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Lee Iacocca’s 10,000-square-foot Bel Air mansion hits the market

We’ve seen the auctioning off of much of the estate of the late, famed auto executive and former Chrysler CEO Lee Iacocca, who died last year at age 94, including his 1992 Dodge Viper and wood-sided 1986 Chrysler LeBaron Town & Country Convertible. Now comes his former Southern California mansion, which has hit the market for a cool $26.9 million. The Tuscan-style mansion in the tony Bel Air section of Los Angeles is where Iacocca lived following his retirement from Chrysler and the automotive industry in 1992. According to the website TopTenRealEstateDeals.com, itÂ’s a 10,682 square-foot, five-bedroom, eight-bath palace on 1 acre near the Bel Air Country Club. It comes with four ensuite guest rooms, a separate staff apartment, formal living and dining rooms, a wood-paneled library and five (!) fireplaces. High ceilings, chandeliers and expensive wood trim and moulding work abound. ItÂ’s also tailor-made for entertaining, with big open-plan rooms opening to landscaped terraces, a chefÂ’s kitchen, a swimming pool, spa and tennis courts. And in fact, Iacocca was said to have entertained the likes of Bob and Delores Hope, Frank and Barbara Sinatra, Priscilla Presley and Betty White. Oddly, considering Iacocca was one of the first celebrity auto execs, thereÂ’s no information about the estateÂ’s garage; Autoblog has inquired about that with the listing agents and will update this if we hear back. In the overhead view in the gallery above, the driveway leads to the large wing on the left side of the house, so the garage is potentially pretty big, but it's hard to say what else might share space under that roof. Aside from his work developing the iconic Ford Mustang in the 1960s, Iacocca is perhaps best known to generations of Americans for his role rescuing Chrysler from collapse. He did so by securing a $1.2 billion federal loan from Congress, restructuring the company by cutting wages and closing plants introducing popular fuel-efficient cars like the K Car and introducing the minivan. After his retirement in 1992, Iacocca invested in casinos and a line of imported olive oil, and he was a member of several corporate boards.   Featured Gallery Lee Iacocca's Bel Air mansion View 11 Photos Celebrities Chrysler

UAW may be key to forced FCA merger with GM

Sergio Marchionne doesn't give up on a business deal easily. While outwardly not much has recently been said about FCA's attempted merger with General Motors, Marchionne might be hoping to garner a powerful, new ally that could help break things wide open. The United Auto Workers retiree health care trust is the single largest shareholder of GM with 8.7 percent of the stock, and having its support would certainly improve FCA's position in getting a deal done. "Whatever happens in terms of consolidation, it would never be done without the consent and support of the UAW," Marchionne said when FCA recently began contract talks with the UAW, The Detroit News reports. The boss is also allegedly on good terms with the union president Dennis Williams. Still, using the organization for a hostile takeover could be very difficult because of the way its votes are structured. Other activist investors might already be on board, though. Marchionne believes that consolidation in the industry is vital because automakers are investing to create the same technologies. A GM/FCA merger still has many roadblocks, though, including the fact that Marchionne's company is smaller than GM. From a regulatory perspective, the size of the merged company could raise serious anti-trust concerns among regulators, according to The Detroit News. There's also the concern for lost jobs from redundant work with the two combined businesses. Even if the UAW angle doesn't work out, there are contingency plans afoot for other merger targets. According to The Detroit News speaking to anonymous insiders, FCA bigwigs have a meeting in London on Thursday to take a close look at other options. In addition to GM, they are investigating possible deals with Volkswagen and the Renault-Nissan Alliance. In the past, PSA Peugeot Citroen and multiple Asian automakers have also been brought up as partners, and UBS has reportedly been providing financial advice on what to do.

GM, Chrysler bailouts saved 2.6 million jobs

The Center for Automotive Research (CAR) has been studying the effects of the General Motors and Chrysler bailouts in 2009. Now that the US Treasury has officially sold off the rest of its stake in GM (and Chrysler has already paid back its loan), CAR has released its study on the effects of the bailout with this concluding note: "CAR is confident that in the years ahead, this peacetime intervention in the private sector by the US government will be seen as one of the most successful in US economic history."
Big words, for sure, but there's plenty of evidence to back up the claim. Bailing out GM alone saved 1.2-million jobs. If both GM and Chrysler hadn't been bailed out, US employment would have been reduced by 2.631-million jobs in 2009 and another 1.519-million jobs in 2010, according to the study. If both automakers were allowed to fail, personal income in the US would have decreased by $173.5 billion in 2009 and $110.9 billion in 2010. Instead, the study found that $284.4 billion of personal income was saved by the bailouts.