Is Noonan really powerless or just disinterested?

wishywashy

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Bizarre statement by Noonan....seemingly government "powerless" to influence that banks it has bailed out with tax payers money. They have shovelled billions of tax payers money into a pit and yet have no "power" over the banks. The advice seems to be that we should just grin and bear it as the banks screw us over time and again.

Noonan: 'I'm powerless to tackle bankers' pay & perks' - National News - Independent.ie

The government have an overwhelming majority in the Dail and a majority stake in the banks....but have no power?

That doesn't add up. It seems the only power they do have is to pretend things will just get better and in the meantime clock up €3m pension entitlements.


Did you expect anything else? Look at this individuals track record in politics. Its one that would hardly engender confidence to put it mildly. He was exposed before and he is being exposed now as utterly incompetent.
 


Crazy horse 6

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Again, this is what happens when the people fail to protest,stand up for themselves and accept the same shower in charge time after time. We do it to ourselves. Suck it up.
 

Colin M

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A guy who left a comment on the Indo hit it straight. He is not going to feel 'legally empowered' to reduce the likes of social welfare, or increasing taxes, come Budget time.
 

dent

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I wouldn't doubt for a second that Noonan could sort out the Bankers pay if he wanted, but I don't believe he has the courage to see what would happen, if his bluff was called.

Aside from that, the Government did give commitments that they would be hands off.
 

GDPR

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(Quick aside: In 2010 the Government invented a debt to Anglo Irish Bank. One minute we owed them nothing, the next, we owed then €31 billion. We got nothing in exchange. It gets worse – now that we owed them €31 billion, we also needed to start paying them interest. You couldn’t make it up. Karl Whelan estimates that the total interest payments will amount to €18 billion . We’ve been told not to worry about that because really we’re just paying the interest to ourselves as we own the bank. Fine – IF there’s €18 billion sitting there for us to take back once Anglo’s liabilities have been fully discharged. I’ve asked Michael Noonan to confirm that that’s the case, but he couldn’t. Next year we will pay Anglo €2.35 billion in such interest payments, on a made-up loan a dead bank. That’s two-thirds of the entire €3.5 billion budget correction coming our way this December. So between and and mid-December, when you hear “Oh but we’ve got to tax and cut because we need to close the deficit”, remember that that’s rubbish – we’re taxing and cutting to pay Anglo Irish Bank billions of euros of interest on a loan that was never made).
As far as I understand it we don't pay the interest to Anglo at all, we pay it to the central bank, so yes, it all does come back to us.
 

edifice.

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Defined pensions can only be nailed via taxation. The bank could claim to have a reasonable argument in that any bankers they might want to employ will not entertain the salaries we'd love them to have. Noonan could possibly consider addressing it but it would be more likely to be a pyrrhic victory of gains being swallowed up in legal fees.
TBH this is another rile the peasants story that the Sindo seems overfond of.
Some battles need to be fought even if defeat is a forgone conclusion. If Roddy Molloy was forced to go through the courts for his golden handshake a powerful political precedent would have been set in that any other such scenarios, like this one with the bankers, would mean a choice between public opprobrium or compromise. But of course no such political mettle exists.
 

cabledude

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On a broader theme.

Did we really expect Noonan, Kenny, Howlin, Gilmore to acyually stand up to the banks? Call a spade a spade here. These boys are teachers and union officials. Teaching requires a certain set of skills. Running a country requires another completely different set of skills. These skill sets are completely incompatible.

We need people in these positions that have experience in finance or economics. Peter Mathews and Richard Bruton for example. Not consensus slaves like former teachers.

And if I'm honest I feel like a right pr1ck for voting in these muppets in the last G.E. But what were the alternatives. FF/SF/Independents? Irelands mojor problem is that we don't have a real alternative. Jeez I've gone right off topic :)
 

R3volution_R3ady

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The people of Ireland MUST vote for change.

There is no reason whatsoever to vote in Establishment parties if you seek a different Ireland - simple as that. If you vote these parties in, then you have absolutely no right to complain. We've seen their handiwork. Fool me once, shame on you....fool me twice.....
 

lying eyes

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Well we know Mr.Noonans form- he will only attack people who are on their death beds ( Bridig McCole) So do not expect any action from him on this matter. By the way rules are made by men can also be changed by men. Of course he is not powerless to take action. Wher there is a will there is a way. Each and every member of the Goverment is just as guilty as the hapless Noonan.
 

cabledude

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Well we know Mr.Noonans form- he will only attack people who are on their death beds ( Bridig McCole) So do not expect any action from him on this matter. By the way rules are made by men can also be changed by men. Of course he is not powerless to take action. Wher there is a will there is a way. Each and every member of the Goverment is just as guilty as the hapless Noonan.
I'll make a prediction on this first Sunday in November 2012. Fine Gael will be wiped out in the next election. As for Labour. Labour, who?
 

