Key intermediary in 1934 Business Plot against FDR
Appears in 1 documentary
Gerald Cutler MacGuire occupied a unique position in American history as the financial intermediary who nearly helped orchestrate the overthrow of President Franklin Delano Roosevelt. A bond salesman and veteran organizer with deep connections to Wall Street’s most powerful interests, MacGuire became the crucial link between America’s financial elite and their audacious plan to install a fascist government in 1934.
MacGuire worked as a bond salesman for the prestigious firm Grayson M-P Murphy & Company, which gave him access to some of the wealthiest and most influential financiers in America. His employer, Grayson Murphy, was a director of Anaconda Copper, Goodyear Tire, and Bethlehem Steel—companies whose fortunes were threatened by Roosevelt’s New Deal policies. Through this position, MacGuire became the operational face of what would later be known as the Business Plot.
In the summer and fall of 1934, MacGuire made multiple approaches to retired Marine General Smedley Butler, the most decorated military officer in American history. MacGuire’s pitch was extraordinary in its boldness: wealthy businessmen would finance a march of 500,000 veterans on Washington to pressure Roosevelt into stepping aside or accepting a new position that would strip him of real power. Butler would serve as the leader of this American fascist movement, modeled after the successful coups that had brought Mussolini and Hitler to power in Europe.
MacGuire told Butler he had traveled to Europe to study how fascist organizations operated, specifically examining the role of veterans’ groups in political takeovers. He claimed to have $3 million in backing from Wall Street financiers, with access to $300 million more if needed. The plot relied on exploiting economic anxiety and veterans’ grievances during the Great Depression, turning legitimate concerns into a vehicle for plutocratic revolution.
When Butler reported the conspiracy to the FBI and later testified before the House Committee on Un-American Activities, MacGuire became the most vulnerable link in the chain. While the wealthy financiers behind the plot enjoyed legal protection and political cover, MacGuire had been the one making direct contact, issuing specific threats, and outlining detailed plans. His role as middleman made him the most exposed conspirator.
The congressional committee’s investigation substantiated Butler’s account in remarkable detail. They confirmed that MacGuire had indeed approached Butler multiple times, had discussed financing for a veterans’ organization, and had spoken about forcing Roosevelt from power. The committee found that MacGuire represented powerful financial interests who were “ready to take definite action to bring about a return of prosperity through the medium of private enterprise.”
MacGuire’s testimony before the committee was evasive and contradictory. He denied the most serious allegations while admitting to meetings with Butler that he claimed were about forming a legitimate veterans’ organization. His explanations grew increasingly implausible as investigators pressed him on details about his European travels, his sources of funding, and his specific conversations with Butler.
MacGuire died of pneumonia on March 25, 1935, just weeks after the House committee released its findings confirming the Business Plot’s existence. His death eliminated the key witness who could have provided detailed testimony about the financial backers and broader network behind the conspiracy. No prosecutions ever followed the committee’s recommendations.
MacGuire’s story reveals how close American democracy came to destruction during the Great Depression. His role demonstrates that the threat came not from foreign enemies or fringe radicals, but from respected Wall Street financiers who viewed fascism as preferable to Roosevelt’s economic reforms. The plot’s failure depended entirely on Butler’s patriotism and MacGuire’s inability to successfully manipulate the general.
Today, MacGuire represents a largely forgotten chapter in American history—a reminder that democratic institutions remain vulnerable when economic elites conclude that democracy no longer serves their interests.
The definitive account of MacGuire's role as Wall Street's messenger in the failed coup attempt against FDR.
Butler's own words about war profiteering, providing crucial context for why MacGuire thought the general might join their cause.
The congressional committee confirmed the plot was real, verified every detail of Butler's testimony, and recommended prosecution. No one was ever arrested. The key witness died of pneumonia two weeks after the committee's findings.