Raskob, John Jakob

Raskob, John Jakob

(born March 19, 1879, Lockport, N.Y., U.S.—died Oct. 15, 1950, Centreville, Md.) U.S. financier. He went to work for E.I. du Pont de Nemours & Co. in 1902 and played a major role in Du Pont's expansion in the early 20th century. He joined the board of General Motors in 1915; as chairman of its finance committee from 1918, he greatly increased sales and earnings, establishing the General Motors Acceptance Corp. (GMAC) to allow dealers to finance their inventory and offer credit and long-term financing to their customers. He left in 1928 to head the Democratic National Committee and run Alfred E. Smith's unsuccessful presidential campaign; later he and Smith helped direct the construction of the Empire State Building.