David Rockefeller

[Michael Calder]

Never underestimate gaining or losing money as a motive for homicide.November 17, 1963U.S. Oil Company Faces Grab Threat From Peru,Washington (AP) A State Department spokesman said the position of U.S. oil interests in Peru as very serious.Press Officer Richard I. Phillips told a news conference the department was disappointed that negotiations between the Peruvian government and the American controlled International Petroleum Co, ended without agreement. Yet Phillips said, "We are still hopeful that a solution can be found through negotiations in order to avoid possible uncomfortable consequences for all concerned." He mentioned one of the consequences, the discouragement of private investment in Peru. Phillips made these remarks when asked to clarify a brief reference President Kennedy made at his news conference Thursday on U.S. oil interests in Peru. The President was asked about reports Argentine intentions to nationalize American owned oil companies. In his response Kennedy said that he was "concerned about the oil in Argentina and in Peru."International Petroleum in Peru is a subsidary of Standard Oil Co. of New Jersey. It produces about 80 percent of Peru's petroleum and has investments of about $190,000,000.The company, State Department experts explained, has been for years a political target in Peru because of it's outright ownership of oil rights and because of a special tax structure.As things stand now, the sources said, if the company does not accept the terms of the bill it will be taken over by the Peruvian government and the alleged back taxes would offset compensation offered for nationalization. International Petroleum considered this as confiscation. www.jfkcia.com

[ChristophMessner]

Of course Nelson and David Rockefeller nodded at JFK's murder. It is strange how David refers to the JFK-assassination in his memoirs.

[Bob]

Take a look at this somewhat recent post by Tom Jeffers...The biggest change was that JFK was pushing for the oil depletion allowance to drop from 30 percent to 15 percent. now this doesn't sound like much but i will explain.Texas oil millionaires also fought hard to get the oil depletion allowance. It was first introduced in 1913 and allowed producers to use the depletion allowed to deduct just 5 per cent of their income and the deduction was limited to the original cost of their property. However, in 1926 the depletion allowance was increased to 27.5 per cent. As Robert Bryce pointed out in his book, Cronies: Oil, the Bushes, and the Rise of Texas, America's Superstate: "Numerous studies showed that the oilmen were getting a tax break that was unprecedented in American business. While other businessmen had to pay taxes on their income regardless of what they sold, the oilmen got special treatment."Bryce gives an example in his book how the oil depreciation allowance works. "An oilman drills a well that costs $100,000. He finds a reservoir containing $10,000,000 worth of oil. The well produces $1 million worth of oil per year for ten years. In the very first year, thanks to the depletion allowance, the oilman could deduct 27.5 per cent, or $275,000, of that $1 million in income from his taxable income. Thus, in just one year, he's deducted nearly three times his initial investment. But the depletion allowance continues to pay off. For each of the next nine years, he gets to continue taking the $275,000 depletion deduction. By the end of the tenth year, the oilman has deducted $2.75 million from his taxable income, even though his initial investment was only $100,000."Such a system was clearly unfair and only benefited a small group of businessmen in Texas. It seemed only a matter of time before Congress removed this tax loophole. However, these oilmen used some of their great wealth to manipulate the politicians in Washington. During the 1960 presidential election John F. Kennedy gave his support for the oil depletion allowance. In October, 1960, he said that he appreciated "the value and importance of the oil-depletion allowance. I realize its purpose and value... The oil-depletion allowance has served us well." However, two years later, Kennedy decided to take on the oil industry. On 16th October, 1962, Kennedy was able to persuade Congress to pass an act that removed the distinction between repatriated profits and profits reinvested abroad. While this law applied to industry as a whole, it especially affected the oil companies. It was estimated that as a result of this legislation, wealthy oilmen saw a fall in their earnings on foreign investment from 30 per cent to 15 per cent.On 17th January, 1963, President Kennedy presented his proposals for tax reform. This included relieving the tax burdens of low-income and elderly citizens. Kennedy also claimed he wanted to remove special privileges and loopholes. He even said he wanted to do away with the oil depletion allowance. It is estimated that the proposed removal of the oil depletion allowance would result in a loss of around $300 million a year to Texas oilmen. Between that and the changes JFK was making to the Federal Reserve, we can see why JFK ruffled Rockefeller's feathers. That is what JFK attempted to do, as well as get out of Vietnam, plus have back channel peace negotiations with the Soviet Union and Cuba. JFK died for those "sins". Now...look at the world today and all the power of the Fed, big banking and big oil, not to mention the obscene profits of the Military Industrial Complex. No wonder David Rockefeller is so happy. Bastard!!!