weight: bold; outline: none;">Putnam Investments</a>.On December 28, 2015, the company announced that James R. Moffett would step down as chairman of the company and would be replaced as chairman by Gerald J. Ford. Moffett received $16.1 million in severance pay and cash retirement plans totaling more than $63 million. Moffett continued to consult for the company for annual fees of $1.5 million.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-35" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[35]</a>The current board members are listed on the company website.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-36" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[36]</a><h3 style="background: none rgb(255, 255, 255); margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom: 0px; line-height: 1.6;">Environmental, human rights, and corruption controversies at the Grasberg Mine[<a href="https://en.wikipedia.org/w/index.php?title=Freeport-McMoRan&action=edit&section=15" title="Edit section: Environmental, human rights, and corruption controversies at the Grasberg Mine" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">edit</a>]</h3><div role="note" class="hatnote navigation-not-searchable" style="background-color: rgb(255, 255, 255); font-style: italic; padding-left: 1.6em; margin-bottom: 0.5em;">Main article: <a href="https://en.wikipedia.org/wiki/Grasberg_mine" title="Grasberg mine" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Grasberg mine</a></div>Freeport operates the world's largest and most profitable gold mine, the <a href="https://en.wikipedia.org/wiki/Grasberg_mine" title="Grasberg mine" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none; font-weight: bold; outline: none;">Grasberg mine</a> in <a href="https://en.wikipedia.org/wiki/Papua,_Indonesia" class="mw-redirect" title="Papua, Indonesia" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none; font-weight: bold; outline: none;">Papua, Indonesia</a>.In 2005, <a href="https://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">The New York Times</a> reported that Freeport paid local military and police generals, colonels, majors and captains, and military units, a total of nearly US$20 million between 1998 and 2004. One individual received up to US$150,000. The payments were meant to secure the reserve. Freeport responded that the payments were not for individuals, but rather for infrastructure, food, housing, fuel, travel, vehicle repairs and allowances to cover incidental and administrative costs. According to the report, anonymous sources within the company also claimed that company chairman James R. Moffet courted Indonesia's dictator and "his cronies", cutting them in on deals. Another employee is said to have worked on a program to monitor environmentalists' e-mails and telephone conversations, in cooperation with Indonesian military intelligence officers.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-waste-37" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[37]</a>The Grasberg mine's tailings "severely impacted" more than 11 square miles (28 km2) of rainforest, according to a 1996 Dames & Moore environmental audit.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-spinninggold-38" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[38]</a> The report, endorsed by Freeport, also estimates that during the life of the mine 3.2 billion tons of waste rock—a great part of which generates <a href="https://en.wikipedia.org/wiki/Acid" title="Acid" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">acid</a>—will be dumped into the local river system. <a href="https://en.wikipedia.org/wiki/Overburden" title="Overburden" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Overburden</a> (waste rock) from the mine has polluted a nearby lake due to <a href="https://en.wikipedia.org/wiki/Acid_mine_drainage" title="Acid mine drainage" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">acid mine drainage</a>.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-spinninggold-38" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[38]</a>Citing extensive, long-term and irreversible environmental damage in New Guinea, <a href="https://en.wikipedia.org/wiki/The_Government_Pension_Fund_of_Norway" class="mw-redirect" title="The Government Pension Fund of Norway" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">The Government Pension Fund of Norway</a> has excluded Freeport-McMoRan from its investment portfolio, following a recommendation from the fund's ethical council.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-39" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[39]</a><h4 style="background: none rgb(255, 255, 255); margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom: 0px; line-height: 1.6;">Strikes[<a href="https://en.wikipedia.org/w/index.php?title=Freeport-McMoRan&action=edit&section=16" title="Edit section: Strikes" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">edit</a>]</h4>Production at the mine has been affected by several strikes:On October 17, 2011, the company halted operations in Papua amid a strike that led to a deteriorating security situation and intensified calls for Papuan independence. Seventy percent of Grasberg workers joined the strike, appealing for higher pay September 15, 2011, blocking roads, clashing with police and cutting the pipeline in several places.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-40" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[40]</a>In October 2014, around 1,000 workers stayed home and demanded the firing of 50 managers as a result of a fatal accident at the Grasberg mine. Production declined to 60-70% of normal levels as a result of the strike.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-41" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[41]</a>In 2015, a 5-day strike halted production at the mine as around 100 employees demanded bonuses as an incentive for not participating in a work stoppage during 2014.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-42" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[42]</a><h3 style="background: none rgb(255, 255, 255); margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom: 0px; line-height: 1.6;">Environmental record[<a href="https://en.wikipedia.org/w/index.php?title=Freeport-McMoRan&action=edit&section=17" title="Edit section: Environmental record" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">edit</a>]</h3>The <a href="https://en.wikipedia.org/wiki/Political_Economy_Research_Institute" title="Political Economy Research Institute" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Political Economy Research Institute</a> ranks Freeport-McMoRan #41 among corporations emitting airborne pollutants in the U.S. The ranking is based on emission quantities (4.5 million pounds in 2013) and toxicity.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-43" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[43]</a><h3 style="background: none rgb(255, 255, 255); margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom: 0px; line-height: 1.6;">Human rights record[<a href="https://en.wikipedia.org/w/index.php?title=Freeport-McMoRan&action=edit&section=18" title="Edit section: Human rights record" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">edit</a>]</h3>Freeport-McMoRan is a signatory participant of the <a href="https://en.wikipedia.org/wiki/Voluntary_Principles_on_Security_and_Human_Rights" title="Voluntary Principles on Security and Human Rights" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Voluntary Principles on Security and Human Rights</a>.<a href="https://en.wikipedia.org/wiki/Freeport-McMoRan#cite_note-44" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">[44]</a> However, the company has been accused of funding the Indonesian government to secure its reserve through militaristic oppression of the native <a href="https://en.wikipedia.org/wiki/West_Papuan" class="mw-redirect" title="West Papuan" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">West Papuan</a> people. See <a href="https://en.wikipedia.org/wiki/Papua_Conflict" class="mw-redirect" title="Papua Conflict" style="text-decoration-line: none; font-weight: bold; outline: none; background: none;">Papua Conflict</a></div>==