Unpaid bills mount for top Chrysler executive

[Catshrink]

DETROIT (Reuters) – One of the best-known auto industry executives in the world has fallen on hard times.

Jim Press, who briefly ran Toyota Motor Corp.'s U.S. operations and spent 37 years with the Japanese automaker before joining Chrysler as one of its three top executives in 2007, is facing claims of more than $1.35 million for unpaid federal taxes and a personal loan.

The 62-year-old auto executive, who told the New York Times last year he wore a single string on one wrist as a reminder that material wealth is not the most important thing, may be one of the highest profile victims of Detroit's collapse.

Press blamed the elimination of bonuses at Chrysler for his failure to pay back the personal loan...."Due to the turmoil in the automobile industry and uncertainty surrounding our ownership, my request for bonus payment was denied," Press said in a letter to the Western Federal Credit Union that was included as an exhibit in a lawsuit against him.

"I am not able to make the November and February payments due to the elimination of bonuses which was just announced by my company," Press said in his letter.

http://news.yahoo.com/s/nm/20090918/bs_nm/us_chrysler_press

:cry: Before you know it we'll see "unions" for executives to protect their salaries and bonuses but God forbid lowly workers asking for a salary large enough to keep "food on their families" or health insurance.

[hobbit709]

1. Maybe I should get a loan based on "bonus" payments

that may or not materialize.

[napi21]

2. I don't want to be insensitive, but he could always sell his million $$ house and a lot of the

extravagant assets he bought when he WAS getting those bonuses! I just can' feel any compassion for this greedy AH!

[Barack_America]

5. In Michigan? In this economy?

That house ain't sellin'.

Sounds like he had no clue of the impending economic disaster in his personal and professional business.

[Liberal_in_LA]

11. He could take in boarders, rent out some rooms

[tammywammy]

12. The house is up for sale already, it was noted in the article. n/t

[ellie]

3. Welcome to the world dummy!

My pay, including my annual bonus, was cut this year for a total of $15,000. I still have the mortgage and bills to pay. Reuters didn't interview me.

[Catshrink]

4. My salary is down 5-7% too.

I've had to make some adjustments in spending -- slower cable, reduced phone plan, etc. Instead of loans, my credit limits are being lowered. I normally don't wish anyone ill but damn, it's hard to be sympathetic when the greed of this guy and those like him have caused this economic crisis for the rest of us. If only more would follow -- especially those from Shitibank, BofA, Goldman Sachs, etc.

[marmar]

6. 6,900 square-foot house?

Harm springs from excess, buddy.

[NNN0LHI]

10. 6,900 square-foot isn't really all that big

I am being sarcastic.

Don

[Demit]

7. "Fallen on hard times"? The heart bleeds.

He took out a credit union loan for over $800K sometime before 2007.

He didn't pay his income taxes (some $947,000) for 2007.

Yet in 2008, he buys a mansion, taking on a $2.2 million mortgage.


And he's blaming turmoil in the auto industry? Sounds like somebody was desperate to live like the rich do, without the actual money to support the lifestyle. Tsk tsk, Mr. Press. Time to pay the piper.

[Catshrink]

8. If "ordinary" consumers do that...

charging up the credit cards and taking on a mortgage too large for their salary, they're called irresponsible and reckless. If a wealthy executive does it, we're supposed to feel sorry for him? Now I get it. Good luck, Mr. Press, in seeing how the other 99% lives.

[FarCenter]

9. New wife, new job, new mansion -- What could go wrong?

Oh yes, maybe the first wife took him to the cleaners. California divorce?

[DainBramaged]

13. Fuck him, he wants to play, it's time to pay.

[Union Yes]

14. Smells like criminal tax evasion/avoidance to me.

[onethatcares]

15. the execs already have a union of their own,

it's called the U.S. congressional bailout team. Composed of folks from both sides of the aisle that would never want to see one of their kindred spirits have to go so far as shop in thier closest supermarkets, actually wash their own cars, or horror on horror, eat in untrendy restaurants.

Maybe we should all tie single strings around our wrists to remind us we'll never see these fat cats where we hang out.


Sheesh, 1.3 million for unpaid taxes and a personal loan. I wonder how much the income was on the unpaid taxes.