Lee Iacocca is losing his pension and company cars

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http://articles.moneycentral.msn.com/Inv....aspx?gt1=33002 Bankruptcy is cruel. The man credited with saving Chrysler the first time around now must buy his once-free cars or give them back by Sunday. Lee Iacocca, now 84, led a Chrysler turnaround in the 1980s that hinged on the federal guarantee of $1.5 billion in loans, guarantees won largely on the charismatic executive's persuasive appearances before Congress and masterful public-relations moves such as cutting his salary to $1 a year. He later became the public face of his company, pitching cars personally with the line, "If you can find a better car, buy it." Iacocca retired a hero in 1992. Among his benefits: company cars for life. Chrysler averted bankruptcy, repaid the loans seven years early and enjoyed a decade of prosperity before its merger with Daimler-Benz In 1998. This time around, though, Chrysler couldn't dodge bankruptcy. Its plan for emerging from Chapter 11 would create a "new Chrysler" that's owned by unions, the U.S. and Canadian governments, and Italian automaker Fiat. The $2 billion sale of assets from old Chrysler to new Chrysler could be approved as soon as today. But Iacocca and other former executives and board members won't see a return of this time-honored Detroit perk. And it's likely they won't see much of their pensions, either, which are unsecured claims that will be paid behind those of secured creditors. For those interested, Iacocca's chosen rides were a Town & Country minivan and a 300C sedan. Chrysler issued a statement that read in part: "We regret the need to take this action but it is important that the Company be in compliance with the requirements of bankruptcy law."
 
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84 years old, and they can't look the other way on a mini-van and a 300C sedan, after all he did for them? I mean, c'mon, at 84 how much longer will he 'use' this perk? I understand they have to make strict rules to look like they mean business, AND Lee certainly can afford to buy a car...but this is petty!
 
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Pottstown, PA
I'm sure that Lee Iaccoca doesn't need the perk. I'm sure it was but one more visible trophy from a job well done over many decades in the auto industry. I'm sure that he understands the reason why. Now if one of the former CEO's, who received multiple millions in bonuses over the years, wants to graciously pick up the tab for Lee as a gesture of gratitude for his fine work in the industry... ..but I wouldn't hold my breath.
 
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An interesting observation, but with so many of their peons who have been, or are about to be, totally shafted, I'm going to lose precisely zero sleep over Lee's "plight." I do realize that this was not a plea for sympathy...
 
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Las Vegas NV
 Quote:
Chrysler issued a statement that read in part: "We regret the need to take this action but it is important that the Company be in compliance with the requirements of bankruptcy law."
Government doesn't seem to care much about it...
 
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Northern CA
 Originally Posted By: greenaccord02
+1 on the Honda. He should make a statement to the press that he finally found a better car - so he bought it.
I don't think Lee would do that, but I would be if he did. Look at the bright side, all he is losing is a couple of Chrysler products.
 
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Silicon Valley
 Originally Posted By: Tempest
Government doesn't seem to care much about it...
Nope, the "bankruptcy court" doesn't seem to care much about it. Big deal, get over it.
 
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 Originally Posted By: PandaBear
 Originally Posted By: Tempest
Government doesn't seem to care much about it...
Nope, the "bankruptcy court" doesn't seem to care much about it. Big deal, get over it.
Simply amazing...
 

Win

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Arkansas
 Originally Posted By: Cutehumor
Chrysler issued a statement that read in part: "We regret the need to take this action but it is important that the Company be in compliance with the requirements of bankruptcy law."
Funniest thing I've read all day.
 
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Pensacola & Vero Beach FL
 Originally Posted By: Captain_Klink
Lee lives in a 10,000 square foot mansion, and is loaded. He should have donated those cars to charity.
But you have to own something to donate it. He doesn't own them...
 
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Miami-Dade County
He should buy either a Grand Marquis,Crown Victoria,or a Town Car...He should get one from the only one of the big 3 that isn't government..He could pull strings with a fleet manager to get any of the fleet only vechiles.
 
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louisville ky
He should get a car that will last a Honda Accord and get Corithian leather installed....i remember when Johnny carson would do a skit on him... he was called Lee I coke a cola....
 
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16,125
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Silicon Valley
 Originally Posted By: Tempest
 Originally Posted By: PandaBear
 Originally Posted By: Tempest
Government doesn't seem to care much about it...
Nope, the "bankruptcy court" doesn't seem to care much about it. Big deal, get over it.
Simply amazing...
What is so amazing that when a company is bankrupted, someone will not get 100% of what they were owed?
 
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34,964
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NY
 Originally Posted By: CROWNVIC4LIFE
He should buy either a Grand Marquis,Crown Victoria,or a Town Car...He should get one from the only one of the big 3 that isn't government..He could pull strings with a fleet manager to get any of the fleet only vechiles.
IIRC Lee was responsible for the Ford Mustang, then later left Ford hating them? He should own a Ford, it's only fitting.
 
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