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Chrysler's Original Savior Lee Iacocca Loses Pension Due To Bankruptcy

Agent009 submitted on 5/29/2009 Official Bell & Ross Timestamp: 1:36:24 PM

9 user comments | Category: Misc News | Source: | SOURCE: www.reuters.com

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" to be owned by its union, the U.S. and Canadian governments and Fiat SpA.

Iacocca, the storied former chairman and CEO who revived Chrysler in the 1980s and appeared in car commercials, has participated in a supplemental executive retirement plan that was comprised of non-IRS qualified pension funds and is subject to bankruptcy.

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Chrysler's Original Savior Lee Iacocca Loses Pension Due To Bankruptcy

About the Author

Agent009

"If everything seems under control, you're just not going fast enough."

— Agent009 (View Profile)


User Comments

StarSearch

Got it, so the guy that saved the company is losing everything....from the guy that has managed to sink both Home Depot and Chrysler while retaining hundred million dollar bonuses not tied to performance.

Only in America.

— StarSearch (View Profile)

Posted on 5/29/2009 1:46:48 PM | reply to this comment | Votes: 1   

njsidekick3

smh, THATS NUTS. (nohomo)

— njsidekick3 (View Profile)

Posted on 5/29/2009 2:12:22 PM | | Votes: 1   

lock

Sorry Lee, the curse from the creation of the Pinto wins in the end.

— lock (View Profile)

Posted on 5/29/2009 2:12:16 PM | reply to this comment | Votes: 0   

Agent00R

Every penny counts in bankruptcy.

— Agent00R (View Profile)

Posted on 5/29/2009 4:12:32 PM | reply to this comment | Votes: 1   

Whelan

Regardless of his pension, he still has millions in the bank, and given his age. I don't think he will be starving his last years.

— Whelan (View Profile)

Posted on 5/29/2009 4:41:52 PM | reply to this comment | Votes: 3   

204E60

Does this mean Iaccoca has to give back that 1978 lemon yellow Plymouth Volare he's been driving around? Bummer.

— 204E60 (View Profile)

Posted on 5/29/2009 8:44:55 PM | reply to this comment | Votes: 1   

vladyxa

It must hurt this guy a lot, not only losing the pension, but to see what those f@ckers did to the company he worked so hard to save and revive.

It is sad that people responsible for major collapses are not held responsible for their actions.

— vladyxa (View Profile)

Posted on 5/30/2009 12:07:28 AM | reply to this comment | Votes: 3   

dhkss2002

Ok, switch the lifetime vehicle bonus for an infinite supply of Geritol and let's move the heck on...

— dhkss2002 (View Profile)

Posted on 5/30/2009 10:42:54 AM | reply to this comment | Votes: 1   

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