Word: raskobism
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Dates: during 1930-1939
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Counsel Gray: If I'm directed to proceed no further with Mr. Raskob because he is chairman of the Democratic National Committee, I'll go no further...
...exonerate himself Witness Raskob produced itemized statements of all his dealings in shares of General Motors Corp. (of which he is a director but no longer an officer) since 1927. He maintained with his brokers two accounts, one of which was usually long more stock than the other was short. In Regent Corp., his personal holding company, he had always had at least 100,000 shares. Further heavy commitments were represented by his interest in General Motors' Managers Securities Co. Twice he had been "technically short" on balance between his two brokerage accounts, once for 2,204 shares, which...
Counsel Gray wanted to know why Witness Raskob had bought & sold stocks. Senator Couzens, a onetime motor stock investor (Ford) objected to the question, said he could not see "where we are drifting." Witness Raskob said he could not see either. But he explained "for personal reasons ... for income tax purposes to establish a profit or loss." Though readily admitting participation in the Radio pool (TIME, May 30), and a few other bull operations, he emphatically denied any part in General Motors syndicates...
Senator Glass marveled that Witness Raskob had lost so much money by retaining his holdings: "Was this money all yours...
...replied Witness Raskob gravely...