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Mike Mercury
10-19-2012, 3:13pm
http://www.leeiacocca.com/img/content-design/photo-lee.jpg

After a lifetime of voting for and supporting Democrats — and even declining appointment to the U.S. Senate from a Democratic governor — Lee Iacocca Thursday endorsed Republican Mitt Romney for president.

The blessings of the onetime Chrysler chairman are expected to help Romney in two highly competitive states: Pennsylvania, where the 88-year-old Iacocca was born and raised and is still widely respected, and in Michigan, where Iacocca rose to become a major figure in the auto industry and won international praise for cobbling together the government-backed loans that saved Chrysler in 1980.

Iacocca, who now lives in California, issued a statement saying he backed Romney because of his “dozens of years of experiences in the public and private sectors” and because the GOP nominee has a plan that “will enable a stronger America.”

What makes Iacocca’s endorsement of Romney particularly newsworthy is that, although he has long insisted he is an independent, the onetime auto titan has a history of supporting more Democrats than Republicans. He backed George W. Bush for president in 2000, but then backed John Kerry in 2004. Four years ago, he endorsed then-Gov. Bill Richardson of New Mexico for the Democratic nomination for president. In 1991, following the death of Sen. John Heinz (R-Ill.), Pennsylvania’s then-Democratic Gov. Bob Casey Sr. publicly voiced a desire to appoint Keystone State son Iacocca to fill the vacancy in the Senate. But Iacocca declined, and the appointment went to Democrat Harris Wofford.

ConstantChange
10-19-2012, 3:18pm
Although I know it happens a lot, I find it disturbing that people would vote for someone just because someone else is voting for them.

Joecooool
10-19-2012, 3:20pm
Although I know it happens a lot, I find it disturbing that people would vote for someone just because someone else is voting for them.

Amen. Plus he doesn't have a history of picking winners.

And the K car sucked balls.

DJ_Critterus
10-19-2012, 3:23pm
Amen. Plus he doesn't have a history of picking winners.

And the K car sucked balls.

Obama has a REAL record of picking some pretty bad losers, too.

Bucwheat
10-19-2012, 3:47pm
You know it!

Datawiz
10-19-2012, 3:51pm
Nice! :seasix:

SteelCityBlue
10-19-2012, 3:53pm
If only there was a place for this.

Bill
10-19-2012, 4:32pm
Interesting. Lee was at the public trough in his day, too, as I recall, getting a taxpayer funded bailout, rather than putting the company through a structured bankruptcy.

Jobaka
10-19-2012, 5:10pm
Interesting. Lee was at the public trough in his day, too, as I recall, getting a taxpayer funded bailout, rather than putting the company through a structured bankruptcy.

Yup. (http://www.heritage.org/research/reports/1983/07/the-chrysler-bail-out-bust)

Mike Mercury
10-19-2012, 5:14pm
Interesting. Lee was at the public trough in his day, too, as I recall, getting a taxpayer funded bailout, rather than putting the company through a structured bankruptcy.



the gov't only co-signed for bank loans; there was no taxpayers money handed over to the company... no stock purchased.

Iacocca (Chrysler) paid the loans off - in full - early.

Iacocca approached the United States Congress in 1979 and asked for a loan guarantee. While some have said that Congress lent Chrysler the money, the government only guaranteed the loans.

8Up
10-19-2012, 5:15pm
Interesting. I read the book Iacocca years ago. It was a very interesting read.

Jobaka
10-19-2012, 5:18pm
the gov't only co-signed for bank loans; there was no taxpayers money handed over to the company... no stock purchased.

Iacocca (Chrysler) paid the loans off - in full - early.

Click the link in post #9 for more of the story.

Bill
10-19-2012, 5:20pm
the gov't only co-signed for bank loans; there was no taxpayers money handed over to the company... no stock purchased.

Iacocca (Chrysler) paid the loans off - in full - early.

Every 18 year old kid who has ever lusted after a Trans Am, a Mustang, or even a Corvette would have liked to have had Uncle Sam as a cosigner.....look at the popularity of govt. backed student loans.

If betting on Chrysler was worth doing, he wouldn't have had to go hat in hand to Uncle Sam for a cosigner. I agree, the outcome was better than the current fiasco (staved off BK for a couple more decades anyway), but it's intrinsically wrong for govt. to back one loan for one company and not another. That's picking winners and losers.

Munch
10-19-2012, 5:55pm
I'm no political expert but I have trouble believing that his endorsement could swing Michigan seen as how Wayne county usually trumps the rest of the entire state. The majority of Wayne county probably doesn't care what Iacocca thinks plus they are hardcore Obama backers for reasons that are probably apparent to anyone familiar with the area.
But like I said, I'm no expert.

Mirroredshades
10-19-2012, 7:54pm
If only there was a place for this.


:rofl: