Posted on 05/30/2009 1:34:43 PM PDT by Justaham
NEW YORK (Reuters) – Lee Iacocca, the car executive credited with saving Chrysler from bankruptcy in the 1980s, is to lose a big chunk of his pension and a guaranteed life-long company car due to the U.S. automaker's bankruptcy filing two decades later.
Chrysler CEO Robert Nardelli told a U.S. bankruptcy court on Thursday that Iacocca's pension would be among the obligations Chrysler will no longer have to pay if it gets bankruptcy court approval to sell itself to a "New Chrysler" to be owned by its union, the U.S. and Canadian governments and Fiat SpA (FIA.MI).
(Excerpt) Read more at fe10.story.media.ac4.yahoo.com ...
In that respect you are right, except that Chrysler was not the first. Iacocca went to Congress because they had already arranged deals for railroads and airlines.
You could make the case for railroads and airlines, for the military and infrastructure implications. I don’t see that with regards to Chrysler. If Chrysler went under, somebody else would purchase their assets, but in the end it would not have had the impact on the economy that people feared.
You are correct.
He dicho.
Punto final.
This is BS.....
.....I'm no Iacocca fan, but the UNION is one of the major factors in the need for bankruptcy in the first place.
The second major factor was managements unwillingness to deal with the union problem for years. The union ought to be grateful to Iacocca for even having a company with a pension. Iacocca has been out of the company for a long time, the problem rests with todays management. He is not to blame for today's problems, but the union does have culpability.
If Iacocca loses his retirement contract, then the union should lose theirs too. It's only fair.
I forgot to finish by saying that Iacocca's retirement being cancelled makes a small difference. The big difference would be to cancel the union's retirement.
Fair is fair, if one loses, they should all lose.
He will lose his pension and car by Fiat
It is not funny. If you can think to the big picture from your narrow mind. It really sucks.
He will lose by Fiat
For 12 years you have been asking....
Were is Carmen San Diego?
After Chrysler recovered, he weaseled out of the obligation by convincing Congress that the loan guarantees hadn't actually cost the government anything, so Chrysler shouldn't be held to their promise of payments.
Interesting. I didn’t even realize he was still drawing a pension from those guys.
It is the biggest labor coup ever and no one in the MSM is mentioning the people who are losing everything. As if saving the company were all that mattered.
Sad, but typically liberal. If they thought out the results of their actions they'd be suicidal.
Jews, Catholics, Zionists, papists, Masons, Bilderbergers, Build-a-Better-Burger, Dan Brown, Ron Howard - Who can tell the difference?
<;^)
Chrysler's end would have been very healthy for the US auto market.
In August 1983, Chrysler paid off the federal loan guarantees seven years early, at a profit of $350 million to the U.S. government.
".In late December 1979, the U.S. Congress passed the Chrysler Corporation Loan Guarantee Act, which President Carter signed into law on January 7, 1980. The act provided Chrysler $1.5 billion in federal loan guarantees.
Concessions from UAW-represented workers, white-collar employees, suppliers, creditors and lenders kept Chrysler operating despite record losses of $1 .7 billion in 1980. Chrysler cut inventories by $1 billion, reduced white-collar staff by 50 percent and cut its break-even point by 50 percent in its drastic efforts to manage finances.
Through the travail, Chrysler doubled its corporate average miles-per-gallon (C.A.F.E.) and in 1978, introduced the first domestically produced front-wheel drive small cars -- the Dodge Omni and Plymouth Horizon. Chrysler was also the first American company to convert its fleet to front-wheel drive. Chrysler was on its way to recovery.
RECOVERY AND GROWTH
"If you can find a better car. . . buy it." This challenge became Chrysler's battle cry in its recovery fight. Lee Iacocca began appearing in Chrysler's television advertising in July 1980, and became one of the most recognizable businessmen in the world!
In 1981, Chrysler reported record losses, but the company saw light at the end of its financial tunnel -- from the headlamps of its new K-cars. Developed on a limited budget, the Dodge Aries and the Plymouth Reliant, code-named the "K-cars", enjoyed sales success which Chrysler rode to profitability in 1982. The momentum continued, and for the first time since 1973, the company was profitable for four consecutive quarters. In August 1983, Chrysler paid off the federal loan guarantees seven years early, at a profit of $350 million to the U.S. government.
__________
Go do some homework before you post here again.
You're embarassing your folks somthing awful.
That should read: "NEW YORK (Reuters) – Lee Iacocca, the car executive falsely credited with saving Chrysler from bankruptcy in the 1980s, is to lose a big chunk of his pension and a guaranteed life-long company car due to the U.S. automaker's bankruptcy filing two decades later."
The American taxpayer saved Chrysler in the 1980s...had we not done that, it is possible that the big two would have said, "Holy crap! I guess we have to reengineer the company." rather than "Don't worry, man. The idiot taxpayers will bail us out."
another step taking it to ‘da rich, white man’
anyone that has no idea what Iacoccoa did for detriot and America, then they’re an idiot and should do some homework before commenting.
of course, with 0bambi in the office, along with his stooges, they will crater the economy faster then ever dreamed possible. along the way, their goal is to strip as much wealth from white Americans as they can.
don’t be a frog in a pot... Go Galt and let the marxists try to fund their communist wet dream/reparations without any of your tax money
Their own fault for not tending to the business.
You’re lucky. Fortunately, mine was recalled and the gas tank was reinforced. I have to say that, other than living in fear of instant cremation, my Pinto was a nifty little car.
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