Industrialists Critical In Hitler’s Rise in 1933, And No Less Urgent In Trump’s Rise To Power
Adolf Hitler and 25 German industrialists met in an ultra secret meeting on Feb. 20, 1933, to raise funds for the election campaign of the Nazi Party.
The Nazi Party desperately needed help in order to achieve two-thirds majority in the Reichstag and for Hitler to declare himself furher through the Enabling Act. Hitler told the group that democracy was the cause of the rise of communism and he declared that he needed complete control of the state to crush communism.
Hitler ended with the declaration that the election of the Nazi Party would be “the last election” and if he did not win, he would stay in power “by other means… with other weapons.”
After Hitler’s speech, the industrialist, Gustav Krupp, thanked the participants and emphasized his commitment to private property and to the nation’s defense capabilities.
The result of the meeting was the Nazis raised enough to win the majority, Hitler seized power and the Enabling Act passed on March 23, 1933, which authorized Hitler to enact laws without the approval of the Reichstag. In a letter from Krupp to Hitler dated March 24, 1933, the Reich Association of German Industry welcomed the election result.
“The elections have laid the basis for a stable foundation of government, removing the disruptions resulting from the constant political vacillations of the past, which have severely crippled economic initiative,” Krupp wrote.
The willing industrial leaders did not expect that the enabled Hitler to declare himself absolute Fuhrer, according to Stephan Malinowski, author of “Nobles and Nazis: The History of a Misalliance”
“The elite had sought to tame political extremism by binding it into the system, softening it, giving it more responsibility. The understanding was that when Hitler and other Nazi leaders were ministers and responsible for steering part of the economy or universities or whatever part of society, they would somehow calm down and react like normal statesmen,” Malinowski wrote.
“But this never happened. Hitler never reacted as a statesman in the traditional sense. The Nazis were playing an entirely new game in terms of ideology and of making the unfathomable fathomable. And the killing of 6 million Jews and millions of others in the Second World War can be seen as the darkest part of this.”
Aside from the many victims of Nazism, Malinowski wrote that the early years of the Third Reich saw the majority of Germans thriving as the country’s economy entered into what looked like a fantastic boom.
“Many members of the elites were the great profiteers and beneficiaries of the Third Reich,” said Malinowski. “It is often forgotten that the army, industry, universities and engineering were not necessarily directed and run by ‘Nazis.’ They were run by power elites. There was a power compromise between industrialists, landowners, civil servants, academics, judges and the Third Reich, and for a long time it seemed to be going very well.”
Malinowski wrote that most Germans deplored the “terrible people” running the concentration camps and committing violence against Jews.
“But there was a general sense of admiration for what they were achieving. In two to three months, the leftwing parties had been broken; the communists and socialists had disappeared; the trade unions and parliament had been crushed. The wildest dreams of the conservatives had been exceeded,” Malinowski wrote.
Joseph Goebbels, the Nazi propagandist, wrote in his diary on the previous day of the meeting and described the depressed mood at his Berlin headquarters because of the lack of funds. The next day, Goebels wrote, “(Herman) Göring brings the joyful news that three million is available for the election. Great thing! I immediately alert the whole propaganda department. And one hour later, the machines rattle. Now we will turn on an election campaign . . . Today the work is fun. The money is there.”
Things can go very wrong when the pursuit for profit becomes a handmaiden for political objectives. Fast forward to trump’s 2024 campaign for President. Nazi Germany could never have grown without the very active financial support from the nation’s richest and most powerful captains of industry. It was a morality tale playing out right now as trump consolidates his power, boosted by the billions donated by the richest Americans of the day.
The billionaire industrialists who once criticized trump for goading on the bloody, Jan. 6, 2021, attack at the Capitol, are now cheerleading and financing trump’s comeback.
Just three short years ago, trump had been deposed and there was nearly unanimous disgust and rejection as America’s powerful quickly and loudly denounced trump following the attempted Jan. 6, 2021 insurrection at the Capitol by trump supporters.
Trump rallied his MAGA forces with lies about election fraud, lies that were repeated by many of his Republican allies, including some who voted against certifying President Joe Biden’s legal victory. Slowly, most of those powerful people who cried over trump’s behavior came around to give him back their support.
