Raskob began his career as a personal secretary to Pierre du Pont. His financial wizadry enabled him to rise high in the corporate ranks of the Du Pont Company as well as General Motors. In politics, he was chairman of the Democratic National Committee in 1928, but turned against the New Deal and co-founded the Liberty League (joined by Al Smith, whose campaign he had supported). He also played an instrumental role in the construction of the Empire State Building.