In November 1934, Butler told the committee that one Gerald P. MacGuire told him that a group of businessmen, supposedly backed by a private army of 500,000 ex-soldiers and others, intended to establish a fascist dictatorship. Butler had been asked to lead it, he said, by MacGuire, who was a bond salesman with Grayson M–P Murphy & Co. The "New York Times" reported that Butler had told friends that General Hugh S. Johnson, former head of the National Recovery Administration, was to be installed as dictator, and that the J.P. Morgan banking firm was behind the plot. Butler told Congress that MacGuire had told him the attempted coup was backed by three million dollars, and that the 500,000 men were probably to be assembled in Washington, D.C. the following year. All the parties alleged to be involved publicly said there was no truth in the story, calling it a joke and a fantasy.