Loan-Lee at the Top
The CEO traipsed down to Washington, positioned himself in front of the arrow-slingers, and spoke humbly but with determination about the future of his company. He explained to the tough crowd in the room how beneficial it would be, for all of us, if his company were propped up, with a little financial help from the federal government. Float us a loan, he told the sourpusses, and I promise you won't regret it. It was the late-1970s. Detroit was in a recession, as was the entire country. But especially Detroit. It's always that way, it seems, when the country's economy goes sideways. Lee Iacocca promised he would pay every single penny back, if the lawmakers in Washington would only give him a shot in the arm. And what a shot it was: $1 billion in government-backed loans. And ole Lee paid it back -- with $350 million interest, to boot. And early. The bailout ended up not costing the feds a dime, after all. Chrysler got the loan in 1979, and paid it back by 1983. Not long aft...