Not only could he not run a company but his own finances as well...

[liberal N proud]

Chrysler exec faces tax, loan troubles
Lien placed on Deputy CEO Jim Press' home for nearly $1 million in unpaid taxes -- and he's also sued for unpaid loans.

NEW YORK (CNNMoney.com) -- A top executive for Chrysler Group, the carmaker that recently went through a government-sponsored bankruptcy, is having more than $1.4 milliion of his own financial headaches.

Jim Press, Chrysler's deputy chief executive, has had a lien for $947,409 placed on his home by the Internal Revenue Service, according to records from Oakland County, Mich., clerk's office.

The lien against a house in the city of Birmingham, Mich., is for non-payment of 2007 taxes.

Press is also being sued for $467,083, plus attorneys' fees, by the Western Federal Credit Union for unpaid loans plus interest and late fees.

Western Federal absorbed the Toyota Federal Credit Union and, according to a letter Press wrote to the credit union, asked Press to the pay off the loan.

"Due to the turmoil in the automobile industry and uncertainty surrounding our ownership, my request for a bonus payment was denied," Press wrote in a Nov. 11, 2008, letter on Chrysler letterhead. "I am attempting to arrange for a loan against my future bonus with my employer which would allow me to pay this loan off."

Press also wrote that he had asked for loans from two banks and attempted to re-finance his home in order to pay off the debt, but was unsuccessful.


http://money.cnn.com/2009/09/18/autos/press_lien/index.htm?section=money_autos

[Deja Q]

1. If CEOs are supposed to be held to a higher standard than their workers,

what indeed is the grand excuse for all this? :(

[Tangerine LaBamba]

2. How do they do shit like this?

At that income level, you have accountants who take care of your money, make sure your taxes are paid, all those things.

Now, he might lose his fucking HOUSE?

Good..............

[Trajan]

3. It is unfortunate that our Liberal friends have imbibed the popular fallacies ...

First: the personal financial habits of one person do not necessarily reflect the same lack of qualities of the organization they may be associated with ...

Fallacy of Composition

Second: The auto industry didn't 'fail' because: 1) Auto workers make too much money, or 2) Retired auto workers have too many benefits, or 3) Auto designers designed poor cars, or even 4) Individual members of the corporate structure have poor personal financial habits ....

No .... the auto industry 'failed' because EVERYONE ELSE cannot afford to buy cars ....

The gross wages of the collected citizenry has declined to the point where they cannot sustain purchases of expensive cars ...

The problems in the auto industry are due to the exploitation of workers, and the reduction of the value of their work by corporate America AS A WHOLE !

Auto Workers ? ..... They CAN afford cars ... It's the workers at 'Home Depot' and 'WalMart' ... THEY cannot afford to buy cars ....

Auto execs ? ..... harumph ..... as bad as some might be, they didnt cause this fiasco : Conservative economic policy that devalues work DID ....

[truedelphi]

6. Thnaks for your analysis. I find I agree with U

One Hundred Percent.

[Ruby the Liberal]

4. $1mm loan based on bonuses that may or may not happen

And they blame the housing bubble on the working poor.

Sorry if I can't empathize.

[Common Sense Party]

5. We also have a Congress full of idiots who can't manage their finances

or pay their taxes correctly.

I say nobody should be allowed to handle taxpayer dollars or shareholder dollars unless they demonstrate some financial aptitude and understanding.