In the aftermath of the Capitol attack, the elite could be critical because they did not have to worry about trump’s response to their disloyalty as he was no longer the president. Trump would no longer be able to veto measures for certain, turncoat companies. Billionaire business leaders could not know that trump would rise like an evil, powerful phoenix four years later.
Since the Capitol attack, trump has returned to power and many of the same rich and powerful have prostrated before him. Many Fortune 500 executives praised trump after the first assassination attempt in July and after his election, the same executives are nearly tripping over each other to get to the front of the line of sycophants.
The relationship between trump and big business has always been symbiotic; big business needs trump as much as trump needs big business. Tesla executive Elon Musk must have the government on his side in order to grow his billion-dollar empire. The same goes for the Silicon Valley industry that fears government regulations as much as trump fears strong women.
The industrial elite have the most to gain if trump carries through on his promise to slash the corporate tax rate by from 21 percent to 15 percent and impose strict tariffs on foreign goods. At times like this, a multi-national corporation does not want to be on the bad side of trump.
Scores of major companies came down hard on trump for the insurrection and after trump’s election, many had a change of heart and offered congratulations.
Oil billionaire Harold Hamm was very unhappy with trump’s handling of Jan. 6 and said that the country needed a “clean slate.” This summer, Hamm called on trump to drop his presidential bid and become a “kingmaker.”
Last month, Hamm visited trump’s Mar-a-Lago estate in Palm Beach, Fla., bringing with him a $200,000 check for a pro-trump super PAC. Hamm attended a private meeting and an intimate fundraiser with the former president. Hamm’s 180 turnaround came as trump was seriously courting donations from the oil and gas industry, offering more promises about support for the petrochemical industry and fewer limits on fossil fuel emissions.
GOP megadonor Nelson Peltz had quick and strong reactions the day after the Capitol was stormed. Peltz called the violence a “disgrace” and regarding his voting for trump in 2020, he said, “I’m sorry I did that.”
This month, Peltz had breakfast with trump and other billionaires including Musk, hotel and casino owner Steve Wynn and former Marvel chairman Isaac Perlmutter. Peltz said that he would “probably” vote for the GOP front-runner in 2024.
Pelson, a billionaire businessman and investor, is a founding partner, together with Peter W. May and Edward P. Garden, of Trian Partners. He is non-executive chairman of Wendy’s Company, Sysco, and The Madison Square Garden Company. He is a former director of H.J. Heinz Company, Mondelēz International and Ingersoll Rand and a former CEO of Triangle Industries.
After Jan. 6, Capitol insurrection, billionaire developer Robert Bigelow, owner and founder of Bigelow Aerospace, said trump had “lost me as a supporter. … He showed that, in that particular hour, he was no commander.” Bigelow has since pledged $20 million to a pro-Trump campaign group and has given $1 million to cover the former president’s legal costs.
Bigelow Aerospace was a space design and manufacturing company until it closed its doors in 2020. The company manufactured and developed expandable space station modules.
After the insurrection, Blackstone chairman, CEO, and co-founder Stephen Schwarzman, a longtime Trump ally and campaign contributor who previously defended the president’s election lawsuits, said he was “shocked and horrified” over the insurrection.
“The insurrection that followed the President’s remarks today is appalling and an affront to the democratic values we hold dear as Americans. I am shocked and horrified by this mob’s attempt to undermine our constitution. As I said in November, the outcome of the election is very clear and there must be a peaceful transition of power,” Schwarzman said.
During trump’s first tenure, Schwarzman was the chair of his Strategic and Policy Forum. In 2022, Schwarzman said that he would not support trump’s 2024 campaign because it was “time for the Republican Party to turn to a new generation of leaders.” In 2024, Schwarzman announced that he would support trump as a “vote for change.”
“I share the concern of most Americans that our economic, immigration and foreign policies are taking the country in the wrong direction. For these reasons, I am planning to vote for change and support Donald Trump for President,” Schwarzman said.
The Blackstone Group is a global private equity firm that Schwarzman established in 1985 with Peter G. Peterson. According to Forbes, Schwarzman’s net worth was $39 billion as of April.
Last year, David Sacks, a former chief operating officer of PayPal, campaigned for GOP candidates running against trump. Sacks said he was put off by trump’s election fraud crusade and was searching for a more disciplined candidate.
