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A robber baron or robber knight (German Raubritter) was an unscrupulous feudal landowner who resorted to banditry while protected by his fief's legal status. Medieval robber barons robbed merchants, land travelers, and river traffic. They might rob cargoes, steal entire ships, or kidnap for ransom.
It says nothing about any personal relationship between the two, but says that in general the Robber Barons were outraged at Roosevelt, who they believed was a back-stabbing traitor: a rich man himself, he had taken their money to get elected, and 'rewarded' them with trust-busting, most famously against Standard Oil.