Word: iacocca
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...calamitous early 1980s. Only six years after its fabled turnaround, here was Chrysler embattled again, posting losses on its North American operations for the first time since 1982. Amid persistent auto-industry speculation that Chrysler might be forced to merge with a foreign partner, here was Chairman Lee Iacocca declaring that for the company to survive, it must cut at least $1 billion, or $500 a car, from its overhead. To help meet that goal, the company will lay off 6,300 employees in the coming months...
Cutler's boss is trying to get the message out that hard times are on the way. Lee Iacocca, who visited Washington last week to lobby Congress for a tougher, more focused U.S. trade and industrial policy toward Japan, said in a recent interview with the trade publication Automotive News, "They don't know there is a war on. They don't have the foggiest idea. Am I saying the worst is yet to come? I don't think we've bottomed out yet. That is what I am saying." No one in Detroit would contest his argument. The outcome...
Even dedicated free traders are sounding increasingly protectionist. "I grew up believing protectionism was pretty dumb, and I still do," says Chrysler chairman Lee Iacocca. "But somewhere along the line we stopped being idealists and started being patsies." Iacocca and other auto executives are well aware that cars, trucks and auto parts account for 64% of the $52.1 billion trade deficit with Japan...
...issue has caused a split among Detroit automakers. Chrysler Chairman Lee Iacocca applauds the increase proposal and calls a reduced budget deficit "good for the whole country." A tax increase could hurt Iacocca a bit less than his Big Three rivals, since Chrysler's fleet of mostly midsize-and- smaller cars gets an average of 27.5 m.p.g., vs. 27.2 for General Motors and 26.6 for Ford. GM Chairman Roger Smith has denounced a higher gas tax as "cruel" and "unfair" and argued that it would dampen auto sales. Ford has straddled the fence. Vice Chairman Harold Poling said his company...
...official aid, plus a U.S. Air Force C-141 carrying supplies that left from Italy. Private donors gave millions of dollars' worth of supplies and equipment that required more than twelve planes to ferry them to Armenia. Industrialist Armand Hammer donated $500,000, and Chrysler Corp. Chairman Lee Iacocca announced a fund drive. In Chicago, one of five major Armenian population centers around the U.S., the local community raised more than $800,000 and collected 20,000 lbs. of supplies, from blankets to medicine. The Armenian Relief Society raised more than $10 million in little over a week...