Kennedy, Joseph P.

Kennedy, Joseph P.

▪ American businessman
in full  Joseph Patrick Kennedy  
born September 6, 1888, Boston, Massachusetts, U.S.
died November 18, 1969, Hyannis Port, Massachusetts

      American businessman and financier who served in government commissions in Washington, D.C. (1934–37), and as ambassador to Great Britain (1937–40). He was the father of U.S. President John F. Kennedy (Kennedy, John F.) and two other sons who became notable politicians.

      Kennedy was the son of a Bay State politician and grandson of an Irish immigrant. In 1912 he graduated from Harvard University. Two years later he married Rose Fitzgerald, the daughter of John F. (“Honey Fitz”) Fitzgerald, mayor of Boston. Rose bore her husband nine children and taught them love, compassion, and serenity. From their father they acquired a fierce competitive drive and a yearning for distinction.

      A freckled, vigorous man whose horn-rimmed spectacles gave him a slightly owlish look, Kennedy was a bank president at age 25 and a millionaire at 30. He became a shipbuilder, a motion-picture tycoon, and a heavy contributor to the Democratic Party; many have accused him of having also traded in bootleg liquor during prohibition. In five years (1919–24) as manager of the stock division of Hayden, Stone and Company, an investment-banking firm, he mastered the art of stock-exchange manipulation. Striking out on his own, he became a brilliant plunger in the bull market of the 1920s. He retired early in 1929, having acquired enough capital to establish a million-dollar trust fund for each of his children. Then, as chairman of the Securities and Exchange Commission (1934–35) under President Franklin D. Roosevelt (Roosevelt, Franklin D.), Kennedy outlawed the very speculative practices that had made him rich.

      Kennedy became chairman of the United States Maritime Commission and, in 1937, the first Irish-American to serve as the U.S. ambassador to Great Britain. In November 1940 he resigned; he was convinced that Britain was doomed to Nazi conquest and believed America's only hope lay in isolationism.

      By then, Kennedy's family was complete—four sons: Joseph P., Jr., John F., Robert F., Edward M.; and five daughters: Rosemary, Kathleen, Eunice, Patricia, and Jean. Prodded by their parents, the children were competitive and cohesive. They vied with one another in sailboat races, touch football games, tennis matches, and rough-and-tumble fights.

      But Kennedy was not trying to breed professional athletes. He expected his sons to prepare for public life and his daughters to be ready for marriage to distinguished men who would become “naturalized” Kennedys. The children were encouraged to read The New York Times at an early age, and small talk was not allowed at the dinner table. Instead, the family discussed national issues, sometimes with consequences not seen until years later. Joseph, Jr., for example, became an isolationist; John (Kennedy, John F.) an ardent advocate of U.S. participation in world affairs; and Robert (Kennedy, Robert F.), perhaps because of the age gap, became shy—an affliction he battled throughout his life.

      The family experienced its first misfortune when Rosemary was found to be mentally ill. Then tragedy befell Kathleen. In 1944 she married an Englishman, William Cavendish, marquess of Hartington; that same year Hartington was killed during the Allied invasion of Normandy. Four years later she herself died in a European plane crash. Joseph Kennedy had expected his eldest son to be the first Kennedy to run for public office, but young Joe was killed too, in 1944, during the war. Thus, the family's political standard passed to the next-oldest son, John, who had planned to pursue an academic or journalistic career. John F. Kennedy served as U.S. president for 1,037 days before being assassinated in 1963; the role played by Joseph Kennedy in his son's narrow victory over Richard Nixon (Nixon, Richard M.) for the presidency in 1960 has long been a subject of controversy. Robert F. Kennedy (Kennedy, Robert F.), who served as U.S. attorney general and as senator from New York, announced his candidacy for the presidency in mid-March 1968, but he, too, was assassinated less than three months later.

      Joseph Kennedy was invalided in Hyannis Port by a stroke for several years and died at age 81. Rose Kennedy survived her husband by 25 years, dying at Hyannis Port on January 22, 1995, at age 104.

William Manchester Ed.

Additional Reading
Richard J. Whalen, The Founding Father: The Story of Joseph P. Kennedy (1964, reissued 1993); David E. Koskoff, Joseph P. Kennedy: A Life and Times (1974); and Michael R. Beschloss, Kennedy and Roosevelt: The Uneasy Alliance (1980).

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Universalium. 2010.

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