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| Affiliation | Democratic |
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| Name | John Jakob Raskob |
| Address |
Wilmington, Delaware , United States |
| Email | None |
| Website | None |
| Born |
March 19, 1879
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| Died | October 15, 1950
(71 years)
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| Contributor | Thomas Walker |
| Last Modifed | Juan Croniqueur
Nov 30, 2015 11:53pm |
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| Info | John Jakob Raskob (1879-1950) was a financial executive and businessman who became chairman of the Democratic National Committee and a key supporter of Franklin Delano Roosevelt's candidacy for President of the United States.
He was initially hired by Pierre DuPont as a bookkeeper, and became DuPont's private secretary and assistant. In 1911 he became assistant treasurer of DuPont, in 1914 treasurer, and in 1918 vice-president of finance for both DuPont and General Motors (at the time DuPont owned 43% of GM, purchased from the finacially troubled William C. Durant.
While with GM, he led the creation of General Motors Acceptance Corporation, the corporation that allowed GM dealers to offer installment credit directly to customers. He also promoted the use of standard financial statistics to measure the performance of different operations within a diversified company, primarily through his associate Donaldson Brown.
Raskob held the head financial job at both firms until 1928, when he resigned from GM in a dispute with chairman Alfred P. Sloan. Raskob had supported Democratic presidential candidate Al Smith in the 1928 election, and Smith invited Raskob to become chairman of the Democratic National Committee. Sloan, a supporter of Herbert Hoover, insisted that Raskob resign either from GM or the DNC. Raskob left GM after the board supported Sloan, sold his GM stock, and used the proceeds to build the Empire State Building. Raskob served as chairman of the DNC through 1932 and was a key supporter of Roosevelt. However, he remained with DuPont until his retirement in 1946.
Raskob and his wife lost their son to an auto accident at the age of 20, and established a charitable foundation in his honor which survives today.
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07/11/1928 |
DNC Chair |
Won 100.00% (+100.00%)
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