Word: bonus
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...Chrysler profits last year, $2.4 billion, were higher than those of the previous 60 years put together. (Ford's were $2.9 billion last year, GM's $4.5 billion.) Of the laid-off workers, 41,000 have been rehired. Iacocca last month had the company give a $500 bonus to all 100,000 employees. The morning he announced that Valentine's Day gift, Peggy Johnson remembers, "he was like a kid at Christmas. He couldn't wait...
...respect in the world, or George C. Scott's Patton turned happy and unthreatening. "I gotta tell ya," Iacocca told a wined-and-dined gathering of stock-market analysts in Detroit earlier this month, "with our $2.4 billion in profits last year, they gave me a great big bonus. Really, it's almost obscene." (The bonus, to be made public soon, was about $500,000.) Asked at a press conference a few days earlier why he lays so much blame on Toyotas and Nissans for the U.S.-Japan trade deficit, he snapped back with his own questions: "Whadya want...
Iacocca earns an estimated $3 on every copy of his book that Bantam sells. That comes out to about $4 million so far. But he also earned $1 million in salary and bonus last year, and is probably worth about $20 million besides. His publishing income he is giving away. The money will endow the Lee Iacocca Foundation, a philanthropy run by Daughter Kathi. Part will be passed on to the Joslin Diabetes Center in Boston. His wife Mary, who died in 1983, was diabetic...
...took it private, in part so that he could make all the decisions on his own and not have to worry about pleasing stockholders. Says he: "If I have a general manager who does extraordinarily well for us and I want to give him a seven-figure bonus, I do it and don't worry about how it's going to look...
...addition to covering and analyzing the week's news, TIME occasionally offers its readers a bonus: an advance look at the memoirs of historic figures. Nikita Khrushchev, Anwar Sadat, Henry Kissinger and Jimmy Carter are among the world leaders whose books have been excerpted in the magazine. The current selection is something of a break with tradition: the author, Soviet Defector Arkady Shevchenko, was virtually unknown outside diplomatic and political circles. Only with the sensational revelations in his new book, Breaking with Moscow, does he emerge from the shadowy world of superpower espionage. Last week's eleven-page excerpt carried...