Unpaid bills mount for top Chrysler executive [View All]

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.