Word: iacocca
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During the past two weeks, Chrysler Chairman Lee Iacocca conceived and put together the latest rescue plan with the precision of a Swiss clockmaker piecing together a masterwork. Iacocca boldly asked every one of Chrysler's associates for another substantial financial concession to keep the company alive. The elements of the newest rescue package...
...boosting tactics have hurt Detroit for years. Chrysler is now building no-frills models that sell for less than $6,000, but dealers are placing few new orders because sales are slow and high interest rates have made their carrying costs on unsold models exorbitant. Warns Chrysler Chairman Lee Iacocca: "Our biggest problem is getting the dealers to take the three weeks of December production...
...Iacocca denounced the Federal Reserve Board's high interest policies as "madness" and conceded that his company will soon have to go back to the Government's Loan Guarantee Board for perhaps $200 million in federal-backed loans. Chrysler has already borrowed $800 million of the $1.5 billion that Congress agreed last spring to guarantee. Once again, Chrysler's continued existence is seriously in question...
...felt in the auto industry. All three major carmakers took baths in red ink. Ford's third-quarter loss of $595 million was the second largest in U.S. history.* General Motors' $567 million deficit and Chrysler's $490 million were nearly as disastrous. Chrysler Chairman Lee Iacocca predicted that the three companies' combined losses on their North American operations this year could reach $8 billion. "Maybe, as Carter said, we need a Marshall Plan for this industry," he added...
...Iacocca, 55, is the auto industry's most colorful and controversial top executive. A blunt-talking salesman who sells the sizzle as well as the steak, Iacocca spent 32 years at Ford Motor. He launched the successful Mustang in 1964 and was company president for nine years. In 1978, however, Henry Ford II abruptly fired Iacocca, reportedly with the explanation: "I just don't like you." Iacocca then moved across town and soon became chairman of Chrysler. He has been the chief negotiator of the company's $1.5 billion Government-guaranteed loan. Says he: "Government officials make...