Chapters 20 - 21 Summary and Analysis

Now that Chrysler had the loan guarantees, they had to make arrangements with the various suppliers. One of the things Iacocca did was to reduce his own salary to one dollar per year. This set an example for the rest of the company. They were willing to make sacrifices. The unions also made concessions to keep their members employed. Eventually morale began to improve.

The company developed a stock ownership program for workers. Plants were closed and many people lost their jobs. Iacocca visited all of the plants to speak to the workers. He promised to try to bring their wages to parity with other General Motors workers when things improved. Doug Frasier from the union was invited to sit on the board of directors so he could learn of the problems from the company's perspective. This was a...