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John J. Raskob

John J. RaskobAKA John Jakob Raskob

Born: 12-Mar-1879
Birthplace: Lockport, NY
Died: 14-Oct-1950
Location of death: Centreville, MD
Cause of death: Heart Failure
Remains: Buried, Cathedral Cemetery, Wilmington, DE

Gender: Male
Religion: Roman Catholic
Race or Ethnicity: White
Sexual orientation: Straight
Occupation: Business, Government

Nationality: United States
Executive summary: Built the Empire State Building

Immensely wealthy American financier gave an interview to Samuel Crowther of the Ladies' Home Journal in which he proposed that everyone invest heavily in the stock market. In fact, he advocated buying stocks on margin:

Suppose a man marries at the age of twenty-three and begins a regular savings of fifteen dollars a month -- and almost anyone who is employed can do that if he tries. If he invests in good common stocks and allows the dividends and rights to accumulate, he will at the end of twenty years have at least eighty thousand dollars[...] I am firm in my belief than anyone not only can be rich but ought to be rich.

Raskob's scenario implies a phenomenal 26% annual yield on the young man's stock investments. As it happens, the article (entitled Everybody Ought to be Rich) arrived at newsstands in August 1929, just two months before the calamitous market crash.

Raskob was among the plotters attempting to depose Franklin D. Roosevelt by force in 1933. Smedley Butler ultimately blew the whistle on the scheme.

Brother: William Frederick Raskob
Wife: Helena Springer Green (12 children)

    DuPont (1900-46)
    Member of the Board of General Motors (1915-28)
    Democratic National Committee Chairman (1931-32)
    Democratic National Committee Chairman (1929)
    Knights of Malta Treasurer

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