Former Chrysler CEO Iacocca shares bankruptcy thoughts

— -- Lee Iacocca, who retired as Chrysler CEO in 1992, skirted bankruptcy by persuading the government in 1979 to guarantee $1.5 billion in loans, getting wage concessions from labor and persuading creditors to take less than half what they were owed. "We were really bankrupt, but we just didn't tell anybody," he later said.

His thoughts on his former company's Chapter 11 filing Thursday: "This is a sad day for me. It pains me to see my old company, which has meant so much to America, on the ropes. But Chrysler has been in trouble before, and we got through it, and I believe they can do it again.

"If they're smart, they'll bring together a consortium of workers, plant managers and dealers to come up with real solutions. These are folks on the front lines, and they're the key to survival. Let's face it, if your car breaks down, you're not going to take it to the White House to get fixed.

"But, if your company breaks down, you've got to go to the experts on the ground, not the bureaucrats. Every day I talk to dealers and managers, who are passionate and full of ideas. No one wants Chrysler to survive more than they do. So I'd say to the Obama administration: Don't leave them out. Put their passion and ideas to work."

By James R. Healey