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Investigation of Nazi Propaganda Activities And Investigation Of Certain Other Propaganda Activities, Public Statement Special Committee On Un-american Activities - House Of Representatives

The Business Plot To Overthrow Roosevelt

In the summer of 1933, shortly after Roosevelt's "First 100 Days," America's richest businessmen were in a panic. It was clear that Roosevelt intended to conduct a massive redistribution of wealth from the rich to the poor. Roosevelt had to be stopped at all costs. The answer was a military coup. It was to be secretly financed and organized by leading officers of the Morgan and Du Pont empires. This included some of America's richest and most famous names of the time:

Irenee Du Pont - Right-wing chemical industrialist and founder of the American Liberty League, the organization assigned to execute the plot.
Grayson Murphy - Director of Goodyear, Bethlehem Steel and a group of J.P. Morgan banks.
William Doyle - Former state commander of the American Legion and a central plotter of the coup.
John Davis - Former Democratic presidential candidate and a senior attorney for J.P. Morgan.
Al Smith - Roosevelt's bitter political foe from New York. Smith was a former governor of New York and a codirector of the American Liberty League.
John J. Raskob - A high-ranking Du Pont officer and a former chairman of the Democratic Party. In later decades, Raskob would become a "Knight of Malta," a Roman Catholic Religious Order with a highpercentage of CIA spies, including CIA Directors William Casey, William Colby and John McCone.
Robert Clark - One of Wall Street's richest bankers and stockbrokers.
Gerald MacGuire - Bond salesman for Clark, and a former commander of the Connecticut American Legion. MacGuire was the key recruiter to General Butler.

The plotters attempted to recruit General Smedley Butler to lead the coup. They selected him because he was a war hero who was popular with the troops. The plotters felt his good reputation was important to make the troops feel confident that they were doing the right thing by overthrowing a democratically elected president. However, this was a mistake: Butler was popular with the troops because he identified with them. That is, he was a man of the people, not the elite. When the plotters approached General Butler with their proposal to lead the coup, he pretended to go along with the plan at first, secretly deciding to betray it to Congress at the right moment. What the businessmen proposed was dramatic: they wanted General Butler to deliver an ultimatum to Roosevelt. Roosevelt would pretend to become sick and incapacitated from his polio, and allow a newly created cabinet officer, a "Secretary of General Affairs," to run things in his stead. The secretary, of course, would be carrying out the orders of Wall Street. If Roosevelt refused, then General Butler would force him out with an army of 500,000 war veterans from the American Legion. But MacGuire assured Butler the cover story would work: The businessmen also promised that money was no object: Clark told Butler that he would spend half his $60 million fortune to save the other half.