Post Number: 6928
|Posted on Thursday, January 03, 2008 - 9:43 am: || |
Does anyone in this forum know about the U.S. government role in the Chrysler Loan Guarantee Act of 1979? It seems to me that one of our big three car companies is asking the Government for help to prevent sudden bankruptcy. That's one of the prime reasons that Chrysler survives to this day.
Post Number: 16
|Posted on Thursday, January 03, 2008 - 2:37 pm: || |
The US gov merely guaranteed the loans Chrysler
got elsewhere to survive in those years (I've been @ Chrysler 31 years) and in return for that, got a fee which I believe amounted to somewhere in the $80-90 Million range, which, by the way was paid earlier than scheduled...by Lee Iacocca...
Post Number: 1335
|Posted on Thursday, January 03, 2008 - 3:27 pm: || |
Lee was the man
Post Number: 4389
|Posted on Thursday, January 03, 2008 - 5:30 pm: || |
Danny, I'm surprised you don't know the story. I thought it was common Detroiter knowledge.
Post Number: 17
|Posted on Thursday, January 03, 2008 - 6:46 pm: || |
Even though not one penny came out of taxpayer's
pockets, there was some apathy in Congress to doing this guarantee.... Chrysler was verrry close to declaring bankruptcy...just think of the impact... 120,000 workers out of work..
How much would that have cost taxpayers??
Post Number: 107
|Posted on Thursday, January 03, 2008 - 9:01 pm: || |
and yet to this day everyone calls it the Government bailout of Chrysler...
jeeez. the freaking liberal media will NEVER get it right...
Post Number: 52
|Posted on Thursday, January 03, 2008 - 10:24 pm: || |
It was Lee Iacocca’s drive and personality that convinced congress to sign the load guarantee for Chrysler. Without Lee Iacocca, Chrysler would not exist today.
The K-Car is the car Iacocca pushed that saved Chrysler.
Post Number: 6930
|Posted on Thursday, January 03, 2008 - 10:30 pm: || |
I basically know about the The Chrysler Loan Guarantee Act of 1979 I just want you all forum folks to know most of the details about it. By the way Chrysler did pay all the commission money back to its investors after the Dodge Caravan was a hot seller.
Post Number: 18
|Posted on Friday, January 04, 2008 - 9:51 am: || |
One thing about the K-car... when they were
intro'd, Chrysler built the top of the line models (with vinyl landau top, chrome wire wheel covers..etc) first,when customers came into the dealerships and looked at the sticker...well.. shock!... within a couple of weeks, the 'plain janes' were quickly built and delivered to dealers, and then, the sales took off....years later the same thing happened to the Pacifica intro... some marketing folks just never learn....
Post Number: 1965
|Posted on Friday, January 04, 2008 - 12:28 pm: || |
At the long, stony end of the K-Car platform Chrysler had one more year to trot out the latest permutation at the Detroit auto show, and by then it was pretty hard to convince the press or the public that anything was new or exciting.
At the press preview Bob Lutz stood at the podium, read the copy off of the teleprompter about the new K-deritive and then went off script to say "Ladies and Gentlemen, this is the last time you will see a car like this from the Chrysler corporation" Iacocca still had his say in terms of product and they still had lots of crushed velour in the interiors.
A reporter stuck his head inside the car, looked around, looked right a Bob, who was standing nearby and said "Ahh, life inside a trombone case"!
If the company ever needed the LH-cab forward models, that was the time.
We'll see what Cerberus brings down the pike a few years from now.