Word: chryslers
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Dates: during 1970-1979
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...when Congress debates the case for federal aid, legislators are likely to listen less to business skeptics than to the auto union, Chrysler suppliers and politicians from states in which the company has operations. Many have been lobbying hard for Chrysler. Whatever the economic merits or demerits of aid, the decision probably will be made on grounds of saving jobs and winning votes...
...CHRYSLER IS a corporate lemon...
...nation's number three auto maker announced last week that its losses would surpass even the figure of $600 to $700 million it had announced earlier, putting Chrysler in striking distance of a new record for the largest loss in corporate history. Plagued with incompetent managers for the past decade, Chrysler is now close to defaulting on its loans, no small problem--the tenth largest corporate mogul in America is over half a billion dollars in debt. And its repeated boostings of its loss estimates have not reassured the lending institutions, which seem to have written Chrysler...
...Chrysler hired a lobbying army of some of the most sophisticated and experienced mercenaries in Washington. Among them were William Timmons, lobbyist for both Nixon and Ford; Joe Waggonner, who retired last year from his position as ranking Southerner on the Ways and Means Committee so he would "have more time to spend with his family"; and Tommy Boggs, son of the former House Majority Leader, Hale Boggs, and lobbying quarterback for a team of more than 50 lawyers in the firm of Patten, Boggs and Blow. In addition, Chrysler's own executives are reputed to have met with over...
...AMOUNT OF FINESSE in style, however, could mask the coarseness and presumption of Chysler's plea. The goal was an unprecedented tax credit, carved out just for Chrysler, that would have let the company count its losses as profits--allowing it to deduct the cost of capital improvements from its federal taxes, something only profitable companies are normally allowed to do. If Chrysler failed to turn a profit again, its losses would become the government's losses, a neat trick by anyone's standards. Chrysler's strategy for achieving this goal was a mixture of guilt-tripping and blackmailing...