Lee Iacocca: GM Should Lose the Government

Lee Iacocca, regarded as one of the best CEOs of all-time due to his work with Chrysler in the 1980s, says that General Motors should try to pay back the United States federal government as soon as possible.

(Image: Flickr)

Why?

“They’re on you day and night,” said Iacocca to the Associated Press. “Their oversight is just too extreme. That’s why our 10-year loan, we paid it back in three years. We couldn’t stand the government. The bureaucracy kills you.”

Many businesses that have received federal bailout have used that same logic. In the financial industry, where companies received billions of dollars in bailout funds, many companies have paid back the funds quickly. Experts believe that those companies didn’t want the federal government to start controlling employee pay and other business practices.

However, GM will have a difficult time paying back the U.S. government. In fact, their main goal right now is simply surviving. And when it’s all said and done, the billions upon billions of dollars GM will owe will undoubtedly take time to repay.