WHEN NEWS BROKE recently that Jim Press, the deputy CEO of Chrysler, was being hounded by creditors and the IRS for an array of debts, it presented a puzzle. How could an executive who worked at the top of the auto industry for decades get into such financial difficulty? And what turmoil was going on in the personal life of Press, who had been renowned in the industry as a straitlaced and modest product of Kansas? The answer appears to lie in a costly divorce and remarriage and a penchant for overspending on lavish real estate while his compensation package collapsed.
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