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Greg Steinmetz

The President and the Oligarch: Roosevelt, Mellon, and the Triumph of Big Government

by Greg Steinmetz (Author) Format: Hardcover

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Why did one of our greatest presidents ruthlessly persecute one of the richest men in America?

By any measure, Franklin D. Roosevelt is one our most admired presidents. But behind the beaming smile and folksy fireside chats was a ruthless politician willing to use the massive powers of the federal government to crush his enemies. In this thrilling exposé, Greg Steinmetz recounts how FDR targeted America’s third-richest man to prove his progressive credentials and rally support for his sweeping social agenda.

He found his scapegoat in former Treasury Secretary Andrew Mellon. Mellon’s name dripped riches. More than any other, it symbolized the Roaring Twenties economic boom and the crack up that followed. FDR publicly blamed Mellon for the Great Depression, using him as a convenient diversion from the New Deal’s failure to bring jobs back to a devastated economy.

Roosevelt tortured the aging, frail and reclusive Mellon, cooking up a fake criminal charge in a bid to put him behind bars. When that fizzled, Roosevelt kept up the fight by making Mellon miserable in tax court. Mellon died before the verdict but not until, one final, jaw dropping twist occurred in this strange clash of titans.

This shocking book reveals the secret sinister side of Roosevelt—and explains how bigovernment won out of over the libertarian economic order that had reigned since the birth of the republic.

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Print length

368 pages
Language

English
Publisher

Simon & Schuster
Publication date

October 6, 2026
Dimensions

6 x 0.95 x 9 inches
ISBN-10

1668023695
ISBN-13

978-1668023693

See all details

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Editorial Reviews

About the Author

Greg Steinmetz is a retired partner of a money management firm in New York. He previously worked for The Wall Street Journal, where he covered investment banking before becoming Berlin Bureau Chief and then London Bureau Chief. His first book, The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger, was heralded by Andrew Ross Sorkin as one of the best reads of 2015. The Wall Street Journal and Jim Cramer named his second book, American Rascal: How Jay Gould Built Wall Street's Biggest Fortune, as a top book of 2025.

Product details

Publisher ‏ : ‎ Simon & Schuster
Publication date ‏ : ‎ October 6, 2026
Language ‏ : ‎ English
Print length ‏ : ‎ 368 pages
ISBN-10 ‏ : ‎ 1668023695
ISBN-13 ‏ : ‎ 978-1668023693
Item Weight ‏ : ‎ 1.14 pounds
Dimensions ‏ : ‎ 6 x 0.95 x 9 inches
Best Sellers Rank: #1,254,526 in Books (See Top 100 in Books)
- #1,514 in US Presidents
- #9,279 in Historical Study (Books)
- #29,898 in United States History (Books)

About the author

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Greg Steinmetz

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Greg Steinmetz was born and raised in Cleveland, Ohio and went to Colgate University where he majored in history and German. He received a master's degree in journalism at Northwestern University and spent 15 years working as a reporter and editor for publications including the Wall Street Journal, where he served as German bureau chief and, later, London bureau chief. Since 2000, he was worked as a securities analyst for a money management firm in New York. He lives in Larchmont, New York and has three children. This is his first book.