Joseph P. Kennedy Sr. facts for kids
Quick facts for kids
Joseph P. Kennedy
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Kennedy in 1938
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| 44th United States Ambassador to the United Kingdom | |
| In office March 8, 1938 – October 22, 1940 |
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| President | Franklin D. Roosevelt |
| Preceded by | Robert Worth Bingham |
| Succeeded by | John Gilbert Winant |
| 1st Chair of the U.S. Maritime Commission | |
| In office April 14, 1937 – February 19, 1938 |
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| President | Franklin D. Roosevelt |
| Preceded by | Position established |
| Succeeded by | Emory S. Land |
| 1st Chair of the U.S. Securities and Exchange Commission | |
| In office June 30, 1934 – September 23, 1935 |
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| President | Franklin D. Roosevelt |
| Preceded by | Position established |
| Succeeded by | James M. Landis |
| Personal details | |
| Born |
Joseph Patrick Kennedy
September 6, 1888 Boston, Massachusetts, U.S. |
| Died | November 18, 1969 (aged 81) Hyannis Port, Massachusetts, U.S. |
| Resting place | Holyhood Cemetery |
| Political party | Democratic |
| Spouse | |
| Children | |
| Parents | P. J. Kennedy Mary Augusta Kennedy |
| Relatives | See Kennedy family |
| Education | Harvard University (AB) |
| Occupation | Businessman, investor, politician |
| Signature |  |
Joseph Patrick Kennedy (September 6, 1888 – November 18, 1969) was an American businessman, investor, and politician. He was well-known for his own political roles and for the success of his children. He was the leader of the famous Kennedy family, which included President John F. Kennedy, Attorney General and Senator Robert F. Kennedy, and longtime Senator Edward M. "Ted" Kennedy.
Kennedy was born into a family involved in politics in East Boston, Massachusetts. He became very wealthy by investing in the stock market and other businesses. He later used his money to buy real estate and invest in many different industries across the United States. During World War I, he worked as a manager at a shipyard. There, he met Franklin D. Roosevelt, who was then Assistant Secretary of the Navy. In the 1920s, Kennedy made a lot of money by helping to reorganize Hollywood film studios. He also earned money from selling Scotch whisky. He owned the Merchandise Mart in Chicago, which was the largest privately owned building in the country at the time.
Kennedy was an important member of the Democratic Party and the Irish Catholic community. President Roosevelt chose Kennedy to be the first chairman of the Securities and Exchange Commission (SEC) from 1934 to 1935. Kennedy also led the Maritime Commission. From 1938 to 1940, Kennedy served as the United States Ambassador to the United Kingdom. When World War II started in 1939, Kennedy worried that Britain could not survive attacks from Nazi Germany. He resigned from his position after making a controversial statement about democracy in England.
Kennedy was married to Rose Kennedy and they had nine children. Later in his life, he was very involved in the political careers of his sons. Three of his sons became important political figures: John became a U.S. senator and the 35th president, Robert served as the U.S. attorney general and a U.S. senator, and Ted also became a U.S. senator.
Contents
Early Life and Education
Joseph Patrick Kennedy was born on September 6, 1888, in East Boston, Massachusetts. His parents were Mary Augusta (Hickey) Kennedy and businessman Patrick Joseph "P.J." Kennedy. Joseph went to Boston Latin School, where he was good at baseball and was chosen as class president. He graduated in 1908.
After high school, Kennedy attended Harvard College. He joined the well-known Hasty Pudding Club and graduated in 1912 with a degree in economics.
On October 7, 1914, Kennedy married Rose Fitzgerald. She was the oldest daughter of Boston Mayor John F. "Honey Fitz" Fitzgerald.
Business Ventures and Success
Kennedy built a successful career in business and investing. In his twenties, he earned a large fortune by investing in the stock market and various goods. He then put his money into real estate and many different industries. He was known for making smart decisions about when to buy and sell.
Starting in Banking
After graduating from Harvard, Kennedy's first job was as a bank examiner for the state. This job taught him a lot about how banks work. In 1913, a bank his father partly owned, Columbia Trust Bank, was at risk of being taken over. Kennedy borrowed money from family and friends to buy back control of the bank. At just 25 years old, he was made the bank's president. He told the news that he was "the youngest" bank president in America.
Kennedy was a very successful businessman who could spot good opportunities. For example, he invested in real estate, buying properties that were in trouble and then selling them for a good profit.
During World War I, Kennedy worked as an assistant manager at the Fore River Shipyard in Quincy, Massachusetts. This shipyard built ships for the war. In this role, he met Franklin Delano Roosevelt, who was then Assistant Secretary of the Navy.
Wall Street and Stock Market
In 1919, Kennedy joined a stock brokerage firm called Hayden, Stone & Co.. He became very skilled at dealing with the stock market, which was not regulated as much back then. He used strategies that would later be considered insider trading or market manipulation. In 1923, he started his own investment company. Kennedy became a multi-millionaire by betting against the market before the 1929 stock market crash.
The 1929 Stock Market Crash
Kennedy worked with other investors to control trading in certain stocks. They would use information that was not public to increase the value of their shares. They also tried to influence journalists to write positive stories about their investments.
