| (
- ) |
| Inducted: |
1993 |
| Region: |
MidWest |
| Industry: |
Transportation
|
|
Lee Iacocca took over Chrysler when it was leaning toward bankruptcy. Gasoline prices were high and the demand for Chrysler’s cars was low. Iacocca asked more than 100 banks for loans and they all declined. So he asked Congress for a loan, saying that it would cost the government more in unemployment compensation if Chrysler failed than it would to keep Chrysler in business. Congress gave Chrysler a loan that the company repaid seven years early. With the company back on track, Iacocca and his team brought the convertible back into fashion and introduced the minivan. |
