President Jimmy Carter signs the Chrysler Corporation Loan Guarantee Act of 1979, which gave Chrysler $1.5 billion in federal loans after Iacocca petitioned the US government for assistance. The money would help save the struggling automaker from bankruptcy.
Iacocca also set about cutting production costs, revamping operations and creating a stronger advertising campaign that attracted buyers around the US. The company repaid its government loan seven years early and, by 1984, pulled in more than $2.4 billion in profit, solidifying Iacocca's fame as an intrepid automotive executive.
Source: Bloomberg