John J. Raskob

John Jakob Raskob (1879-1950) was a financial executive and businessman who became chairman of the Democratic National Committee and a key supporter of Alfred E. Smith's's candidacy for President of the United States. After Franklin D. Roosevelt became President, Raskob became a prominent opponent of the New Deal through his support of a number of anti-Roosevelt organization including the American Liberty League.

Related Topics:
1879 - 1950 - Democratic National Committee - Alfred E. Smith's - President of the United States - Franklin D. Roosevelt - New Deal - American Liberty League

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He was initially hired in 1901 by Pierre DuPont as a personal secretary. In 1911 he became assistant treasurer of DuPont, in 1914 treasurer, and in 1918 vice-president of finance for both DuPont and General Motors (Raskob had been an early investor in General Motors and had engineered DuPont's ownership of 43% of GM, purchased from the finacially troubled William C. Durant.

Related Topics:
Pierre DuPont - 1911 - DuPont - 1914 - 1918 - General Motors - William C. Durant

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While with GM, he led the creation of General Motors Acceptance Corporation, the corporation that allowed GM dealers to offer installment credit directly to customers. He also promoted the use of standard financial statistics to measure the performance of different operations within a diversified company, primarily through his associate Donaldson Brown.

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Raskob held the head financial job at both firms until 1928, when he resigned from GM in a dispute with chairman Alfred P. Sloan. Raskob had supported Democratic presidential candidate Al Smith in the 1928 election, and Smith invited Raskob to become chairman of the Democratic National Committee. Sloan, a supporter of Herbert Hoover, insisted that Raskob resign either from GM or the DNC. Raskob left GM after the board supported Sloan, sold his GM stock, and used the proceeds to build the Empire State Building. Raskob served as chairman of the DNC through 1932 and was a key supporter of Roosevelt. However, he remained with DuPont until his retirement in 1946.

Related Topics:
1928 - Alfred P. Sloan - Al Smith - Democratic National Committee - Herbert Hoover - Empire State Building - 1932 - 1946

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Raskob had 13 children, and lost one son to an auto accident at the age of 20, establishing a charitable foundation in his honor which survives today. After his death, a substantial amount of his wealth went to support the Raskob Foundation for Catholic Activities, which had been founded in the mid-1940's, and remains one of the largest family-operating charitable foundations in the U.S.

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