But recently, Sacks has begun to praise trump to his more than 800,000 followers on X. In one post, he called trump an “indispensable figure,” hailing him for the “massive crowds he draws” and for going “over the heads of the media.” In another, Sacks wrote, “Keep ridiculing [Trump] if you want, I’m going to cut him some slack.”
Sacks was a speaker at the 2024 Republican National Convention and voted for trump in the 2024 presidential election. Born in South Africa, Sacks is general partner of Craft Ventures, a venture capital fund he co-founded in late 2017.
After the insurrection, Jay Timmons, president and CEO of the National Association of Manufacturers, stridently called on Vice President Mike Pence and the Cabinet to invoke the 25th Amendment to remove trump from office.
After the election, Timmons and the National Association of Manufacturers congratulated Trump on his “historic victory and strong performance across manufacturing intensive states.”
“Every election represents a new beginning, providing a fresh opportunity to work with and for all Americans, no matter their political affiliation, and to recommit ourselves to the American experiment. President-elect Trump, we have worked with you during your time in office to enact historic wins for the 13 million people who make things in America, to drive increased investment in the sector, create jobs and provide for communities across the country. Now it’s time to get to work to address the policies that will define your administration,” said Timmons.
After the insurrection, Meta chief executive Mark Zuckerberg said the attacks marked “a dark moment in our nation’s history” and that he was “personally saddened” by the attacks.
“This is a dark moment in our nation’s history, and I know many of you are frightened and concerned about what’s happening in Washington, D.C. I’m personally saddened by this mob violence — which is exactly what this is,” Zuckerberg said. “The peaceful transition of power is critical to the functioning of democracy, and we need our political leaders to lead by example and put the nation first.”
After the election, Zuckerberg said he was looking forward to working with trump and his administration, and the “great opportunities” ahead for the country. The support came despite trump’s threats to throw Zuckerberg in prison and trump’s bluster that Google could be broken up because its search results are “rigged.”
After the insurrection, Google CEO Sundar Pichai called the attacks “the antithesis of democracy” and “shocking and scary.” Pichai said the company was monitoring the safety of its DC-area employees. After the election, Pichai said his company was committed to working with the trump administration during a “golden age of American innovation,” and Pichai joined other business leaders in praising trump’s victory as decisive.
Leading up to the election, Amazon founder and chairman Jeff Bezos, also the owner of the Washington Post, decided not to endorse Vice President Kamala Harris or trump. He said he wanted to maintain a sense of indpendence for the paper, breaking with a longstanding tradition of endorsing presidential candidates.
After the election, Bezos, a strong critic of top trump advisor Elon Musk, congratulated trump on an “extraordinary political comeback and decisive victory.” After trump’s election, Bezos heaped words of praise and hope on trump, though he gave $50 million to Harris’s losing campaign and is sure not to be in trump’s good graces.
“Big congratulations to our 45th and now 47th President on an extraordinary political comeback and decisive victory. No nation has bigger opportunities. Wishing @realDonaldTrump all success in leading and uniting the America we all love,” said Bezos who founded the aerospace manufacturer and sub-orbital spaceflight services company Blue Origin in 2000. Bezos’s company is in direct competition with Musk’s company, Space X, for many millions of dollars in federal aid. Trump has appointed Musk to a new post to cut down on government waste.
After the attack on the Capitol, Apple CEO Tim Cook said the insurrection by trump supporters “marks a sad and shameful chapter in our nation’s history. Those responsible for this insurrection should be held to account, and we must complete the transition to President-elect Biden’s administration. It’s especially when they are challenged that our ideals matter most.”
After the election, Cook congratulated trump.
“We look forward to engaging with you and your administration to help make sure the United States continues to lead with and be fueled by ingenuity, innovation and creativity,” Cook wrote.
After the insurrection, Salesforce chief executive Marc Benioff tweeted that “there is no room for violence in our democracy.” After the election, Benioff didn’t directly comment but he reposted the cover of Time magazine depicting the president-elect on X.
Not all billionaire trumpers were offended by trump’s rabble rousing. The day after trump was convicted of 34 felonies on May 31, 2024, the financier Timothy Mellon gave MAGA Inc., $50 million. By July 2024, Mellon had given $75 million toward supporting Trump’s campaign and by October, the total amount donated to the PAC had reached $150 million.
Mellon is the grandson of Andrew Mellon, and an heir to the Mellon banking fortune. As of June 2024, Forbes estimated the Mellon family’s net worth at $14.1 billion.
