Eugene Robert Black Sr. (May 1, 1898 – February 20, 1992) was an American banker who was President of the World Bank from 1949 to 1963. His father, a 1930s Chairman of the Federal Reserve, also named Eugene Robert Black, did not use the "Sr." suffix; Gene's son (the third in line) became Eugene Robert Black Jr.
Upon leaving the Navy after the War, he joined the investment firm of Harris, Forbes, & Co. He worked as a traveling salesperson for the firm selling bonds and meeting with bankers and investors. He opened the firm's first southern office in Atlanta and later became a partner in the firm.[1]
In 1933, he was hired by the Chase National Bank to be their vice-president. He went on to become the senior vice-president of Chase National's investment portfolio.[1]
He became the executive director of the World Bank in 1947. When the Bank's President, John J. McCloy, resigned in 1949, Black, against his will, became the President of the Bank.[1]
While not joining in the anti-communist fervor following World War II, Black was concerned about the spread of communism and its impact on the spread of global capitalism. He believed the economic prosperity was an essential prerequisite for political freedom. Black had wanted to return to work for Chase National but his personal commitment to the objectives of the World Bank overrode that desire and he remained as the President of the Bank.[1]
At the time of his departure from the World Bank, he had been President for 13 of its 16 years of existence, and the force of his personality, and connection with every employee, led to it being known as, "Black's Bank".[1]
In 1963, the United States was considering pursuing a program to create a supersonic transport (SST) to rival the British and French Concorde. President Kennedy commissioned an outside review of the feasibility of a federally funded SST program. The commission was headed by Black and Stanley Osborne, chairman of Olin Mathieson Chemical Corporation. The review was completed in December 1963 and was given to President Lyndon B. Johnson. The report recommended not pursuing a race against the Concorde and instead the effort should focus initially on building a test aircraft for research.[2]
President Johnson selected Black in 1966 to be Special Adviser to the President on Southeast Asian Social and Economic Development. In this position, Black was charged with organizing and establishing the Asian Development Bank. This was a task which Black was initially quite hesitant to undertake, but Johnson would not take no for an answer. To President Johnson, the creation of the ADB was an important step in securing Asian support or at least acquiescence for the War in Vietnam.[4]
Black also served on a number of boards for corporations and foundations. The University of Georgia Foundation named a fellowship in honor of him and his achievements.[5]Princeton University awarded him an honorary Doctor of Laws degree in 1960.[6] Black was Chair of the Peabody AwardsBoard of Jurors from 1967 to 1977.[7]
References
^ abcdef"Eugene Robert Black". Archives. The World Bank. Retrieved August 23, 2006.
^"Chapter 7 – Aerospace Recession". The Space Shuttle Decision. NASA History Division. Retrieved August 23, 2006.
^. The Brookings Institution. Archived from the original on August 14, 2006. Retrieved August 23, 2006.
^"Remarks to the Press Following a Meeting With Eugene R. Black Relating to the Asian Development Bank". The American Presidency Project. Retrieved August 23, 2006.
^. Archived from the original on June 1, 2004. Retrieved November 13, 2011.
^"Honorary degrees Awarded by Princeton University". Princeton University. Retrieved August 23, 2006.
^. Archived from the original on November 1, 2019. Retrieved May 13, 2015.
External links
Wikimedia Commons has media related to Eugene R. Black Sr..
