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FG/Lab government happy for ex-AIB CEO to get €500k pension paid by tax payers


Disillusioned democrat

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Mar 16, 2010
Messages
15,732
Let's try again....

The AIB are paying an ex-CEO, famous for saying he'd rather die than see his bank bailed out, a pension of €500k from a bailout fund. Besides the irony of this individual's apparent volte-face on dipping his beak into the bailout fund, what does it say about our governments sincerity when it comes to actual "austerity".

AIB uses pension bailout to pay ex-chiefs up to €500K - Irish, Business - Independent.ie

The CEO in question was firmly at the helm when the bank steered its shareholders and tax payers into the rocks, but it seems the concept of a captain going down with his ship is reserved for the "little people" and in fact not only did he allow his passangers go down with the ship he hopped aboard a luxury cruiser going the other way, waved a cheery two finger salute to the crew and sailed off into a life of tax payer funded luxury.

So - to my government - phuck you!!!!! Next payday when you dip your pockets into my pay to protect the vulnerable all I'll be able to think of is that it takes more than ten families like mine to work hard 6 days a week to pay enough tax to fund Mr ex-CEOs pension.
 


Analyzer

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Feb 14, 2011
Messages
46,189
Nice to see that the failed former boss of AIB is making even more money from doing nothing than Pravda bores talking out their holes.

AIB has no officially entered quango territory. Pay completely unrelated even to effort.

This madness has to stop.
 

ShoutingIsLeadership

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Jan 17, 2011
Messages
50,439
Let me get this right. AIB has hiked up variable rate mortgage interest rates by 1% in the last couple of months, so that it can return to profitability, and at the same time it is paying €500,000 every year to the Chief Executive who, but for the intervention of the State, would have overseen the destruction of the company?

This country is beyond farce.

And yesterday David Duffy, the current CEO, had the nerve to speak about moral hazard.
 

Analyzer

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AIB don't do irony, do they ?

What a collection of useless tossers.
 

Disillusioned democrat

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Let me get this right. AIB has hiked up variable rate mortgage interest rates by 1% in the last couple of months, so that it can return to profitability, and at the same time it is paying €500,000 every year to the Chief Executive who, but for the intervention of the State, would have overseen the destruction of the company?

This country is beyond farce.

And yesterday David Duffy, the current CEO, had the nerve to speak about moral hazard.
Of course - David Duffy next in line. We used to marvel at bankers salaries, but Jesus wept, you would have assumed that with €1m+ salaris they would be looking after their own futures. It seems AIB was ALWAYS a public sector employer.
 

cytex

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Nov 10, 2010
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3,424
And this is the type of local service the property tax will get spent on . This is disgusting and when people are saying to cut the waste this is what they are talking about.
 

Lonewolfe

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Joined
May 4, 2011
Messages
17,467
Let's try again....

The AIB are paying an ex-CEO, famous for saying he'd rather die than see his bank bailed out, a pension of €500k from a bailout fund. Besides the irony of this individual's apparent volte-face on dipping his beak into the bailout fund, what does it say about our governments sincerity when it comes to actual "austerity".

AIB uses pension bailout to pay ex-chiefs up to €500K - Irish, Business - Independent.ie

The CEO in question was firmly at the helm when the bank steered its shareholders and tax payers into the rocks, but it seems the concept of a captain going down with his ship is reserved for the "little people" and in fact not only did he allow his passangers go down with the ship he hopped aboard a luxury cruiser going the other way, waved a cheery two finger salute to the crew and sailed off into a life of tax payer funded luxury.

So - to my government - phuck you!!!!! Next payday when you dip your pockets into my pay to protect the vulnerable all I'll be able to think of is that it takes more than ten families like mine to work hard 6 days a week to pay enough tax to fund Mr ex-CEOs pension.
What can we do about this sh1t? Seriously.
 

DaveM

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Sep 16, 2010
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16,028
I'm no happier than anyone else about this but is it as simple as sating this is the government's fault and they can stop this in the blink of an eye? Think it through in practical terms.

If they slashed Sheehy's pension he'd be straight into the courts and would get a court order to enforce its payment. The only way to stop this and other pensions would be to put the bank into either examinership or receivership. I'm not saying there isn't a strong argument for doing that but let's not pretend that that would be an easy thing to do without much wider consequences, consequences which would make Sheehy's pension a minor side issue.

Am I pissed off that this cretin and his mates are still living the high life? Yes. Do I think we should have taken a different path in dealing with the banks in recent years? Yes. However that doesn't mean that the payment of this pension comes down to nothing more than a judgement call on the part of the present government regardless of how the Indo might like to portray it.
 

poolfan81

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Mar 27, 2010
Messages
955
they put €1billion of "their" assets into the black hole that was their pension pot

This €1 billion could have been used to pay back the tax payer some of the billions that we put into it yet with one stroke of a pen their pension crisis was solved at our expense

Banks still giving two fingers to us
 

richie268

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Sep 14, 2007
Messages
2,159
The beauty of a failed capitalist system boils my p!ss.
I hope that in all the mire I do not forget to pay my household charge whilst remembering that in 2006 I paid stamp duty of the tune of 18000euro at least I know where the Bastarts are spending my money.
 

