Re: [FWDLK] Chrysler Credit.

Tom,

Appreciate your comments on Prudential. I had an insurance agent from Prudential years ago and he said that they were all encouraged to purchase Chrysler products as a result of their interest in Chrysler..

Also for your information. Chrysler did not borrow money from the government. Rather Lee Iacocca secured government backing and we then had to go out and get it from the banks..Also for the record we paid back all of the money to the banks and paid the government enormous administrative fees. Many many millions more than they even could have imagined going in due to our incredible turn around in the 80's. Lee even tried to get them to revise the fee rate because it bordered on usury. But to no avail. Probably the best return on investment the government ever made since purchasing Alaska from the Russians.

The Prudential loan made good business sense because Chrysler was on good footing in 53 and 54 but just needed new stylish products to wrap their great engineering in. I had it explained that Chrysler came out of World War II in a bad way with many of our facilities exhausted and in need of revitalization. Chrysler never got rich on the war as some companies did. Everything went into the war production. That condition prevailed into the early 50s. So a lot of cash was not available for tooling the new cars in 55,56,57. Sales of the 51-53 models with their less than exciting styling did not provide the necessary capital..

Thanks to you and to my insurance company Prudential for making such a wise investment decision.

Marv Raguse