We already know that Lee Iacocca, the man responsible for turning around Chrysler in the 1980s, is going to lose his life-long company car due to the Auburn Hills automaker’s bankruptcy filing.

Today, CEO Bob Nardelli told the U.S. bankruptcy court that Iacocca would also lose his pension since Chrysler will no longer have to pay it if gets bankruptcy court approval to sell itself as “Chrysler Group LLC,” which will be owned by Fiat, the U.S. and Canadian governments and its union.

Typically, Iacocca would be paid after secured creditors get their money but even secured creditors are not expected to get paid in full in the bankruptcy process.

Other former Chrysler executives will also lose their cars and pension.

Chrysler said it regretted the decision “in light of the many contributions these individuals have made to Chrysler over the years” and that Chrysler Group LLC does not expect to reinstate the car program.

- By: Kap Shah

Source: MSNBC


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  • saddayinamerica

    BUMP. Haven't heard a word from THE MAN since the whole fiasco plays out.

  • dmiami

    He should, he didn't turn around crap. I read that stupid book Comeback The Return of Detroit, 15 years ago the writer predicted the mess that they're in now and let's not chalk it up to pensions. I can't believe CEO's complain about pensions and they get paid off like someone blackmailing you, with pictures of you doing your mother on your wedding day. Once some gets paid over a million bucks in a fiscal year, its their job to set up their own pension. He's on my top ten of people I'd punch in the face on sight, no questions asked.

  • mld45

    WHAT A DOUCHE BAG!!!
    yOU WOULD BE THE SECOND PERSON I'D PUNCH IN THE FACE… THE FIRST WOULD BE YOUR MOTHER!

  • mld45

    WHAT A DOUCHE BAG!!!
    yOU WOULD BE THE SECOND PERSON I'D PUNCH IN THE FACE… THE FIRST WOULD BE YOUR MOTHER!