All that Iacocca has done for Chrsyler and this is how Chryslers repays Iacocca.
Lee Iacocca, the car executive credited with saving Chrysler from bankruptcy in the 1980s, is to lose a big chunk of his pension and a guaranteed life-long company car due to the U.S. automaker's bankruptcy filing two decades later.Chrysler CEO Robert Nardelli told a U.S. bankruptcy court on Thursday that Iacocca's pension would be among the obligations Chrysler will no longer have to pay if it gets bankruptcy court approval to sell itself to a "New Chrysler"
This would be funny if it wasn' so sad.
His pension is unsecured, which means in bankruptcy Chrysler no longer has to pay fo unsecured claims.
I guess all those salaried workers (retired and current) that are losing their pensions won't feel so bad now that they know the Iacocca is getting screwed also.
Lee has social security and Medicare, doesn't he? Isn't that enough for anyone?
Posted by: Peter at May 31, 2009 05:50 PMI don't know, I have mixed feelings. I hear all the union people screaming how the executives get these huge pay offs, benefits. Now that they are being cut, now I'm hearing some of the same ones screaming about how that's not fair.
I think it's wrong not to honor the obligations, but how much of this is also pressure from the new owners, the US Government, to reduce cost?
Either way, Chrysler is dead to me.
Posted by: Contagion at June 1, 2009 12:36 PMWhy people are commenting about Iacocca losing his pension, is that he is a very popular guy around here. Chrysler wouldn't even be here today if it weren't for Iacocca.
He is very well revered in these parts.
Posted by: Quality Weenie at June 1, 2009 12:54 PM