GDPR

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The people of Ireland MUST vote for change.

There is no reason whatsoever to vote in Establishment parties if you seek a different Ireland - simple as that. If you vote these parties in, then you have absolutely no right to complain. We've seen their handiwork. Fool me once, shame on you....fool me twice.....
You may not like them and they are so far from perfect its not funny, but the alternative are a set on loons who couldn't run a successful corner sweet shop. The best of them can organise a protest and that's about it.
 

edifice.

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You may not like them and they are so far from perfect its not funny, but the alternative are a set on loons who couldn't run a successful corner sweet shop. The best of them can organise a protest and that's about it.
FF need Fg need FF..............and they both wipe their ar$e with labour. Set of loons indeed.
 

turdsl

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Fianna Fail destroyed our economy, brought great shame on our people when the IMF had to be brought in

We gave the new government a massive majority to at least hope they would help the country regain some self respect.

Now after 20 months we find that Cronyism and Gombeenism are as rampant as with the last government,

Politicians and bankers retain their massive wages until they receive their lump sums
and pensions.
They tell us the country is broke when they want to cut the wages and benefits to the poor.
Then they tell us they cannot touch the wealthy because they have a contract,

Those are the very same politicians who told us they would protect the vulnerable.

They are just protecting themselves until they get their own golden handshake and pension.
 

Marcos the black

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I'll make a prediction on this first Sunday in November 2012. Fine Gael will be wiped out in the next election. As for Labour. Labour, who?
Let's suppose you're right re FG (even if every single opinion poll disagrees with you) who will replace them? FF? SF? Labour according to you will also be gone, so you're hoping for a FF/SF coalition?
 

turdsl

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On a broader theme.

Did we really expect Noonan, Kenny, Howlin, Gilmore to acyually stand up to the banks? Call a spade a spade here. These boys are teachers and union officials. Teaching requires a certain set of skills. Running a country requires another completely different set of skills. These skill sets are completely incompatible.

We need people in these positions that have experience in finance or economics. Peter Mathews and Richard Bruton for example. Not consensus slaves like former teachers.

And if I'm honest I feel like a right pr1ck for voting in these muppets in the last G.E. But what were the alternatives. FF/SF/Independents? Irelands mojor problem is that we don't have a real alternative. Jeez I've gone right off topic :)
No, you just hit the nail on the head, there is no alternative. Just a ragbag of opposition as McDowell said yesterday,

If there was a good line up on the opposition benches Reilly would be gone from government long go.

Fine Gael are boasting about still been high in the polls, There is no one any better at the present time, thats not saying much for any side, If Fine Gael had the trust of the Irish people they would have a majority on their own,
They never got that and never will when they did not get it the last time.

We just exchanged one set of Gombeens for another, Those of us who expected better were the fools.

Kenny, Noonan and Bruton with their century experience between them can keep feeding us waffle
until retirement, then like Bertie and Cowen tell us they are private citizens now.
 

Rocky

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There's been discussions on this site before. The government can't just break contracts. The retired bankers, would obviously run off to the Courts win and it would cost us more money and we would still have to paid the pensions.

A majority in the Dail and control of the Banks does not allow the government to start breaking contracts, unless they start making crazy laws, that would probably get us into trouble with the EU and probably cause much greater problems.

To be honest, Noonan is just stating the very obvious. It's not remotely bizarre and you've clearly misrepresented his statement.
 

Rocky

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I disagree....we're told there's a crisis and it's an economic war, but the only casualties are the tax payers. The banks were bailed out and would have collapsed without tax payers money...the peasants of which you speak.....if they had failed then there would be no money for pensions and no jobs for the boys, so it's not unreasonable to expect a little humility and pain to be shared. In terms of the law we have an economic emergency on our hands and a government with an overwhelming majority and a population that wants fairness....I don't think it'd be too hard to get creative....how about a "bailout levy" on all payments to bankers, current or retired, who approved the kind of reckless loans that resulted in the banks needing to be bailed out in the first place....say 90%?
The court cases over that law would be great craic. Lawyers who get this type of business would be delighted.
 


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