How a self-made financier built the world's tallest building and challenged the New Deal

Science · Published 20 October 2026 · Updated 22 October 2026 Swipe more like this →

In short: John J. Raskob rose from humble beginnings to command the finances of General Motors and DuPont. After revolutionizing consumer credit, he pivoted to national politics and real estate, eventually bankrolling the Empire State Building and leading a fierce, high-profile crusade against the economic policies of Franklin D. Roosevelt.

Born in 1879, Raskob began his career as a secretary to Pierre S. du Pont in 1900. His financial acumen quickly propelled him to the top of the DuPont Company and General Motors. By 1919, he had pioneered the General Motors Acceptance Corporation, a groundbreaking initiative that allowed customers to purchase vehicles through installment credit. This innovation was remarkably successful, financing two-thirds of all General Motors car sales by 1927. Raskob’s influence was so profound that by 1929, his personal net worth exceeded $100 million.

Raskob’s transition into politics was marked by his opposition to Prohibition and his support for Alfred E. Smith. From 1928 to 1932, he led the Democratic National Committee, attempting to steer the party toward more business-friendly policies. However, the Great Depression strained his relationship with the party establishment. When Franklin D. Roosevelt secured the presidential nomination in 1932, Raskob became a vocal critic of the New Deal, which he viewed as an unnecessary expansion of federal power that hindered economic recovery.

In 1934, Raskob joined forces with other prominent business leaders to establish the American Liberty League, an organization dedicated to warning the public about the dangers of government activism. Beyond his political activities, Raskob is perhaps best remembered for his role in the construction of the Empire State Building. Following his departure from General Motors, he and Alfred E. Smith oversaw the development of the skyscraper, which stood as the tallest building in the world at the time. Raskob spent his later years focused on philanthropy, establishing foundations that continue to support Catholic initiatives today, before passing away in 1950.

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