John J. Raskob: A Life of Innovation and Progress

John J. Raskob was a true pioneer of his time, leaving an indelible mark on the world of finance and innovation. He was born in 1879 in New York, USA.

Raskob's early life was marked by a strong work ethic, which served him well in his future endeavors. He started working at a young age and quickly rose through the ranks.

John J. Raskob was born on March 19, 1879, in Lockport, New York. He rose from poverty to extraordinary wealth through a combination of ambition, financial acumen, and good luck.

Raskob became secretary to Pierre S. du Pont in 1900, and after 1902, the two men reorganized the financial structures of the family gunpowder company. He struggled to support his mother and siblings after his father's death in 1897.

Raskob was appointed treasurer of DuPont in 1914 and oversaw the investment of some of the company's enormous wartime profits into the General Motors Corporation (GMC). He reorganized the struggling carmaker's operations.

By 1929, Raskob was worth more than $100 million, and he was a prominent figure in the business world.

John J. Raskob's career was heavily influenced by his work with DuPont and General Motors. He was hired by Pierre S. du Pont in 1901 as a personal secretary.

Raskob became assistant treasurer of DuPont in 1911, treasurer in 1914, and president for finance of both DuPont and General Motors in 1918. He had been an early investor in General Motors.

Raskob engineered DuPont's ownership of 43% of GM, which was purchased from William C. Durant, who was financially troubled at the time. He also led the creation of GMAC, now known as Ally Financial.

GMAC allowed GM dealers to offer installment credit directly to customers. This was a game-changer for the automotive industry.

Raskob promoted the use of standard financial statistics to measure the performance of different operations within a diversified company. He worked closely with his associate Donaldson Brown to implement this idea.

Raskob held the head financial job at both GM and DuPont until 1928, when he resigned from GM in a dispute with chairman Alfred P. Sloan.

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John J. Raskob was born in Lockport, New York, on March 19, 1879. He rose from poverty to extraordinary wealth through a combination of ambition, financial acumen, and good luck.

Raskob's early life was marked by struggle after his father's death in 1897, when he was just 18 years old. He became secretary to Pierre S. du Pont in 1900 and later reorganized the financial structures of the family gunpowder company with du Pont.

Raskob's greatest achievement at General Motors Corporation (GMC) was the creation of the General Motors Acceptance Corporation (GMAC) in 1919. GMAC financed two-thirds of all GMC car sales by 1927.

Raskob was a strong advocate for employee stock bonuses and investment plans, which helped him become worth more than $100 million by 1929. He contributed heavily to the Association Against the Prohibition Amendment and the political campaigns of Alfred E. Smith, a fellow Catholic and anti-prohibitionist.

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As chairman of the Democratic National Committee from 1928 to 1932, Raskob transformed the DNC into a permanent organization. He used his influence to advocate for more business-friendly policies within the party.

Raskob's personal fortune was significantly reduced during the Great Depression, and he became a prominent critic of the New Deal. In 1934, he co-founded the American Liberty League with Pierre du Pont, Alfred E. Smith, and other business leaders to warn Americans of the dangers of federal centralism and government activism.

Raskob devoted himself to his charitable foundations in the later years of his life and died on his country estate in Maryland in 1950.

John J. Raskob's business ventures were marked by impressive achievements, particularly in the construction of iconic buildings. He was heavily involved in the Empire State Building, which was in competition with the Chrysler Building to become the world's tallest building at the time.

Raskob was known for his innovative approach, as seen in a story where he stood a jumbo pencil on end and asked architect William F. Lamb to design a building that wouldn't fall down.

John J. Raskob's life was a testament to his entrepreneurial spirit and perseverance. He co-founded DuPont in 1802.

Raskob's involvement with the Democratic Party was significant, as he served as the treasurer of the party from 1924 to 1928. During this time, he played a crucial role in organizing the 1924 Democratic National Convention.

Raskob's experience in the stock market led him to invest in the stock of General Motors, which he eventually helped to take public in 1924.

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Raskob's involvement in politics was a significant aspect of his life. He initially supported Democratic presidential candidate Al Smith in the 1928 election, and Smith even invited him to become chairman of the Democratic National Committee.

Raskob's alignment with Smith put him at odds with Sloan, who supported Herbert Hoover. This led to Raskob's resignation from GM, and he sold his stock to fund the construction of the Empire State Building.

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Raskob's business dealings with Smith didn't end there. He made Smith president of the Empire State Co., which operated the building, as part of a promise to do business together after Smith's presidential loss.

Raskob's tenure as chairman of the DNC through 1932 was marked by his continued support for Smith's candidacy and his advocacy for an anti-prohibition policy, both of which were opposed by different factions within the party.

Raskob's eventual resignation from the DNC in 1932 was likely due to his disagreements with Franklin D. Roosevelt, who had won the party's nomination and the election.

The idea that everyone should be rich is a notion that was popularized in the 1920s by a man named Raskob. He believed that investing in stocks was the key to achieving wealth.

Raskob gave an interview to Samuel Crowther for Ladies Home Journal in which he suggested that every American could become wealthy by investing just $15 per month in common stocks. This was a bold claim, especially considering the average American's weekly salary was between $17 and $22 at the time.

Raskob's article, titled "Everybody Ought to be Rich", was published just two months before the Wall Street crash of 1929, which would go on to have a devastating impact on the economy.

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The Empire State Building's developers, Al Smith and John J. Raskob, were indeed driven by ego, as Raskob wanted to build a structure that would outshine Walter Chrysler's building.

Their rivalry was so intense that it motivated Raskob to push for a supertall skyscraper, which was a bold move given the economic climate at the time. In May 1931, when the building officially opened, New York real estate was in free fall, and people scoffed at Smith and Raskob's folly by calling their building "The Empty State Building."

The building's initial struggles to fill its offices and generate cash flow only seemed to confirm the notion that supertall buildings don't pay. However, this perception is not entirely accurate, as we'll explore in the next section.

The Empire State Building's height made it an ideal location for a large TV and radio antenna, which has been profitable for both the building owners and society. Today, the building remains a beloved icon and one of the most popular tourist attractions in the world.