Comments from other companies in the aftermath of the insurrection:
American Express said it would no longer support those who objected to the results of the election. “Last week’s attempts by some congressional members to subvert the presidential election results and disrupt the peaceful transition of power do not align with our American Express Blue Box values,” said Stephen J. Squeri, the American Express chief executive.
3M said it would pause its “federal and state political expenditures for the first quarter of the year.” Airbnb said it would “withhold support” from lawmakers who voted against election certification.
Many companies said they would suspend contributions, at least temporarily. American Airlines said it would take a “three month pause” on political giving; Amazon and AT&T, a top GOP contributor, said they would suspend contributions to Republicans who voted against election certification; Blackrock halted political donations; Blue Cross Blue Shield Association suspended PAC contributions to lawmakers who voted to challenge the election results; Boston Scientific temporarily suspended its PAC contributions; and BP halted PAC contributions for six months.
Bank of America said that in the next election cycle, it would “review [its] decision making criteria” about making donations. The U.S. Chamber of Commerce, the largest business lobbying group in the country, said it will no longer contribute to lawmakers who objected to the certification of the election results. Charles Schwab said it would stop PAC donations for the rest of 2021. The company cited a “hyperpartisan environment” and said, “We believe a clear and apolitical position is in the best interest of our clients, employees, stockholders and the communities in which we operate.”
Citibank said it would suspend its PAC contributions for three months. CME Group said it would suspend all of itd PAC contributions for “the foreseeable future.” Coca-Cola condemned the violence and suspended political contributions, but donated to President-elect Biden’s inaugural committee.
Comcast suspended contributions to those who voted against the certification of the election results as did Commerce Bancshares which suspended “all support for officials who have impeded the peaceful transfer of power.”
ConocoPhillips halted donations as it reviewed its giving practices. Deloitte suspended political contributions.
Deutsche Bank, to whom trump owes more than $300 million, said it will no longer do business with trump and will refrain from doing business with those who voted against the certification of the election results.
Dow Chemical Company suspended its corporate and employee PAC contributions for one election cycle. Ernst & Young immediately suspended PAC giving. ExxonMobil, the second-largest contributor to senators who voted against election certification, said it would review its PAC contributions. Facebook paused its PAC donations for “at least the current quarter.”
Ford Motor Company suspended its employee political action committee, due to the 2020 presidential election and the insurrection at Capitol Hill. General Motors said its “PAC contributions will be evaluated to ensure candidates align with our core values.”
Google suspended ads about “candidates, the election or its outcome, the upcoming presidential inauguration, the impeachment process, the Capitol riots, or planned protests about any of these subjects.” The suspension lasted one week, from January 14–21.
Hilton, Goldman Sachs and H&R Block stopped all political donations.
Hallmark requested refunds of its PAC contributions to Sen. Josh Hawley, R-Mo., and Sen. Roger Marshall, R-Kan., because they voted against election certification.
Intel suspended donations to those who objected to election certification. JPMorgan Chase paused PAC contributions for six months. KPMG said it was “imposing a moratorium on contributions” to members of Congress who did not support election certification, and will re-evaluate PAC giving.
Zillow, WalMart, Verizon, Visa, PricewaterhouseCoopers, Northrop Grumman, Nike, Morgan Stanley, Mastercard and Marriott stopped donating to officials who voted against election certification.
McDonald’s condemned the insurrection at the Capitol because it was “an attack on all those things that people cherish and associate with America. That includes McDonald’s.”
Microsoft halted political contributions pending a review of the events at the Capitol. PGA of America said it would no longer host the 2022 PGA Championship at Trump National Golf Club in Bedminster.
Shopify, the company that powers e-commerce sites for more than one million merchants, closed two online stores tied to trump’s organization and his campaign. Signature Bank closed trump’s personal accounts with the bank, and has called for him to resign in the wake of the events of the Capitol.
Simon & Schuster dropped Sen. Hawley’s book deal.
UnitedHealth Group paused donations “to federal candidates.”
The Walt Disney Company paused political contributions and called the siege at the Capitol a “direct assault on one of our country’s most revered tenets: the peaceful transition of power.” Since the Capitol assault, trump and his allies have dragged Disney through the mud, criticizing the company for its content. Disney’s Bob Iger did not offer words of support after trump’s election.