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Today, consumer credit, employee stock options, and citizen investment in the stock market are taken for granted--fundamental facts of American economic life. But few people realize that they were first widely promoted by John Jakob Raskob (1879-1950), the innovative financier and self-made businessman who built the Empire State building, made millions for DuPont and General Motors, and helped shape the contours of modern capitalism.
David Farber's Everybody Ought to Be Rich is the first biography of Raskob, a man who shunned the limelight (he was the anti-Trump of his time) but whose impact on free market enterprise can hardly be overstated. A colorful figure, Raskob's life evokes the roaring twenties, the Catholic elite, the boardrooms of America's biggest corporations, and the rags-to-riches tale that is central to the American dream. Farber follows Raskob's remarkable trajectory from a teenage candy seller on the railway between Lockport and Buffalo to the pinnacles of wealth and power. With no formal education but possessed of a boundless energy and an unshakeable faith in individual initiative (his motto was "Go ahead and do something!"), Raskob partnered with great industrialists and financiers, buying up companies, leveraging investments, reorganizing corporations, funneling money into the political system, and creating new pools of credit for rich investors and middle class consumers alike--practices commonplace today but revolutionary at the time. His most famous innovation was mass consumer credit, which he offered to individual car buyers, enabling working and middle-class Americans to purchase GM's more expensive cars. Raskob desperately wanted to bridge class divides and to share the wealth American corporations were fast creating--so that everyone could be rich.
Chronicling Raskob's short-comings as well as his successes, Everybody Ought to Be Rich illuminates a crucial but little-known figure in American capitalism whose influence can still be felt today.
- Sales Rank: #444473 in Books
- Published on: 2013-05-09
- Original language: English
- Number of items: 1
- Dimensions: 6.50" h x 1.20" w x 9.30" l, 1.50 pounds
- Binding: Hardcover
- 400 pages
Review
"Mr. Farber chronicles in well-researched detail the surprisingly colorful life of John J. Raskob, who is relatively unknown compared to many other business leaders of his era. Farber effectively brings to light Raskob's important roles in the growth and development of two corporate giants, DuPont and General Motors, at critical junctures in their histories, as well as his significant engagement in other important business, political, religious, and social activities of the era."
--Rick Wagoner, former Chairman and CEO, General Motors
"The 'organizing genius of this country' and an exemplar of the American Dream-this is how contemporaries styled John Raskob. David Farber evocatively reveals Raskob's 'inner fire' and how it drove decades of innovation within American capitalism. Business, finance, politics, motoring in the West, and creating the Empire State Building were all adventures for Raskob, and Farber's splendid prose captures the zeal and legacies of Raskob's passions."
--Pamela Walker Laird, author of Pull: Networking and Success since Benjamin Franklin
"Seventy-five years before the National Leadership Roundtable on Church Management was founded, John J. Raskob unknowingly provided its mission statement. David Farber has brought to life an extraordinary figure in the history of the Catholic Church in the United States whose gifts to the Church were as much his prescience as his philanthropy."
-- Kerry A. Robinson, Executive Director, National Leadership Roundtable on Church Management
"No other book covers the same ground -- a curious lacuna, given Raskob's undeniable importance in economic history. A thoroughly researched book..."
--Kirkus Reviews
About the Author
David Farber is Professor of History at Temple University. He is the author of The Rise and Fall of Modern American Conservatism; Taken Hostage: The Iran Hostage Crisis and America's First Encounter with Radical Islam; and Sloan Rules: Alfred P. Sloan and the Triumph of General Motors.
Most helpful customer reviews
4 of 4 people found the following review helpful.
One of the best books I have ever read
By Tillie Traveling
I grew up in Wilmington and my nephews went to Archmere Academy, his former home. My parents knew some of the Raskob children, being of the same generation, and I heard a bit about the family. This book about a remarkable man who was Pierre du Pont's behind the scenes business partner and confidant from 1900 when Raskob was hired as his secretary and book-keeper until Raskob's death 50 years later, was extensively researched over a period of 8 years and it shows. This is a MUST READ for anyone in the business world as he was the financial genius responsible for much of the Du Pont company's growth including the take over of General Motors, and other companies. He created "leveraged buyouts" to do this and GMAC so that the average man could buy the more expensive GM cars instead of Ford's. During the depression, he built the Empire State Building, and championed it over decades even when it was known as the "Empty State Building". He married early, sired 13 children over 15 years, and when they were older, took them on long European trips with itineraries laid out beforehand....a different city each day, traveling in two cars with his valet with him all the time. He quietly created a family foundation giving millions to Catholic charities; this remains to this day, headquartered in Raskob's brother's home in Wilmington. Recently, when a 93 year old du Pont family member was asked a question about the company, he referred to this book for the answer. You can't get a better recommendation than that!
