• May 21, 2009
Found in the "What have you done for me lately?" bin, Chrysler is apparently asking former CEO Lee Iacocca for the keys to his company cars. According to a FOX report, as part of their Chapter 11 bankruptcy filing, Chrysler isn't allowed to provide vehicles to former execs, even if those execs once famously saved the company from bankruptcy. Therefore, poor Lido is being asked to return his minivan and Chrysler 300, or pay fair market value to keep them.
Maybe the government should step in and allow Iacocca to keep the cars in exchange for some help in getting Chrysler out of its most recent financial mess. After all, Lee has some experience in this matter. He used (just) $1.5 billion in government loans back in 1979 to save Chrysler from the brink. He even repaid those loans seven years early in 1983, capping one of the most legendary turnarounds in U.S. business history. That's right, he repaid the loans. What a concept. Where Have All the Leaders Gone, indeed. You can see the letter sent by Chrysler, after the jump.

[Source: FOX Business]



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    • 1 Second Ago
  • 34 Comments
      • 5 Years Ago
      How crass can one get? After all what Iacocca did for Chrysler they should have just simply signed off on those vehiches and given them to to him. And you'll note how they waited until they went into bankruptcy before asking for for their cars back.

      Boo and hiss on you Chrysler. Even in these challenging times you could have shown a little more class.
      • 5 Years Ago
      Fair market value for a 300C and a Caravan should be about $8.99
      • 5 Years Ago
      It wasn't a turn around if the company is now BK. It was a temporary fix.
        • 5 Years Ago
        dude the last turnaround was 30 years ago. It has nothing to do with where Chrysler is today. (Hint: Daimler has a lot to do with it).
      • 5 Years Ago
      But he still gets to keep his lifetime's supply of spreadable butter.
      • 5 Years Ago
      With all respect to Iacocca and his saving Chrysler in 1980, maybe it would have been best to let Chrysler fail at that time.

      Chrysler wasn't necessary for either offering choices nor employment given the competition that has always prevailed in the U.S. Mini-vans were in Europe and Japan for years and would have eventually come to the U.S., too.

      The always uncomfortably named "DaimlerChrysler" was a total disaster with only one car, the 300C, to its credit in almost a decade of crappy car building (the excellent PT Cruiser was designed by the previous Chrysler people and Mercedes had nothing to do with it).

      We need Chrysler as much as we need a third nostril now. Let's let 'em fail.
      • 5 Years Ago
      More of a symbolic gesture than anything else, I'd imagine, considering that they're probably lending out less than $100,000's worth of product... but since it's not Chrysler's money, every dollar counts.
      • 5 Years Ago
      Paid back the loans... You can bet your tax dollars that won't happen this time.
      • 5 Years Ago
      Chrysler, class all the way.
      I will tell you a story about Chrysler and why they deserve to die.
      Right about the time that they were switching ownership, my father who is a surgeon had a Chrysler Town and Country van. He wanted the new one that was coming out later in the year and called and had his lease extended for another 6 months over the phone, or so he thought.
      He continued to pay his payment every month and then about four months later, there is a knock on the door and there is a repo company with about 4 guys saying they are here to get his van. This was extremely embarrassing to say the least.
      To this day Chrysler has not acknowledged their error and are still actually trying to charge him a repo fee. Needless to say Chrysler has lost my family's business forever and I am very happy to see them die. It is a shame that people have to lose their jobs, but they are a garbage company run by garbage executives and individuals. This is what happens when you have a hammer and screwdriver salesman run a car company.
      • 5 Years Ago
      Sounds more like a symbolic gesture from Chrysler.
      • 5 Years Ago
      Here's what Mr. Iacocca should do: get his 300 and minivan to the parking deck on top of Cobo Center, put bricks on the gas pedals and wave bye-bye as they jump into the Detroit river. GM can sell tickets for prime viewing from the top floors of the RenCen.

      After that, he can get back to hunting down Nardelli, Press, LaSorda, Eaton and Lutz and beat them with a tire iron for destroying this company.
      • 5 Years Ago
      That's cold. Brrrrh.
      • 5 Years Ago
      If Iacocca can find a better car, he now needs to buy it.
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