Word: lacocca
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...most part, found what they came for but expected more for their kids. Near the town of Taylor, Mich., in a house with a Roosevelt commemorative plate on a rail above the table, someone on television is announcing the worst year for car sales since 1961. Lee lacocca, the chairman of Chrysler, insists he is excited about next year. No one listens. The people in the house are talking about neighbors who went to Houston or Tulsa looking for work, and came back to report, "They don't seem to like Northern people. They want to keep the jobs...
...refusing to grant immediate pay hikes two weeks ago, Chrysler Corp. had almost dared its workers to strike. A walkout could easily bankrupt the sputtering company, but Chairman Lee lacocca was gambling that the rank and file would not take that risk. When the showdown ballot came last week, lacocca won his bet, at least temporarily. By a tally of 70% to 30%, the workers voted to stay on the job and postpone negotiations on a new contract until January. That strategy had been pushed by United Automobile Workers President Douglas Fraser, who reasoned that an improved U.S. economy...
...Fraser's pitch ran into conflicting arguments from an unlikely source--Chrysler Chairman Lee A. lacocca. During the Chrysler UAW negotiations, the former Ford executive apparently developed what one local president called "terminal diarrhea of the month," and boasted that rising sales and the recent sale of Chrysler defense factories had left the corporation rolling in the dough. Iacocca's claims may have stoked investor faith in Chrysler stock, but they in turn raised if the company was in such great shape--they weren't reaping the economic benefits rather than being asked to sacrifice even more...
...figures stirred hopes that the auto industry, which has lost nearly $6 billion since 1979 and laid off roughly 250,000 workers, may be poised, at last, for a rebound. Says General Motors Vice Chairman Howard Kehrl: "The market seems to have strength again." Chrysler Chairman Lee lacocca believes his slimmed-down company may be able to turn a profit of close to $100 million in the April-June quarter, compared with an operating loss of $89 million in the first three months of the year...
Detroit complains that the sales slump has been caused primarily by staggering interest rates. Three years ago, it seldom cost more than 1 11% to finance a new car. Today carrying charges run to 18% lacocca told Reagan Administration officials three weeks ago that the industry would continue to be depressed until interest rates dropped to around 15%. Says Harvey Heinbach, a Merrill Lynch auto analyst: "The consumer doesn't want to commit himself to four years of those high car payments when he is uncertain of the outlook for business, for inflation...