Iacocca Tears Into Bush White House and Detroit Automakers in New Book

Washington DC April 12, 2007; The AIADA newsletter reported that infamous Chrysler Chairman Lee Iacocca is making headlines again, this time for a new book, entitled "Where Have All the Leaders Gone?" criticizing Detroit automakers and America's political leaders for failing the nation, reports the Detroit Free Press.

In his first new book in a decade, Iacocca offers business advice and harangues about politics and the state of the U.S. economy. While he engages in a literary tussle with the auto industry in Detroit – throwing out blistering criticisms for former Chrysler Chairman Bob Eaton and Juergen Schrempp – he later eases up, praising GM Chairman and CEO Rick Wagoner and Chrysler Group President Tom LaSorda. He even calls GM Vice Chairman Bob Lutz, who chafed when Iacocca passed him over for the top job at Chrysler, a "savvy veteran."

In addition, Iacocca claims he's for higher federal fuel-economy standards, and warns that Chrysler could become a "shattered remnant" if sold and offers suggestions for Detroit's automakers to turn their businesses around. "We've got a gang of clueless bozos steering our ship of state right over a cliff, we've got corporate gangsters stealing us blind and we can't even clean up after a hurricane much less build a hybrid car," Iacocca writes.

Iacocca advises several strategies for turning business around, including building smaller cars and hiring smarter executives. He says higher fuel-economy standards and a gas tax would help reduce oil consumption, and that the Detroit automakers will not succeed in the long term without agreements from the government and the United Auto Workers on pensions and health care costs.