Raskob, John Jakob


Raskob, John Jakob
born March 19, 1879, Lockport, N.Y., U.S.
died Oct. 15, 1950, Centreville, Md.

U.S. financier.

He went to work for E.I. du Pont de Nemours & Co. in 1902 and played a major role in Du Pont's expansion in the early 20th century. He joined the board of General Motors in 1915; as chairman of its finance committee from 1918, he greatly increased sales and earnings, establishing the General Motors Acceptance Corp. (GMAC) to allow dealers to finance their inventory and offer credit and long-term financing to their customers. He left in 1928 to head the Democratic National Committee and run Alfred E. Smith's unsuccessful presidential campaign; later he and Smith helped direct the construction of the Empire State Building.

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▪ American financier
born March 19, 1879, Lockport, N.Y., U.S.
died Oct. 15, 1950, Centreville, Md.

      American financier who played a major role in the early 20th-century expansion of E.I. du Pont de (DuPont Company) Nemours & Co. and of General Motors Corporation.

      From 1898 to 1900, Raskob served as secretary in three firms, ending up serving Pierre Samuel du Pont, president of Johnson Company, which was involved in real estate and Ohio interurban railways. When du Pont became treasurer of E.I. du Pont de Nemours in 1902, Raskob continued as his assistant. Twelve years later, Raskob assumed his mentor's position as treasurer and was then made a vice president. He and du Pont had taken an interest in the General Motors Corporation, begun in 1908, and by 1915 the two owned enough stock to make du Pont chairman of the board and Raskob a board member. In 1918 he became chairman of the firm's finance committee.

      Under Raskob's financial leadership, General Motors enjoyed greatly increased sales and earnings. He encouraged a widened stock ownership base in the belief that, as more people bought the company's stock, more would buy its products. He further stimulated sales by establishing the General Motors Acceptance Corporation (GMAC), which allowed dealers to finance their inventory of cars and offer credit and long-term financing to their customers. Raskob's influence in the company declined, however, after the recession crisis of 1920 and the appointment that year of du Pont as president.

      In 1928 Raskob left General Motors to become chairman of the Democratic National Committee, in which capacity he ran Alfred E. Smith's (Smith, Al) unsuccessful campaign for president. After the election Smith and Raskob became directors of the Empire State Building Corporation, overseeing the construction and management of what was the world's tallest building to date.

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Universalium. 2010.

Look at other dictionaries:

  • Raskob, John Jakob — (1879 1950)    Born in Lockport, New York, after leaving college John Raskob became a business secretary. He held a number of different posts in business before he became bookkeeper and then personal secretary to Pierre S. du Pont in 1900. While… …   Historical Dictionary of the Roosevelt–Truman Era

  • Raskob, John Jakob — (19 mar. 1879, Lockport, N.Y., EE.UU.–15 oct. 1950, Centreville, Md.). Financista estadounidense. En 1902 empezó a trabajar en E.I. du Pont de Nemours & Co. y desempeñó un importante papel en la expansión de DuPont Co. a principios del s. XX. En… …   Enciclopedia Universal

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  • John Jakob Raskob — (Lockport, New York, 19 mars 1879 Centreville, Maryland, 15 octobre 1950) était un homme d affaires américain. Il est considéré comme un des fondateurs de l Empire State Building à New York. Dans les années 1930, il fut favorable à la candidature …   Wikipédia en Français

  • John J. Raskob — John Jakob Raskob John Jakob Raskob (19 mars 1879 15 octobre 1950) était un homme d affaires américain. Il est considéré comme le fondateur de l Empire State Building à New York. Dans les années 1930, il fut favorable à la candidature démocrate d …   Wikipédia en Français

  • John Raskob — John Jakob Raskob John Jakob Raskob (19 mars 1879 15 octobre 1950) était un homme d affaires américain. Il est considéré comme le fondateur de l Empire State Building à New York. Dans les années 1930, il fut favorable à la candidature démocrate d …   Wikipédia en Français

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