By Michael Thompson • February 26, 2026 • Share
The Business Plot of 1933, a shadowy chapter in American history, was said to be a conspiracy orchestrated by affluent industrialists and financiers. Their goal? To dethrone President Franklin D. Roosevelt, whose New Deal initiatives were seen as a direct threat to their economic power.
Retired Marine Corps Major General Smedley Butler emerged as a central figure in the narrative when he disclosed their plans. The plotters intended for Butler to command a large veterans’ organization, inspired by European fascist movements, to apply pressure or even oust Roosevelt from the presidency.
In 1934, Butler testified before the McCormack–Dickstein Committee. His revelations were shocking: the conspirators envisioned him as a puppet dictator while they manipulated the governmental reins from behind the scenes.
Despite the committee finding Butler’s testimony credible, no legal actions were taken, and the press largely dismissed the story. Many publications downplayed the gravity of the allegations, leaving the public in the dark about the potential coup.
Historians and researchers later delved into the matter, suggesting that the conspirators underestimated Butler’s commitment to democracy. Instead of aligning with them, he bravely exposed the plot, ensuring its collapse before it could take root.
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