Word: raskob
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Dates: during 1950-1959
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...with $15,000 inherited from his maternal grandfather-and promptly lost it all playing the market. He went to work for General Motors, rose to be assistant treasurer at a salary of $35.000 a year before going to Du Pont as financial adviser to the late John J. Raskob. Du Font's top financial man. Young made his first million by selling short just before the 1929 crash, set up a brokerage firm with an old friend. By picking up securities that looked worthless to most people, then stepping in to run the properties involved, he added another...
Quick to spot a moneymaking opportunity, Du Pont Treasurer John Jacob Raskob persuaded his firm, back in 1917-19, to sink about $50 million into a struggling automobile company named General Motors. That fabulously foresighted investment, now worth close to $2.7 billion, makes giant E. I. du Pont de Nemours & Co. the owner of the largest block of stock (23%) of the biggest industrial giant of them...
...enamels and other finishes from Du Pont, and 38.5% of its fabrics. To show that Du Pont had at least tried to influence G.M.'s buying policies, the court cited letters and memos written by Du Pont officers (none later than 1926). Item: Treasurer Raskob's 1917 report, arguing that purchase of G.M. stock "will undoubtedly secure for us" the entire G.M. market for paints, artificial leather and other Du Pont products. Concluded the highest court: "The inference is overwhelming that Du Font's commanding position was promoted by its stock interest and was not gained solely...
Ever since Chicago's Colonel Henry Crown joined a syndicate to buy control of the Empire State Building from the John J. Raskob estate (TIME, Jan. 7, 1952), he has, in his own words, "sort of crawled up" the world's tallest structure. At the start he had a 25% stock interest. Then one evening he had a talk in his suite atop Manhattan's Waldorf-Astoria with Railroader Robert R. Young...
...Fonts denied the Government's charge that their purchase of $25 million worth of G.M. stock in 1917 was part of a plan to make G.M. a captive closed market for Du Pont products. The purchase was made largely because the late John J. Raskob, the treasurer of Du Pont, had recommended that Du Pont waste no time getting into the young auto business. Raskob's recommendation had also stated: "Our interest in [G.M.] will undoubtedly secure for us the entire Fabrikoid [artificial leather], pyralin [celluloid], paint and varnish business . . ." But Pierre du Pont declared: "There...