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Billy, Alfred, and General Motors by William Pelfrey

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CHAPTER ELEVEN

A Boardroom Coup Like None Before or Since

Billy Durant had quietly held and continued to buy more General Motors stock from the day he was ousted in 1910. As Chevrolet became a going enterprise and the founder was again heralded as a genius for its creation and stewardship, he privately urged everyone he knew and trusted to do the same. Most of them, including Pierre du Pont and John Raskob, did not hesitate to take his advice. By the end of 1915, more than half of du Pont’s personal investment portfolio was in General Motors stock.

With the bankers’ voting trust due to expire on October 1, 1915, a meeting of the General Motors board of directors was scheduled for September 16, which was also, coincidentally, the seventh anniversary ...

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