Jack Bennett

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Person.png Jack BennettRdf-entity.pngRdf-icon.png
(financier)
Jack F. Bennett.png
BornJanuary 17, 1924
Macon, Georgia (state)
DiedApril 25, 2010 (Age 86)
NationalityUSA
Alma materWoodrow Wilson High School, Yale University, Harvard University
Member ofBilderberg/Steering committee, Council on Foreign Relations/Historical Members
Bilderberg Steering committee banker/businessman. Worked alongside his father in post-war Germany to reset the country's economy. Presidential advisor in the 1970 who dismantled U.S. controls over international capital flows.

Jack Franklin Bennett [1] was a US economist and member of the Bilderberg Steering committee.

Background

Bennett was born in Macon, Georgia on January 17, 1924 to Andrew Jackson Bennett and Mary Eloise Franklin Bennett. His father, Andrew Jackson Bennett, was an economist who advised the United States military government in Germany after World War II. Later he worked for the World Bank and the International Monetary Fund in Africa and Asia.[2]

His father and mother were long-time residents of Washington, D.C. and Chevy Chase, Maryland and he graduated from Woodrow Wilson High School in 1941. He graduated from Yale University in the war-shortened Class of 1945 and served as a U.S Navy Lieutenant on the destroyer U.S.S. Boggs in the Pacific during World War II.

Career

He worked in post-war Germany alongside his father who, as Financial Advisor to the U.S. Military Commander of Germany, was the principal administrator of the Deutschmark currency reform that reignited the German economy. On his return from Germany, he earned a Ph.D. in Economics from Harvard University in 1951. Bennett later moved to Washington, D.C. where he served in the War Department, the State Department, and the Executive Office of the President, and as the Economist on two Presidential Commissions, including the Fairless Committee on Mutual Security which focused on U.S. foreign economic policy.

In 1955, Bennett joined the Standard Oil Company (New Jersey) and worked for its successor Exxon Corporation for over 30 years in New York, London, and Houston. From 1975 to 1989, he was Chief Financial Officer, Senior Vice President and a Director of Exxon. During his tenure at Exxon, the Company became well known for its pioneering use of various financial innovations, including bond defeasance, shelf registrations, sale of Company securities by Dutch auction and large-scale repurchases of company shares. He also served as a Director of the Discount Corporation, the Massachusetts Mutual Life Insurance Company, Philips Electronics N.V., Dean Witter Mutual Funds and Tandem Computers, Inc.

From 1971 to 1975, Bennett served at the U.S. Treasury in Washington, D.C. under Secretaries John Connolly, George P. Schultz and William Simon. He succeeded Paul Volcker as Undersecretary of the Treasury for Monetary Affairs, serving in that role from 1974 to 1975. His work was instrumental to the implementation of the global movement to currency exchange systems based on floating exchange rates and the dismantling of U.S. controls over international capital flows. He also introduced the use of Dutch auctions in the sale of U.S. Treasury securities (still used today).

He was awarded the Alexander Hamilton Medal by Secretary George P. Schulz. He was an active Member of the Council on Foreign Relations, a Trustee of the Committee for Economic Development, and a member of the Bilderberg Group for which he also served as Chairman of the U.S. Friends of Bilderberg.


 

Events Participated in

EventStartEndLocation(s)Description
Bilderberg/197722 April 197724 April 1977Imperial Hotel
Torquay
The 25th Bilderberg, held in Torquay, England.
Bilderberg/197821 April 197823 April 1978US
New Jersey
Princeton University
The 26th Bilderberg, held in the US
Bilderberg/198018 April 198020 April 1980Germany
Aachen
The 28th Bilderberg, held in West Germany, unusually exposed by the Daily Mirror
Bilderberg/198115 May 198117 May 1981Switzerland
Palace Hotel
Bürgenstock
The 29th Bilderberg
Bilderberg/198214 May 198216 May 1982Norway
Sandefjord
The 30th Bilderberg, held in Norway.
Bilderberg/198313 May 198315 May 1983Canada
Quebec
Château Montebello
The 31st Bilderberg, held in Canada
Bilderberg/198411 May 198413 May 1984Sweden
Saltsjöbaden
The 32nd Bilderberg, held in Sweden
Bilderberg/198510 May 198512 May 1985New York
US
Arrowwood of Westchester
Rye Brook
The 33rd Bilderberg, held in Canada
Bilderberg/198625 April 198627 April 1986Scotland
Gleneagles Hotel
The 34th Bilderberg, 109 participants
Bilderberg/198724 April 198726 April 1987Italy
Cernobbio
35th Bilderberg, in Italy, 106 participants
Bilderberg/19883 June 19885 June 1988Austria
Interalpen-Hotel
Telfs-Buchen
The 36th meeting, 114 participants
Bilderberg/198912 May 198914 May 1989Spain
Galicia
La Toja Island
37th Bilderberg meeting, 110 guests
Bilderberg/199010 May 199013 May 1990New York
US
Glen Cove
38th Bilderberg meeting, 119 guests


References