Kennedy later said he knew the stock market was going to crash in the late 1920s. He claimed he decided to sell his stocks when even a shoe-shine boy started giving him stock tips. He survived the crash because he focused on facts, avoided emotional decisions, and had great timing.
During the Great Depression, Kennedy greatly increased his wealth by investing most of his money in real estate. In 1929, his fortune was about $4 million. By 1935, it had grown to $180 million.
Investments in Entertainment and Other Industries
Kennedy made a lot of money by reorganizing Hollywood film studios. At that time, many different studios made movies. Kennedy bought a small studio called Film Booking Offices of America (FBO), which made low-cost Westerns.
In 1926, Kennedy moved to Hollywood to manage film studios. He bought the Keith-Albee-Orpheum Theaters Corporation (KAO), which owned over 700 theaters that showed movies. He then bought another studio, Pathé Exchange, and combined them with Cecil B. DeMille's Producers Distributing Corporation.
In 1928, he merged his film companies FBO and KAO to create Radio-Keith-Orpheum (RKO). He made a lot of money from this merger. He also bought the Pantages Theatre chain, which had 63 profitable theaters.
Kennedy made over $5 million from his Hollywood investments. He also helped finance films for actress Gloria Swanson.
When it became legal to sell alcohol again after Prohibition, Kennedy imported large amounts of expensive Scotch whisky and made a big profit. In 1933, Kennedy and James Roosevelt II, President Roosevelt's son, started Somerset Importers. This company became the main agent in America for popular brands like Haig & Haig Scotch and Gordon's Dry Gin. Kennedy kept this company for many years.
Kennedy invested his profits in homes and businesses in New York, the Le Pavillon restaurant, and the Hialeah Park Race Track in Florida. His most important purchase was the Merchandise Mart in Chicago, which was the largest privately owned building in the country.
Political Career and Public Service
Leading the SEC (1934–1935)
In 1932, Kennedy supported Franklin D. Roosevelt in his campaign for president. This was Kennedy's first major involvement in a national election. He gave, loaned, and raised a lot of money for Roosevelt's campaign.
In 1934, Congress created the Securities and Exchange Commission (SEC). Its goal was to stop unfair practices in the stock market and prevent the spread of false information about investments. Roosevelt chose Kennedy to be the first chairman of the SEC.
Kennedy brought in top lawyers to help him reform the market. The SEC had four main goals:
- To make investors trust the stock market again.
- To stop small scams based on false information.
- To end large-scale manipulations by insiders who used secret information to buy or sell stocks.
- To create clear rules for all stocks sold in America.
The SEC succeeded in its goals. Kennedy assured American businesses that they would no longer be cheated by Wall Street. He encouraged ordinary investors to return to the market, which helped the economy grow. Kennedy's work as SEC Chairman was highly praised, and he resigned in 1935.
Chairman of the U.S. Maritime Commission
In 1937, Kennedy became the first Chairman of the U.S. Maritime Commission. This role built on his experience running a shipyard during wartime.
Ambassador to the United Kingdom (1938–1940)
In 1938, President Roosevelt appointed Kennedy as the United States ambassador to Britain. Kennedy hoped to become president after Roosevelt in 1940.
During the bombings of London by German planes in World War II, Kennedy and his family moved to the countryside. This decision hurt his reputation with the British people.
Views on World War II
Kennedy believed that a compromise with Nazi Germany was possible, unlike Winston Churchill. He supported Prime Minister Neville Chamberlain's policy of trying to avoid war. Kennedy also argued against giving military and economic help to the United Kingdom. In November 1940, he publicly said, "Democracy is finished in England. It may be here [in the United States]."
With German troops having taken over many European countries and Britain being bombed daily, Kennedy stated that the war was not about saving democracy. His views became more focused on America staying out of the war.
Recall from Duty
When the White House heard Kennedy's statements, it was clear he disagreed with Roosevelt's policies. Kennedy was called back from his diplomatic duties and returned to the United States. Roosevelt needed Kennedy's support to win the Catholic vote in the election. Kennedy agreed to give a national radio speech supporting Roosevelt's re-election. After Roosevelt won, Kennedy resigned as ambassador.
Throughout the rest of the war, Kennedy and the Roosevelt Administration had a difficult relationship. Kennedy wanted to help with the war effort, but because of his previous statements, he was not trusted or asked to do so.
Supporting His Sons' Political Careers
Kennedy used his wealth and connections to build a network of supporters for his sons' political careers. He focused especially on Irish-American communities in large cities like Boston, New York, and Chicago.
Kennedy had hoped his oldest son, Joseph P. Kennedy Jr., would become president. However, Joe Jr., a U.S. Navy pilot, was killed in August 1944 during a dangerous flying mission. After this tragedy, Joe Sr. turned his attention to his second son, John, for a presidential run.
When John F. Kennedy was asked about his father's help in his close presidential victory over Richard Nixon, he joked that his father had asked him the exact number of votes he needed to win, saying he wasn't paying "for a landslide." Joseph Kennedy was one of only a few fathers to live through the entire presidency of a son.
