President Scapegoat Can’t Stop Picking on Big Oil

April 5 (Bloomberg) -- Barack Obama isn’t the first U.S. president to conjure up scapegoats to serve his political ends. The Roosevelts, both Teddy and Franklin, were masters at the game. TR decided the trusts were an enemy of the people and busted the likes of Standard Oil and Northern Securities, which controlled the railroads in the northwest. FDR demonized just about anyone who had money.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.