Robert Snell - The Detroit News - Friday, September 18, 2009
Chrysler Group LLC Deputy Chief Executive Jim Press owes the IRS almost $1 million in delinquent taxes and is being sued by his credit union for defaulting on a $609,000 loan, according to records obtained by The Detroit News.
Oakland County records chronicle the toll financial industry turmoil and the automobile industry collapse have taken on one of its top executives, whose financial woes mirror those of blue-collar workers and average Joes living paycheck to paycheck -- only on a much grander scale. He recently hired a lawyer, Wallace Handler, who specializes in bankruptcy cases.
Handler and Chrysler spokeswoman Shawn Morgan declined comment this morning.
Last November, as the auto industry teetered on the brink of bankruptcy, and as Press lobbied senators to support a $25 billion bailout package, he was caught in his own financial trap, records show.
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Chrysler exec Jim Press owes IRS, credit union more than $1.4M