The Detroit News reported Friday Iacocca, whose legacy as the head of Chrysler includes lobbying for -- and receiving -- a $1.2 billion bailout from the Jimmy Carter administration, is endorsing Romney, who has been a staunch opponent of the bailouts given to Chrysler and General Motors by the Barack Obama administration in 2009.
Iacocca, 88, said he "admired" Mitt Romney's father, George Romney, who was governor of Michigan and the head of American Motors.
"Mitt Romney has successfully led both public and private sector turnarounds. He is a bright and successful man; he is a good man, a caring man, a man of integrity, family and faith. Importantly, he recognizes we are in a tough situation," Iacocca said.
On the negative side, "I'd say Romney's biggest challenge is to have the courage of his convictions," Iacocca said.
On that score, the Detroit News pointed out Iacocca, in an interview in 2010, praised the current administration's handling of the automotive industry.
"Two years ago, it looked like Detroit and Michigan and the car business was in the toilet," Iacocca said in 2010.
Noting the turnaround two years ago, "things have turned out pretty well," Iacocca said.