AUTOS: Iacocca Says I'm Sorry

Iacocca Says I'm Sorry

For Chrysler's ebullient chairman Lee Iacocca, it was a humiliating moment. "We're all culpable, and we made a mistake," he declared at a news conference last week. It was "dumb" and "unforgivable," he said, for Chrysler to have allowed employees to test-drive some of the company's new autos with their odometers disconnected and later sell the cars as new. That practice led to a grand-jury indictment against the company and two of its executives two weeks ago. Chrysler had vigorously defended its actions as normal quality-testing procedures in the industry, but amid a storm of adverse publicity, Iacocca decided that the...