When Lee Iacocca, former CEO of Chrysler Corporation, accepted a $1 salary as part of a federal loan package for his company in the late 1970s, he seemed to embody the spirit of sacrifice that allowed Chrysler to survive and return to profitability in the 1980s. Iacocca’s subsequent recounting of his story in a best-selling 1984 autobiography helped validate and popularize the $1 salary.
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