You really know times are tough in Detroit when Lee Iacocca loses his life-long company car. The legendary former auto industry leader who saved Chrysler in the 1980s also lost his pension due to the U.S. automakers bankruptcy, according to a report by Reuters. Of course, people and companies are losing a lot more than Iacocca in this latest chapter in the agonizing restructuring of the U.S. auto industry. Only months ago, auto executives, politicians and financial pundits all said bankruptcy for any of the so-called Big Three would bring about a financial calamity the industry could not recover from. On June 1, GM filed for bankruptcy and already-bankrupt Chrysler completed its sale to a group headed by Italian carmaker Fiat.
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