Kennedy was influential in forming John F. Kennedy's Cabinet, which included Robert F. Kennedy as Attorney General, even though Robert had not argued a case in court before.
Alliance with Senator Joseph McCarthy
Kennedy had close ties with Republican Senator Joseph McCarthy. This helped his family's standing among Irish Catholics but made some liberals unhappy. Kennedy often invited McCarthy to his family home in Hyannis Port in the late 1940s.
When McCarthy became known for his anti-Communist views in the 1950s, Kennedy gave him a lot of money and became one of his main supporters. In the 1952 Senate race, Kennedy reportedly made a deal so that McCarthy, a Republican, would not campaign against John F. Kennedy, who was running for a Senate seat as a Democrat. In return, John F. Kennedy would not give speeches against McCarthy.
In 1953, at Kennedy's suggestion, McCarthy hired Robert F. Kennedy (then 27) to work for his Senate investigations subcommittee. In 1954, when the Senate considered criticizing McCarthy, Senator John F. Kennedy faced a difficult choice. He had a speech ready to criticize McCarthy but never gave it. When the Senate voted to criticize McCarthy, Senator Kennedy was in the hospital and did not vote. Joe Kennedy continued to support McCarthy.
Family Life
Joseph and Rose Kennedy had nine children. Three of their sons became important political figures: John F. Kennedy (1917–1963) was a U.S. senator and the 35th president. Robert F. Kennedy (1925–1968) served as Attorney General and a U.S. senator. Edward M. "Ted" Kennedy (1932–2009) was also a U.S. senator. Their oldest son, Joseph P. Kennedy Jr. (1915–1944), was expected to run for president but died during World War II. One of their daughters, Eunice Kennedy Shriver, started the Special Olympics for people with disabilities. Another daughter, Jean Kennedy Smith, served as U.S. Ambassador to Ireland.
As Kennedy's businesses grew, he and his family owned homes in Boston, New York City, Cape Cod, and Palm Beach.
| Name | Birth | Death | Marriage and children |
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| Joseph Patrick "Joe" Kennedy Jr. | July 25, 1915 | August 12, 1944 | Never married and had no children. |
| John Fitzgerald "Jack" Kennedy | May 29, 1917 | November 22, 1963 | Married in 1953, to Jacqueline Lee Bouvier; had four children; died. |
| Rose Marie "Rosemary" Kennedy | September 13, 1918 | January 7, 2005 | Never married and had no children. |
| Kathleen Agnes "Kick" Kennedy | February 20, 1920 | May 13, 1948 | Married in 1944, to William John Robert Cavendish, Marquess of Hartington; never had children. |
| Eunice Mary Kennedy | July 10, 1921 | August 11, 2009 | Married in 1953, to Robert Sargent Shriver Jr.; had five children. |
| Patricia Helen "Pat" Kennedy | May 6, 1924 | September 17, 2006 | Married in 1954, to English actor Peter Sydney Ernest Lawford; had four children; divorced in 1966. |
| Robert Francis "Bobby" Kennedy | November 20, 1925 | June 6, 1968 | Married in 1950, to Ethel Skakel; had eleven children; died. |
| Jean Ann Kennedy | February 20, 1928 | June 17, 2020 | Married in 1956, to Stephen Edward Smith; had two sons and adopted two daughters. |
| Edward Moore "Ted" Kennedy | February 22, 1932 | August 25, 2009 | Married in 1958, to Virginia Joan Bennett; had three children; divorced in 1982. Remarried in 1992, to Victoria Anne Reggie; had no children. |
Rosemary Kennedy's Health
Rosemary Kennedy had intellectual disabilities. When she was 23, doctors suggested a medical procedure to help with her mood swings. This procedure, called a lobotomy, took place in November 1941. Joseph Kennedy Sr. did not tell his wife about it until after it was done.
The procedure did not go as planned and left Rosemary with severe disabilities. Her mental ability became like that of a two-year-old child. She could not walk or speak clearly. After the procedure, Rosemary lived in a special care facility. In 1949, she moved to the St. Coletta School for Exceptional Children in Wisconsin, where she lived for the rest of her life. Joseph Kennedy Sr. did not visit her there. The family kept Rosemary's condition private for many years. In 1961, after Joseph Kennedy Sr. had a stroke, his other children learned where Rosemary was. The public did not find out about the lobotomy until 1987. Rosemary Kennedy passed away on January 7, 2005, at the age of 86.
Later Life and Passing
On December 19, 1961, at 73 years old, Kennedy suffered a stroke. He survived but was paralyzed on his right side and had difficulty speaking. He remained mentally sharp and slowly regained some movement and speech with therapy. He eventually needed a wheelchair due to muscle weakness.
Kennedy's son Robert was assassinated on June 5, 1968, while running for president. After Robert's death, Kennedy made his last public appearance in a filmed message with his wife and son Ted. He passed away at his home in Hyannis Port the following year on November 18, 1969. He had outlived four of his children. He was buried at Holyhood Cemetery in Brookline, Massachusetts. His wife Rose and daughter Rosemary were later buried next to him.
See also
