John Jakob Raskob

John Jakob Raskob

Birth
Lockport, Niagara County, New York, USA
Death 15 Oct 1950 (aged 71)
Centreville, Queen Anne's County, Maryland, USA
Burial Wilmington, New Castle County, Delaware, USA
Memorial ID 43243805 · View Source
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Businessman, Political Leader, Philanthropist. Educated at Bryant and Stratton Business Institute, in 1900 he was hired as Pierre DuPont's private secretary. In 1914 DuPont became DuPont Company President, and Raskob became Treasurer. Raskob facilitated the DuPont purchase of a stake in General Motors and creation of General Motors Acceptance Corporation (GMAC) in the early 1920s, revolutionizing the car industry by enabling customers to buy on credit. By 1928 his fortune was over $100 million ($1.2 billion in 2009). Opposed to Prohibition, he contributed to pro-repeal groups and supported Alfred E. Smith. In 1928 Smith, the Democratic presidential nominee, selected Raskob as Democratic National Committee Chairman, and he helped the DNC achieve near-parity with Republicans in campaign funding. He became a symbol of the Great Depression when he gave a magazine interview, "Everybody Ought to be Rich" just two months before the 1929 stock market crash. He liquidated during the Great Depression, using part of the money to build the Empire State Building. Convinced that markets needed to operate unfettered to end the depression, he opposed Franklin Roosevelt and the New Deal. In 1934 he was a founder of the Liberty League, which opposed expansion of the federal government. After Roosevelt's 1936 reelection Raskob devoted his life to philanthropy, including creation of foundations that support Catholic activities, for which he was named a Knight of Saint Gregory by Pope Pius XI. Archmere, his Claymont, Delaware home, is a Catholic preparatory school, Archmere Academy, and listed on the National Register of Historic Places.

Bio by: Bill McKern



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  • Maintained by: Find A Grave
  • Originally Created by: Bill McKern
  • Added: 18 Oct 2009
  • Find A Grave Memorial 43243805
  • Find A Grave, database and images (https://www.findagrave.com : accessed ), memorial page for John Jakob Raskob (19 Mar 1879–15 Oct 1950), Find A Grave Memorial no. 43243805, citing Cathedral Cemetery, Wilmington, New Castle County, Delaware, USA ; Maintained by Find A Grave .