Chrysler Executive also feels the squeeze of the recession.
Chrysler exec faces tax, loan troubles - Lien placed on Deputy CEO Jim Press' home for nearly $1 million in unpaid taxes -- and he's also sued for unpaid loans. http://money.cnn.com/2009/09/18/autos/press_lien/index.htm?section=money_latest
by Peter Valdes-Dapena, CNNMoney.com senior writer
"Due to the turmoil in the automobile industry and uncertainty surrounding our ownership, my request for a bonus payment was denied," Press wrote in a Nov. 11, 2008, letter on Chrysler letterhead. "I am attempting to arrange for a loan against my future bonus with my employer which would allow me to pay this loan off."
Those of you who remember Popeye should also remember another famous character associated with Popeye. That character is Wimpy. Wimpy is known for always saying:
"I'll gladly pay you Tuesday for a hamburger today."
Unfortunately, this sounds a little similar to Jim Press' desire to pay his debts with future bonus payments. This should be a wake-up call to all of us to manage our debts appropriately. From the smallest debtor to the largest (i.e. our Government) debtor. There comes a time to pay the bills and obligations. Hopefully, we (or our Government) are not put in a similar position to Mr. Press.
Copyright 2009 - Jim Lindell