Let's All Use This Excuse: "I Can't Pay My Bills Because I Didn't Get a Bonus," Says Chrysler Exec
Ohhhhh, poor neglected executives. I am crying on the inside, I swear.
James Press, Chrysler’s deputy chief executive, is facing lawsuits and government liens in part because of the company’s financial troubles.
Mr. Press is being sued by Western Federal Credit Union in Michigan Circuit Court after failing to make two debt payments last year. In addition, the Internal Revenue Service has placed a lien of $947,409 on his Birmingham, Mich., home because of unpaid federal taxes, court filings and documents from the Oakland County Register of Deeds in Pontiac show.
The news of his financial problems was reported by The Detroit Free Press on Friday and on the Web site of The Detroit News.
The problems may stem from the cancellation of company bonuses late in 2008 when Chrysler was seeking federal aid to avoid collapse.
“Due to the turmoil in the automobile industry and uncertainty surrounding our ownership, my request for bonus payment was denied,” Mr. Press said, after informing the Western Federal Credit Union that he would be unable to make two pending loan payments for $203,000, according to the lawsuit, portions of which were posted by The Detroit News on its Web page. “I am attempting to arrange for a loan against my future bonus with my employer, which would allow me to pay this loan off.”
Jr Deputy Accountant hereby removes Mr Press' "deputy" title as we would hate for anyone to confuse us with someone who has no balls whatsoever.
Taking back the power, bitches, just taking back the power.