Who Cashed Out Right Before the Stock Market Crash on October 29 1929
A few people profited in the run-up to the crash because they kept their greed in check. Sensing trouble ahead, “Speculators” Bernard Baruch and John Raskob got out of the market in early 1929 right before the stock market crash.
With his fortune intact, Bernard Mannes Baruch was an American financier, stock-market speculator, statesman, and political consultant. After his success in business, he devoted his time toward advising U.S. Presidents Woodrow Wilson and Franklin D. Roosevelt on economic matters and became a philanthropist.
John Jakob Raskob was a financial executive and businessman for DuPont and General Motors — he later suffered heavy losses when Anaconda Copper shares tanked but remained wealthy enough to develop the Empire State Building. He was chairman of the Democratic National Committee from 1928 to 1932 and a key supporter of Alfred E. Smith’s candidacy for President of the United States. Raskob, suggesting the truth of the trader’s maxim — there’s a place for bulls and bears but not pigs.
Tags: Anaconda Copper, Bernard Baruch, Bulls and Bears, Dupont, Empire State Building, Franklin D. Roosevelt, General Motors, Greed, John Raskob, Philanthropist, Speculators, Stock Market Crash, Traders Maxim, Woodrow Wilson