Nobody is safe in this Chrysler mess

May 29th, 2009 at 11:00am Alex Gary

As a general rule, the farther down the economic food chain you are when bad times hit, the worse you take it.

But a story out today about Chrysler’s Chapter 11 bankruptcy case shows no one is immune.

Rockford native Bob Nardelli, the outgoing Chrysler CEO, told the bankruptcy court that Lee Iacocca, the executive who helped drag Chrysler from the abyss in the early 1980s, will lose a big chunk of his pension and a guaranteed life-long company car because of the bankruptcy.

Iacocca’s pension would be among the obligations Chrysler will no longer have to pay if it the court approves a “New Chrysler” to be owned by Fiat, its union and the U.S. and Canadian governments.

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