JoeB131
Diamond Member
I was around, too...............
Iacocca was called upon by Chrysler management to take the reins of a company that was on the very edge of bankruptcy. He stepped in and drew up a plan to present to Congress in hopes that the Congress could see the merits of his pan and provide LOAN GUARANTEES. They did so
With gov't GUARANTEES, Iacocca had no problem securing loans from the banks. He was so successful following his plan, he was able to repay the BANK loans 5 yrs early.
Why should Carter get credit for Iacocca's hard work?
To summarize this for you........
Iacocca was called in to SAVE this company that was already well on its way to bankruptcy.
Iacocca rec'd loan GUARANTEES from the gov't.
After the loans were paid off early, Iacocca retired. He has had no responsibilities for Chrysler since then
NOT ONE THIN DIME OF TAXPAYER $$ WAS SPENT OR LOST!
Can you say that of the gov't "bail out" under the O? How many shares of GM do YOU own as a taxpayer??
Yawn, if Iaccocca was all that, he wouldn't need to go hat in hand to the government.
And they still made shit cars.
The reason why the bailout was so "great" as because Carter ordered the military to purchase Chysler products.
One of those was the M880 Series truck for the military. A real POS vehicle, they just painted a cheap Pickup green.