Disillusioned democrat

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Where are Labour on all of this? You can almost see FG being fairly relaxed about this, but Labour??

It would seem like a difficult one to sell to the grass roots - how many carers would €500k buy?
 

Lonewolfe

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I'm no happier than anyone else about this but is it as simple as sating this is the government's fault and they can stop this in the blink of an eye? Think it through in practical terms.

If they slashed Sheehy's pension he'd be straight into the courts and would get a court order to enforce its payment. The only way to stop this and other pensions would be to put the bank into either examinership or receivership. I'm not saying there isn't a strong argument for doing that but let's not pretend that that would be an easy thing to do without much wider consequences, consequences which would make Sheehy's pension a minor side issue.

Am I pissed off that this cretin and his mates are still living the high life? Yes. Do I think we should have taken a different path in dealing with the banks in recent years? Yes. However that doesn't mean that the payment of this pension comes down to nothing more than a judgement call on the part of the present government regardless of how the Indo might like to portray it.
How would he do in the courts do you think?
 

ShoutingIsLeadership

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Joined
Jan 17, 2011
Messages
50,439
I'm no happier than anyone else about this but is it as simple as sating this is the government's fault and they can stop this in the blink of an eye? Think it through in practical terms.

If they slashed Sheehy's pension he'd be straight into the courts and would get a court order to enforce its payment. The only way to stop this and other pensions would be to put the bank into either examinership or receivership. I'm not saying there isn't a strong argument for doing that but let's not pretend that that would be an easy thing to do without much wider consequences, consequences which would make Sheehy's pension a minor side issue.

Am I pissed off that this cretin and his mates are still living the high life? Yes. Do I think we should have taken a different path in dealing with the banks in recent years? Yes. However that doesn't mean that the payment of this pension comes down to nothing more than a judgement call on the part of the present government regardless of how the Indo might like to portray it.
http://www.politics.ie/forum/economy/197548-stephen-donnelly-t-d-would-shut-i-b-down-morning.html
 

Analyzer

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Maybe instead of money, they could pay him in AIB shares.....
 

Disillusioned democrat

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I'm no happier than anyone else about this but is it as simple as sating this is the government's fault and they can stop this in the blink of an eye? Think it through in practical terms.

If they slashed Sheehy's pension he'd be straight into the courts and would get a court order to enforce its payment. The only way to stop this and other pensions would be to put the bank into either examinership or receivership. I'm not saying there isn't a strong argument for doing that but let's not pretend that that would be an easy thing to do without much wider consequences, consequences which would make Sheehy's pension a minor side issue.

Am I pissed off that this cretin and his mates are still living the high life? Yes. Do I think we should have taken a different path in dealing with the banks in recent years? Yes. However that doesn't mean that the payment of this pension comes down to nothing more than a judgement call on the part of the present government regardless of how the Indo might like to portray it.
Inability to pay.....it's simple.

We're told time and again that our circumstances are akin to a war - the government have dipped into peoples' pension funds, have unilaterally imposed cuts on extant contracts, are screwing more and more money out of tax payers while simultaneously cutting services. They introduced FEMPI - financial emergency measures to gut costs where it suited them....and above all the government is supposed to show LEADERSHIP at times of crisis.

What this demonstrates is that our circumstances are really just an emergency when it suits the government, but really there's no emergency, because if there was then a banker who destroyed that much shareholder wealth and burned a hole in that much tax payers money would NOT be getting priority over 20 carers.
 

Analyzer

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Feb 14, 2011
Messages
46,189
Do we not own 98% of AIB or am I mistaken?
98% and increasing every time they find out that they are running out of money (again).

Then when they get it they waste it on such nonsense as banker pensions.
 

DCon

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May 5, 2009
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And we wonder why Bertie, Cowen and the rest display no shame at their gross salaries for life
 

laidback

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Jun 3, 2009
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Surely we can get lots back by higher tax on this very high income. Oh dear FG promised not to increase income tax!

Or whatabout 90% USC on incomes over €200,000. With 41% income tax that'd be a 139% tax rate!
 

DCon

Well-known member
Joined
May 5, 2009
Messages
5,901
I'm no happier than anyone else about this but is it as simple as sating this is the government's fault and they can stop this in the blink of an eye? Think it through in practical terms.

If they slashed Sheehy's pension he'd be straight into the courts and would get a court order to enforce its payment. The only way to stop this and other pensions would be to put the bank into either examinership or receivership. I'm not saying there isn't a strong argument for doing that but let's not pretend that that would be an easy thing to do without much wider consequences, consequences which would make Sheehy's pension a minor side issue.

Am I pissed off that this cretin and his mates are still living the high life? Yes. Do I think we should have taken a different path in dealing with the banks in recent years? Yes. However that doesn't mean that the payment of this pension comes down to nothing more than a judgement call on the part of the present government regardless of how the Indo might like to portray it.

Tax all pension payments over EUR 50K at 99%

It can be done

It won't happen as it would affect retired politicians.
 

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