4 of 4 people found the following review helpful.
Great Read
By William K. Dugdale
Living in Wilmington Delaware and having listened to my parents refer to many of the individuals in the book, it brought to life what must have been an enterprising and challenging era in the growth of a Company and also a community. Not only were the times
in our history extraordinary but individualism flourished. Congratulation to Mr. Farber.
3 of 3 people found the following review helpful.
One of our best business books for 2013
By strategy+business
The most significant leadership book published this year, David Farber's "Everybody Ought to Be Rich: The Life and Times of John J. Raskob, Capitalist," is about an executive who was responsible for much of what is right, and wrong, with the U.S. auto industry today (and the leadership of giant businesses, in general). Six decades after his death, Raskob remains one of the most influential--and colorful--characters in the annals of corporate America. He served as chief financial officer of both General Motors Company and DuPont in an era before the title existed. In the early 1920s, Raskob laid the foundations that enabled both companies to rise from relative obscurity (in GM's case, from near bankruptcy) to become, respectively, the world's first- and third-largest corporations by the time he retired from their boards in the late 1940s.
John Jakob Raskob (1879-1950) knew next to nothing about making cars (or chemicals) and wasn't particularly interested in industrial manufacturing, engineering, or organizational management. Instead, his many and lasting contributions to corporate leadership were entirely financial. Raskob was the first executive to practice what came to be called management by the numbers. At DuPont, in the 1910s, he created--with a big assist from prot�g� Donaldson Brown--most of the accounting and budgeting procedures and metrics that are still standard in American companies.
Raskob's most significant creations (and for him, the most fun) were the arcane financial instruments that allowed DuPont to acquire its major competitors (and control of General Motors) using other people's money. He was the Adam of corporate acquisitions and financial restructuring. His creative output included the invention of holding companies and paper instruments that reduced the risk, liability, and taxes of his boss, Pierre S. du Pont, chairman and, for a time, chief executive of both GM and DuPont. Raskob's financial prestidigitation helped make du Pont a multibillionaire in today's dollars--and, through stock speculation, insider trading (he shorted GM stock), and prodigious tax avoidance, a billionaire in his own right.
Farber, professor of history at Temple University and author of "Sloan Rules: Alfred P. Sloan and the Triumph of General Motors" (University of Chicago Press, 2002), documents how the largely self-educated Raskob quickly rose from the ranks of the petite bourgeoisie (his father was a cigar maker). He became the first Roman Catholic accepted as a peer in U.S. boardrooms, the progressive head of the nation's anti-Prohibitionists, chairman of the Democratic National Committee at the time of Franklin Roosevelt's first presidential nomination, and, in a spectacular volte-face, a leader of the right-wing American Liberty League, which opposed the New Deal and the United States' entry into World War II. He was Pope Pius XII's main fund-raiser in the United States, a lifelong pal of New York's powerful Cardinal Spellman, a Knight of Malta, and, along with his 12 children, a regular communicant. At the same time, he was a playboy nonpareil (with a weakness for showgirls, booze, and gambling) and a willing abettor of his wife's cohabitation with a man many years her junior. John Raskob seems also to have helped conceal Pierre du Pont's evident homosexuality. Few bios of CFOs have such racy subplots.
Still, Farber keeps his main focus on Raskob's business practices, documenting how he arranged bailouts for GM (the company has a history of that sort of thing), invented the consumer credit industry (GMAC was his brainchild), designed the first executive stock option plan, and was the first to advocate wide-scale employee stock ownership. In early 1929, Raskob also proposed what might have become a national social security system invested entirely in the stock market (but his timing was embarrassingly bad).
Never able to sit still for the quotidian details of management, Raskob preferred to pull strings behind the scenes. He plumped for the appointment of the more temperamentally suited Alfred Sloan to succeed Pierre du Pont at GM's helm when, for the asking, he could have had the top job himself. In Sloan's classic "My Years with General Motors" (Doubleday, 1964), he credits Raskob for introducing the system of financial controls that made it possible for GM to become the world's largest corporation, invidiously contrasting Raskob to Henry Ford, who was dismissed by Sloan as a genius mechanic who couldn't manage a giant company. Unlike Ford's company, Sloan sniffed, "General Motors is in the business of making money, not cars."
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