John J. Raskob

John J. Raskob was a prominent American financier and businessman who played a pivotal role in the corporate expansion of the early 20th century. He is best known for his executive roles at General Motors and the DuPont company, his leadership of the Democratic National Committee, and for organizing the financing of the Empire State Building. A fervent advocate for capitalism and widespread stock ownership, his career intersected with major figures in American industry and politics.

Early life and education

Born in Lockport, New York, he was the son of John G. Raskob, a cigar maker, and Anna Frances Morris. His family had roots in the Grand Duchy of Baden region of Germany. After his father's death, he left school at age fourteen to support his family, taking a job as a stenographer for the Jackson and Woodin Manufacturing Company. He later attended a business college in Lockport and honed his skills in bookkeeping and shorthand, which proved foundational for his future career in corporate finance.

Business career

His business acumen was first recognized by Pierre S. du Pont, who hired him as a secretary in 1900. He quickly became indispensable to the DuPont family, managing their finances and helping to engineer the consolidation of the American explosives industry. Following the antitrust divestment of General Motors, he and Pierre S. du Pont orchestrated DuPont's major investment in the automaker. He served as Vice President of Finance for General Motors and was a key architect of the General Motors Acceptance Corporation, which revolutionized consumer auto purchasing. He also championed employee stock ownership plans, believing in "a capitalist system where everyone could be an owner." After leaving General Motors, he formed a syndicate with former New York Governor Al Smith and others to finance the construction of the Empire State Building, serving as the chairman of the building's corporation.

Political involvement

A lifelong Democrat, his political involvement intensified in the 1920s. He was a close advisor and fundraiser for Al Smith during his campaigns for Governor of New York and his 1928 presidential run against Herbert Hoover. In 1928, he was elected Chairman of the Democratic National Committee, where he worked to modernize the party's fundraising apparatus. His 1929 article "Everybody Ought to Be Rich," which promoted stock market investment, was published in *The Ladies' Home Journal* just months before the Wall Street Crash of 1929, later drawing criticism for its timing. He remained a significant figure within the party but opposed some New Deal policies of Franklin D. Roosevelt.

Philanthropy and legacy

His philanthropic efforts were substantial, particularly in support of Catholic causes and education. He was a major benefactor of the University of Notre Dame, funding the construction of the Raskob Hall of Engineering and the Raskob Memorial Institute. He also provided significant support to Marymount College and other institutions. His enduring physical legacy is the Empire State Building, which symbolized the ambition of pre-Great Depression New York City. The business school at his alma mater, the University of Delaware, is named in his honor.

Personal life

In 1903, he married Helena Green, and the couple had thirteen children. The family resided primarily at "Archmere," a grand estate in Claymont, Delaware, and later at "Raskob Estate" in Centreville, Maryland. An avid sailor, he owned the yacht *Albatroz II*. He was a devout Catholic and maintained close personal friendships with figures like Al Smith and Pierre S. du Pont. He died of a cerebral hemorrhage at his Maryland estate in 1950.

Category:American businesspeople Category:1879 births Category:1950 deaths