We at Chrysler borrow money the old-fashioned way. We pay it back.

Lee Iacocca became Chrysler’s CEO in 1978 as the company neared collapse. In 1979 Chrysler secured U.S. government loan guarantees—politically controversial at the time—as part of a broader rescue plan that included cost-cutting, labor concessions, and new product development. Iacocca spent the early 1980s publicly defending the bailout and emphasizing that Chrysler would not treat the guarantees as a handout. The line about borrowing money “the old-fashioned way” was used in that climate of scrutiny to reassure taxpayers, investors, and Congress that Chrysler intended to repay what it owed and restore credibility to the company’s finances.

The quip reframes debt as a matter of character rather than mere accounting. By calling repayment “old-fashioned,” Iacocca invokes a moral code of thrift and responsibility, implicitly contrasting Chrysler with borrowers who seek relief without obligation. The sentence also functions as corporate rhetoric: it turns a potentially embarrassing reliance on government-backed financing into a narrative of integrity and competence. In a broader sense, the quote captures Iacocca’s leadership style—plainspoken, populist, and aimed at winning public trust—while underscoring a central theme of turnaround management: survival may require borrowing, but legitimacy depends on paying back and proving the business can stand on its own.