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Thread: AIB former executives asked to relinquish part of their pension

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    Default AIB former executives asked to relinquish part of their pension

    Seems that AIB have written to an undefined list of former executives asking them (pretty please with a cherry on top) to relinquish some of their pensions which the state as 99.8% shareholders of AIB are effectively on the hook for.

    AIB targets former executives - The Irish Times - Tue, Nov 06, 2012

    "Mr Duffy told the Financial Times that more than 15 former executives directors who worked at the bank in the lead-up to the banking crisis would receive letters over the next four to six weeks. The first letters were sent yesterday. The bank had no legal authority to force former directors to forego part of their pensions but that there was a moral obligation on individuals, he said.

    “On a moral basis we believe that there is a judgment that some individuals can make a contribution,” said Mr Duffy, who joined the bank as chief executive almost a year ago."

    This is such a joke, "targetted" my arse, but is an example of what qualifies as "decisive" action by the establishment in these parts. These requests will simply be ignored, or at the very best, a token gesture may be made by some of the "targetted" individuals who will give up a tiny portion of their pension. And the government will wring their hands and say "well, we did ask them, and they said no, not much else we can do, ho hum...". Michael Noonan has stated that he has no authority to reduce the pensions of these people. But if the political will was there he could apply punitive taxation on them, as they did with the bankers bonuses in the US. Will he do that? Not on your nelly. Because lucrative pensions seem to be the holy grail of political life in this country and if they were to set a precendent, then their own pensions might be subject to punitive taxation down the line. And we can't be having that, can we lads? No Harry, we can't.

    Question - what would have happened to these pensions (and any golden handshakes these people may have recieved) if the state had not intervened and AIB was let crash and burn back in 2008? Would they still be paid in full? And does anybody think any of these guys will grow a conscience and gift us back some of their pensions?

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    Could we not have a special pension tax?

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    Politics.ie Member hammer's Avatar
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    A couple of door step challenges would also help.

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    Targets?

    Would 'sends a pointless letter to former executives, asking them to give back some of the money they are getting from AIB, so that politicians and bankers could say that they did their best not to pay the money but the big bad bankers wouldn't cooperate, while at the same time sending letters to variable rate mortgage holders, demanding more money each month under threat of losing their homes', not fit into the newspaper headline?

    Incidentally, you'd best change the thread title, lest you infringe copyright.
    I have no money, but I love my life.

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    Quote Originally Posted by toratoratora View Post
    Seems that AIB have written to an undefined list of former executives asking them (pretty please with a cherry on top) to relinquish some of their pensions which the state as 99.8% shareholders of AIB are effectively on the hook for.

    AIB targets former executives - The Irish Times - Tue, Nov 06, 2012

    "Mr Duffy told the Financial Times that more than 15 former executives directors who worked at the bank in the lead-up to the banking crisis would receive letters over the next four to six weeks. The first letters were sent yesterday. The bank had no legal authority to force former directors to forego part of their pensions but that there was a moral obligation on individuals, he said.

    “On a moral basis we believe that there is a judgment that some individuals can make a contribution,” said Mr Duffy, who joined the bank as chief executive almost a year ago."

    This is such a joke, "targetted" my arse, but is an example of what qualifies as "decisive" action by the establishment in these parts. These requests will simply be ignored, or at the very best, a token gesture may be made by some of the "targetted" individuals who will give up a tiny portion of their pension. And the government will wring their hands and say "well, we did ask them, and they said no, not much else we can do, ho hum...". Michael Noonan has stated that he has no authority to reduce the pensions of these people. But if the political will was there he could apply punitive taxation on them, as they did with the bankers bonuses in the US. Will he do that? Not on your nelly. Because lucrative pensions seem to be the holy grail of political life in this country and if they were to set a precendent, then their own pensions might be subject to punitive taxation down the line. And we can't be having that, can we lads? No Harry, we can't.

    Question - what would have happened to these pensions (and any golden handshakes these people may have recieved) if the state had not intervened and AIB was let crash and burn back in 2008? Would they still be paid in full? And does anybody think any of these guys will grow a conscience and gift us back some of their pensions?


    Guess what kind of response this request will be met with? "Moral" and AIB are mutually exclusive from the same sentence.

  6. #6
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    Quote Originally Posted by toratoratora View Post
    Seems that AIB have written to an undefined list of former executives asking them (pretty please with a cherry on top) to relinquish some of their pensions which the state as 99.8% shareholders of AIB are effectively on the hook for.

    AIB targets former executives - The Irish Times - Tue, Nov 06, 2012

    "Mr Duffy told the Financial Times that more than 15 former executives directors who worked at the bank in the lead-up to the banking crisis would receive letters over the next four to six weeks. The first letters were sent yesterday. The bank had no legal authority to force former directors to forego part of their pensions but that there was a moral obligation on individuals, he said.

    “On a moral basis we believe that there is a judgment that some individuals can make a contribution,” said Mr Duffy, who joined the bank as chief executive almost a year ago."

    This is such a joke, "targetted" my arse, but is an example of what qualifies as "decisive" action by the establishment in these parts. These requests will simply be ignored, or at the very best, a token gesture may be made by some of the "targetted" individuals who will give up a tiny portion of their pension. And the government will wring their hands and say "well, we did ask them, and they said no, not much else we can do, ho hum...". Michael Noonan has stated that he has no authority to reduce the pensions of these people. But if the political will was there he could apply punitive taxation on them, as they did with the bankers bonuses in the US. Will he do that? Not on your nelly. Because lucrative pensions seem to be the holy grail of political life in this country and if they were to set a precendent, then their own pensions might be subject to punitive taxation down the line. And we can't be having that, can we lads? No Harry, we can't.

    Question - what would have happened to these pensions (and any golden handshakes these people may have recieved) if the state had not intervened and AIB was let crash and burn back in 2008? Would they still be paid in full? And does anybody think any of these guys will grow a conscience and gift us back some of their pensions?
    I would say that they will be laughing out loud for hours when they get the letters!

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    Quote Originally Posted by potholedogger View Post
    Could we not have a special pension tax?
    We do, and we all pay it...

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    Politics.ie Member hammer's Avatar
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    I had nearly forgot

    How did we get on with Fingers Fingleton ?

    The watch and the €1m
    Not to mention the €27m pension fund.

    What a horrible ************************.

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    Politics.ie Member Sync's Avatar
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    Quote Originally Posted by toratoratora View Post
    Question - what would have happened to these pensions (and any golden handshakes these people may have recieved) if the state had not intervened and AIB was let crash and burn back in 2008? Would they still be paid in full? And does anybody think any of these guys will grow a conscience and gift us back some of their pensions?
    If the company had gone bankrupt they'd be screwed. The opinion of the govt of the day (and the successive government) is that Ireland would be screwed as well, so the bail out was ordered, with the costs associated with that bailout.

    I hope someone publishes the letter they sent to the former employees.

    "Hi, you were idiots when you were running the bank, and we're hoping you'll be stupid enough now to give us some of your money that you're entitled to for free".

    As we've seen from recent events where execs have foregone pensions/payments/dividends, there's no incentive to do this at all. If they give back 10% the howls will be about why it's only 10% not 20%. If they fgive back 20% the howls will be why it's not 30% etc etc.
    I'm living in America, and in America, you're on your own. America's not a country. It's just a business. Now f***ing pay me.

  10. #10
    Politics.ie Member daveL's Avatar
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    lol @ targets

    a nicely worded collection of letters

    targets my arse

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