A film clip "Longines Chronoscope with Eugene Black (April 21, 1952)" is available at the Internet Archive
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For other people named Eugene Black see Eugene Black disambiguation Eugene Robert Black Sr May 1 1898 February 20 1992 was an American banker who was President of the World Bank from 1949 to 1963 His father a 1930s Chairman of the Federal Reserve also named Eugene Robert Black did not use the Sr suffix Gene s son the third in line became Eugene Robert Black Jr Gene Black3rd President of the World Bank GroupIn office July 1 1949 January 1 1963Preceded byJohn McCloySucceeded byGeorge WoodsPersonal detailsBornEugene Robert Black 1898 05 01 May 1 1898Atlanta Georgia U S DiedFebruary 20 1992 1992 02 20 aged 93 Southampton New York U S EducationUniversity of Georgia BA Life and career Edit Black visits David Ben Gurion in Jerusalem 1960 Black was born in Atlanta Georgia in 1898 He attended the University of Georgia where he was a member of the Chi Phi Fraternity and the Phi Kappa Literary Society Upon graduating with an A B in 1917 enlisted in the United States Navy During World War I he was assigned to convoy duty in the North Atlantic 1 Upon leaving the Navy after the War he joined the investment firm of Harris Forbes amp Co He worked as a traveling salesperson for the firm selling bonds and meeting with bankers and investors He opened the firm s first southern office in Atlanta and later became a partner in the firm 1 In 1933 he was hired by the Chase National Bank to be their vice president He went on to become the senior vice president of Chase National s investment portfolio 1 He became the executive director of the World Bank in 1947 When the Bank s President John J McCloy resigned in 1949 Black against his will became the President of the Bank 1 While not joining in the anti communist fervor following World War II Black was concerned about the spread of communism and its impact on the spread of global capitalism He believed the economic prosperity was an essential prerequisite for political freedom Black had wanted to return to work for Chase National but his personal commitment to the objectives of the World Bank overrode that desire and he remained as the President of the Bank 1 At the time of his departure from the World Bank he had been President for 13 of its 16 years of existence and the force of his personality and connection with every employee led to it being known as Black s Bank 1 In 1963 the United States was considering pursuing a program to create a supersonic transport SST to rival the British and French Concorde President Kennedy commissioned an outside review of the feasibility of a federally funded SST program The commission was headed by Black and Stanley Osborne chairman of Olin Mathieson Chemical Corporation The review was completed in December 1963 and was given to President Lyndon B Johnson The report recommended not pursuing a race against the Concorde and instead the effort should focus initially on building a test aircraft for research 2 From 1962 to 1968 Black was chairman of the Brookings Institution 3 President Johnson selected Black in 1966 to be Special Adviser to the President on Southeast Asian Social and Economic Development In this position Black was charged with organizing and establishing the Asian Development Bank This was a task which Black was initially quite hesitant to undertake but Johnson would not take no for an answer To President Johnson the creation of the ADB was an important step in securing Asian support or at least acquiescence for the War in Vietnam 4 Black also served on a number of boards for corporations and foundations The University of Georgia Foundation named a fellowship in honor of him and his achievements 5 Princeton University awarded him an honorary Doctor of Laws degree in 1960 6 Black was Chair of the Peabody Awards Board of Jurors from 1967 to 1977 7 References Edit a b c d e f Eugene Robert Black Archives The World Bank Retrieved August 23 2006 Chapter 7 Aerospace Recession The Space Shuttle Decision NASA History Division Retrieved August 23 2006 Principal Officers 1916 1985 The Brookings Institution Archived from the original on August 14 2006 Retrieved August 23 2006 Remarks to the Press Following a Meeting With Eugene R Black Relating to the Asian Development Bank The American Presidency Project Retrieved August 23 2006 Our benefactors Archived from the original on June 1 2004 Retrieved November 13 2011 Honorary degrees Awarded by Princeton University Princeton University Retrieved August 23 2006 The Peabody Awards George Foster Peabody Awards Board Members Archived from the original on November 1 2019 Retrieved May 13 2015 External links Edit Wikimedia Commons has media related to Eugene R Black Sr A film clip Longines Chronoscope with Eugene Black April 21 1952 is available at the Internet ArchiveDiplomatic postsPreceded byJohn McCloy President of the World Bank Group1949 1963 Succeeded byGeorge Woods Retrieved from https en wikipedia org w index php title Eugene R Black Sr amp oldid 1133150394, wikipedia, wiki, book, books, library,
