Smedley Butler and the Business Plot

An alleged conspiracy by wealthy Wall Street financiers and industrialists to overthrow the Roosevelt administration through a fascist-style military coup. The plotters feared FDR's New Deal policies, including abandoning the gold standard, would destroy capitalism. A Congressional committee ultimately found the plot credible, though no prosecutions resulted.

Roosevelt's decision to take America off the gold standard was a catalyzing event that enraged conservative business interests. Figures like Senator Henry D. Hatfield called it "despotism" and "tyranny," and wealthy individuals like Robert Clark (heir to the Singer fortune) were willing to spend half their fortunes to return to gold, providing a financial motive for the alleged coup.

A coalition of some of the wealthiest and most powerful Americans—including members of the du Pont family, John W. Davis (former presidential candidate and J.P. Morgan lawyer), Alfred Sloan of General Motors, and Al Smith—formed to oppose FDR's policies. Several members were allegedly connected to the plot to overthrow the administration.

A highly decorated Marine (two Medals of Honor) who was specifically targeted as the ideal leader for the coup because of his immense popularity with veterans. Butler was a vocal critic of war profiteering and corporate exploitation of the military, famously calling himself "a racketeer for capitalism." His refusal to participate and subsequent whistleblowing exposed the entire conspiracy.