Business: Bare Cupboard

Ordinarily, David Rockefeller, chairman of the Chase Manhattan Bank and a centimillionaire in his own right, would expect to have no trouble at all negotiating a loan from his friendly neighborhood banker. Or so it was assumed in 1967 when Rockefeller and a group of associates privately embarked on a plan to build "Rockefeller Center West," a $150 million redevelopment project in downtown San Francisco. Last week Rockefeller notified the city that he had been unable to raise enough money to begin work on the nucleus of the project, a $30 million, 16-story hotel. At an interest rate of more than...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!