Unpaid bills mount for top Chrysler executive (This will break your heart...)

:nopity:

So how do our Best and Brightest corporate executives handle their personal finances?

Apparently, just like Clark Griswold in Christmas Vacation - they depend on bonuses as part of their regular income.

Unpaid bills mount for top Chrysler executive

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...

"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...

Divorced with four grown children, Press married his Thai-born wife in 2006 just as his career at Toyota was winding down.

In last year's interview with the New York Times, Press said, in reference to the string on his wrist: "This is actually from my wife's grandfather. It reminds you that in life, you just need enough to get along. What's important in life isn't what you have, but how you live."

Good. Then you and the wife should have no problem dumping your big mansion, and settling down in a nice two-bedroom apartment somewhere in Detroit.

http://news.yahoo.com/s/nm/20090918/bs_nm/us_chrysler_press

Seriously. Me and Dropkid somehow muddle through on my takehome (after taxes and other deductions) of just under $24,000 a year. Fuck you Jim Press. Fuck you.

and more about the Internal Revenue!

auto executive? A lot of executive wives are expected to stay home and support his career. She was probably SOL before his change in fortune.

If she got a nice settlement and was smart with her money...she may have gotten the last laugh

Maybe he can wrangle a upscale refrigerator box from Best Buy to live in.

If I had just what he owes in taxes, I could retire and live in a much grander style than I do now. I am living quite comfortably now with a better than average income for the area.

when these guys realize, HOT DAMN I'M SET FOR LIFE! They just go all Imelda Marcos and recalibrate their appetites to exceed their fortunes again. I could spend 30 years of doing nothing on what that guy owes AND own my house free and clear at the end of it.

No detail in the story, but I'm guessing that since he was depending on the bonus to pay his mortgage.

And we let these people control our major corporations?

I guess that explains a lot about the financial meltdown.

Ben Whine...er, Stein once wrote a book about a guy like this: 'Ludes. Made into the bad movie The Chute with James Woods.

Probably the only Ben Whine tome worth reading, but not for any reasons Ben would appreciate.

A friend of Stein's from NY, the guy came to Los Angeles to work for an investment huckster. Made (probably) millions of dollars in a short time. Lived rent-free in a house owned by his boss in the Hollywood Hills - not a cheap place to live. He also got a Mercedes as a company car. Free.

Then the IRS closed the loophole these guys were using to sell their "product." Income went to zero overnight.

Stein's buddy had not saved a cent. He eventually got killed in a drug deal.

Stein, of course, belongs to the Party of Personal Responsibility. So what did he come up with as the excuse for his friend's downfall?

Stein blamed it all on Los Angeles. If his friend had never moved here from the simple bedrock 'Merican values of MAN-FUCKING-HATTAN, he would have never fallen in with greedy people and become a dope addict.

The mind boggles.

Sorry for the rant, but y'all know how I am...

:rofl:

turned 10 minutes of Bueller into a 2 decade pop career is one of the greatest inadvertent success stories of all time. And it was a damned good thing, he's a shitty economist and an even shittier moralist.

LA killed my buddy, Jeebus help me. Too bad his friend didn't have the good fortune to be born an enervating fucking dweeb like Ben and get rejected by LA's host like a bad corpuscle.

Exactly what is this guy's net worth anyway? How much is his home worth, for instance?