John J. Raskob
John J. Raskob was born in Lockport, New York, United States on March 19th, 1879 and is the Entrepreneur. At the age of 71, John J. Raskob biography, profession, age, height, weight, eye color, hair color, build, measurements, education, career, dating/affair, family, news updates, and networth are available.
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John Jakob Raskob (March 19, 1879 – October 15, 1950) was a financial executive and businessman for DuPont and General Motors, as well as the builder of the Empire State Building.
He served on the Democratic National Committee from 1928 to 1932, and was a key backer of Alfred E. Smith's bid for President of the United States. Raskob, a prominent critic of the New Deal after Franklin D. Roosevelt became President, was active in favor of a number of anti-Roosevelt organizations, including the American Liberty League.
Raskob served as a founder of the Association Against the Prohibition Amendment and a Treasurer for the Knights of Malta.
Early life
In Lockport, New York, where his father operated a successful cigar-making operation, Raskob was born to John and Anna Frances (née Moran) Raskob. Both his parents were of German and Irish descent. The Raskob family came from Germany's Eifel region. My grandfather, who was born in the Eifel, was Raskob's grandfather. Raskob wrote newspapers, worked in seasonal agriculture, appeared in local theater, and was active in the Catholic community during his time in parochial and public schools.
Following his father's death in 1898, he joined a local business school but later dropped out to help his families by performing undercoverarial duties.
Personal life
In 1906, Raskob married Helena Springer Green, who had 13 children. William, one of his sons, died in an automobile accident at the age of 20, and the Bill Raskob Foundation was established in honor of him. Raskob is best known in the Claymont and Wilmington areas for constructing the "Patio" at what is now Archmere Academy, which was constructed between 1916 and 1918. It was originally his residence, and it features a marble fountain sculpted around the side by each of his 13 children.
In Wilmington, Delaware, Raskob is buried at Cathedral Cemetery.
The former prime minister of Raskob purchased Pioneer Point on the Eastern Shore of Maryland by the Soviet government in 1972, and Russian diplomats later used the 19-room mansion as a retreat or dacha until Barack Obama ordered that it and another Russian property on Long Island be confiscated by the US State Department under authority of the Foreign Missions Act in reaction to suspected Russian meddling in the 2016 US presidential election.
The Washington Post announced on May 31, 2017 that President Donald Trump and his team had decided to return Pioneer Point to the Russians, but that it had not been returned as of May, 2018.
Career
Pierre S. du Pont, a British narrator, had Raskob as a personal secretary in 1901. He became DuPont's assistant treasurer in 1914 and vice president for finance of both DuPont and General Motors in 1918. Raskob was a pioneer of GM and had engineered DuPont's ownership of 43% of GM, which was purchased from the financially struggling William C. Durant.
While working with GM, he was instrumental in the establishment of GMAC (now Ally Financial), the company that allowed GM dealers to provide installment credit directly to consumers. He also advocated for the use of standard financial metrics to monitor the success of various aspects of a multinational corporation, mainly through his associate Donaldson Brown.
Raskob served as the head financial manager at both GM and DuPont until 1928, when he resigned from GM in a controversy with chairman Alfred P. Sloan.
Raskob was extremely optimistic in the stock market in the 1920s, and gave a talk to Samuel Crowther of Ladies Home Journal in which he said that every American could be wealthy by investing $15 per month in common stocks (at a time when the average American's weekly salary was between $17 and $22). The essay, entitled "Everybody Ought to be Rich," arrived at newsstands just two months before the 1929 Wall Street Crash.
Raskob had endorsed Democratic presidential candidate Al Smith in the 1928 race, and Smith had invited Raskob to serve as chairman of the Democratic National Committee. Raskob resigned either from GM or the DNC, according to Sloan, a Herbert Hoover supporter. After the board approved Sloan, sold his GM shares, and used the funds to build the Empire State Building, Raskob left GM.
Based on a promise to do business together the night Smith lost the presidential election, Raskob made Smith president of Empire State Co., the building's owners, based on a pledge to do business together. Raskob served as chairman of the DNC from 1932 to 1932. Smith continued to endorse Smith's nomination as Chairman of the DNC, as well as advocating for the adoption of an anti-prohibition policy. Both of these positions were opposed by various groups within the Democratic Party.
Raskob (a Smith ally) resigned as DNC chairman in 1932, after Franklin D. Roosevelt (who was then on rather bad terms with Al Smith) received the party's nomination and the election. Many of Roosevelt's New Deal programs, according to Raskob (like Al Smith), are both radical and unhelpful to economic recovery.
Raskob began actively opposing Roosevelt during his first term as president in 1940. Raskob, according to testimony submitted by the Senate Lobby Investigation Committee, was a regular fundraiser for Georgia governor Eugene Talmadge, who has been considered a potential anti-Roosevelt contender for the Democratic nomination in the 1936 United States presidential election. Raskob later became involved with the American Liberty League, an anti-New Deal group active during the 1936 election.
Raskob's company was focusing on the Empire State Building, which was in competition with the Chrysler Building, to become the world's tallest structure at the time during the Great Depression. Raskob had taken a jumbo pencil, survived it, and asked architect William F. Lamb, "How high can you make it so it doesn't fall down?" says one tale.
The Empire State Building had so few residents that it was mocked as the "Empty State Building" in the early years of the Great Depression. Raskob was also involved in precious metal mining in Nevada and New Mexico, cattle raising, the aeronautical industry, and pesticides. Raskob worked with DuPont until his retirement in 1946.
