George P. Jenkins
Encyclopedia
George Pollock Jenkins was an American
business executive who helped broaden the firm's investment portfolio as chief investment officer and later chairman of the Metropolitan Life Insurance Company
, helping major companies expand through the development of the private placement
and purchasing New York City
bonds during the city's 1970s fiscal crisis.
Jenkins was born on February 24, 1915 in Clarksburg, West Virginia
and attended Blair Academy
, a private boarding high school in Blairstown, New Jersey. He attended Princeton University
and earned his undergraduate degree in economics as a member of Phi Beta Kappa and earned a graduate degree from Harvard Business School
. He was named vice chairman in May 1969.
He was hired by Metropolitan Life in 1938 and was named as an office of the company in 1951. He was named financial vice president in November 1961 effective at the start of the new year and was named as a director in April 1964. He became chairman in 1973 and stepped down from that post in 1980 when he reached the age of 65 and was succeeded in that position by Richard R. Shinn.
In his investment role at Metropolitan Life, he helped develop the market for private placements, allowing major companies to sell securities directly to institutional investors, bypassing the securities markets. Some of the companies that he helped develop included the expansion of the American Broadcasting Company
into a major network and the international expansion of Pan American World Airways
. He was one of the primary individuals behind the formation of the Municipal Assistance Corporation
, which was created by the State of New York in 1975 and allowed the New York City to get access to borrow funds on a short-term basis that it needed during the 1970s financial crisis.
Jenkins died at age 94 on October 14, 2009, in Glen Ridge, New Jersey
due to heart failure. He was survived by his wife of 64 years, the former Marian O'Brien; his sister, Ellen Jenkins Smith; his sons James, Robert and Richard; and seven grandchildren; Millicent, Augustus, Lucas, Annabelle, Emma, Gregory and Charlotte.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
business executive who helped broaden the firm's investment portfolio as chief investment officer and later chairman of the Metropolitan Life Insurance Company
Metropolitan Life Insurance Company
MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company, or MetLife, for short, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries...
, helping major companies expand through the development of the private placement
Private placement
Private placement is a funding round of securities which are sold without an initial public offering, usually to a small number of chosen private investors...
and purchasing New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
bonds during the city's 1970s fiscal crisis.
Jenkins was born on February 24, 1915 in Clarksburg, West Virginia
Clarksburg, West Virginia
Clarksburg is a city in and the county seat of Harrison County, West Virginia, United States, in the north-central region of the state. It is the principal city of the Clarksburg, WV Micropolitan Statistical Area...
and attended Blair Academy
Blair Academy
Blair Academy is a private, coeducational, secondary boarding high school with an enrollment of about 448 students for grades nine through twelve. The school has 78 faculty members...
, a private boarding high school in Blairstown, New Jersey. He attended Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
and earned his undergraduate degree in economics as a member of Phi Beta Kappa and earned a graduate degree from Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
. He was named vice chairman in May 1969.
He was hired by Metropolitan Life in 1938 and was named as an office of the company in 1951. He was named financial vice president in November 1961 effective at the start of the new year and was named as a director in April 1964. He became chairman in 1973 and stepped down from that post in 1980 when he reached the age of 65 and was succeeded in that position by Richard R. Shinn.
In his investment role at Metropolitan Life, he helped develop the market for private placements, allowing major companies to sell securities directly to institutional investors, bypassing the securities markets. Some of the companies that he helped develop included the expansion of the American Broadcasting Company
American Broadcasting Company
The American Broadcasting Company is an American commercial broadcasting television network. Created in 1943 from the former NBC Blue radio network, ABC is owned by The Walt Disney Company and is part of Disney-ABC Television Group. Its first broadcast on television was in 1948...
into a major network and the international expansion of Pan American World Airways
Pan American World Airways
Pan American World Airways, commonly known as Pan Am, was the principal and largest international air carrier in the United States from 1927 until its collapse on December 4, 1991...
. He was one of the primary individuals behind the formation of the Municipal Assistance Corporation
Municipal Assistance Corporation
A Municipal Assistance Corporation is an independent corporation created by the State of New York for purposes of providing financing assistance and fiscal oversight of a fiscally-distressed city. Two MACs are explicitly designated under New York law.Best known is the MAC for New York City,...
, which was created by the State of New York in 1975 and allowed the New York City to get access to borrow funds on a short-term basis that it needed during the 1970s financial crisis.
Jenkins died at age 94 on October 14, 2009, in Glen Ridge, New Jersey
Glen Ridge, New Jersey
Glen Ridge is a borough in Essex County, New Jersey, United States. As of the 2010 United States Census, the borough population was 7,527. In 2010, Glen Ridge was ranked as the 38th Best Place to live by New Jersey Monthly magazine....
due to heart failure. He was survived by his wife of 64 years, the former Marian O'Brien; his sister, Ellen Jenkins Smith; his sons James, Robert and Richard; and seven grandchildren; Millicent, Augustus, Lucas, Annabelle, Emma, Gregory and Charlotte.