Lee Iacocca Has Some Advice : Planet Money American car companies should pay back government loans ASAP.

Lee Iacocca Has Some Advice

Former Chrysler CEO Lee Iacocca spoke to the Associated Press today and offered some advice to America's struggling car companies. Iacocca who helped rescue Chrysler in the 1980's with $1 billion in government loan guarantees, said the companies should pay back their loans as soon as possible. The AP reports:

''They're on you day and night. Their oversight is just too extreme,'' said Iacocca, who is promoting a new limited-edition customized Iacocca Ford Mustang. ''That's why our 10-year loan, we paid it back in three years. We couldn't stand the government. The bureaucracy kills you.''

Iacocca told the AP he is confident that Chrysler will recover and that he's impressed by Ford. He said he would invest in both automakers now if he could, but he's not interested in General Motors.

GM's got more serious problems,'' he said. ''They're just big. They're huge. They've got many more problems than Chrysler has with just sheer size.''