John J. Raskob

John J. Raskob
Born	March 19, 1879 Lockport, New York, U.S.
Died	October 15, 1950 Centreville, Maryland, U.S.
Nationality	American
Occupation	Financial executive, investor
Known for	Building the Empire State Building

John Jakob Raskob (March 19, 1879 – October 15, 1950) was an influential American financial executive and investor best known for his role in the construction of the Empire State Building, one of the most iconic skyscrapers in the world. Raskob was also a key figure in the development of corporate structures in the United States during the early 20th century.

Early Life and Education

John J. Raskob was born in Lockport, New York to John and Anna Frances Raskob. He did not attend college but instead began his career in the business sector at an early age.

Career

Raskob started his career as a personal secretary to Pierre S. du Pont and quickly rose through the ranks to become one of the leading businessmen in America. He was instrumental in the formation of General Motors (GM) and later served as its Vice President. Raskob was known for his innovative financial strategies, including the introduction of consumer credit for automobile purchases, which revolutionized the automotive industry and consumer culture.

In 1927, Raskob left General Motors to focus on real estate development. His most ambitious project was the Empire State Building, which he proposed and financed during the onset of the Great Depression. Despite the economic downturn, the project was completed on time and stood as the world's tallest building for nearly 40 years.

Political Involvement

Raskob was also active in politics. He was a prominent supporter of the Democratic Party and served as the chairman of the Democratic National Committee during the 1928 presidential campaign. However, his political views later shifted, and he became a critic of the New Deal policies of President Franklin D. Roosevelt.

Personal Life and Legacy

John J. Raskob was married to Helena Springer Green, with whom he had 13 children. He was a devout Roman Catholic and contributed to various Catholic causes and institutions. Raskob passed away on October 15, 1950, in Centreville, Maryland.

His legacy is marked by his contributions to the American automotive and real estate industries, as well as his impact on corporate finance and political thought during the early 20th century.

See Also

• List of people from Lockport, New York
• History of General Motors
• Skyscrapers in New York City