Chrysler Executive Has Fallen On Hard Times, Too

Are you struggling financially these days? You’re certainly not alone, and you even have something in common with Jim Press, one of Chrysler’s top executives. Press, hit hard by the housing market collapse and the lack of bonuses from Chrysler as the company failed, faces debts including a $800,000 unsecured personal loan and a $947,000 federal tax lien on his home.

“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.

Okay, so he’s not exactly eating ramen and living out of his car. Really, his problems are similar to those of many Americans, just on a difference scale.

Unpaid bills mount for top Chrysler executive [AP] (Thanks, The Observer!)

(Photo: Great Beyond)