Given that Foys payment has been the subject of a legal action not defended he is likely to be paid. But Foy is not the only one to get these outrageous bonuses, the very incentives that led to the "selling at any cost" business model that has overinflated our economy and bankrupted the state.
From: [broken link removed]
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Last week, Mr Lenihan announced that 90 per cent of bonuses paid to bankers would be recouped by the exchequer in tax after it emerged AIB staff would share tens of millions in bonuses for 2008.
Mr Hodgkinson had said the payments reflected AIB’s past and was “not the way we intend to conduct ourselves in future”.
Mr Lenihan said in a response to a parliamentary question that some 2,869 AIB employees were paid €58.65 million in deferred bonuses this year and last year.
Some €35.5 million was paid this year following legal action and a further €3.7 million was paid to staff in AIB Capital Markets in respect of deferred bonuses relating to work in 2006 and 2007. Some 62 executives shared €11.11 million, or an average of €179,000 each, for 2009, while 674 managers shared €30 million or an average of €44,000 each.
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Look at the figures - these guys were paid €58.65 million between 2,869 of them or over €20,442 each - in BONUSES!!!
That's more than a man with a small family on the dole will get from the state - that amount is greater than his entire income for a year.
Companies that can afford to pay incompetent people bonuses like this are running a huge profit margin.
Profit margins like that are a tell-tale sign of monopoly and cartel conditions - so none of them are "clean".
As for orka wondering what my problem is - that should be enough for any right thinking person, but there's more.
These people are the very ones whose "incentive-based compensation" has fed into the unscrupulous lending that caused the mess we're in at the moment.
In Foy's case and those like him, not content with the €70-80K BASIC they are on, they get up to €160K in bonus payments.
That's a quarter of a million Euro a year for pursuing lending practices that have helped bankrupt the state - frankly that is outrageous.
No wonder these people can afford to retire at 40 and spend their days playing golf and complaining about the state of the tees and the greens.
This widening gyre of discontent caused by the high levels of remuneration being paid to the top earners in capitalist systems will eventually bring down the whole sorry, corrupt edifice of croney capitalism and government in the service of Big Business.
Then we'll see what's left to pay Lenihan & Cowan's Ministerial pensions.
They all think they're untouchable.
We'll see.
ONQ.
From: [broken link removed]
------------------------
Last week, Mr Lenihan announced that 90 per cent of bonuses paid to bankers would be recouped by the exchequer in tax after it emerged AIB staff would share tens of millions in bonuses for 2008.
Mr Hodgkinson had said the payments reflected AIB’s past and was “not the way we intend to conduct ourselves in future”.
Mr Lenihan said in a response to a parliamentary question that some 2,869 AIB employees were paid €58.65 million in deferred bonuses this year and last year.
Some €35.5 million was paid this year following legal action and a further €3.7 million was paid to staff in AIB Capital Markets in respect of deferred bonuses relating to work in 2006 and 2007. Some 62 executives shared €11.11 million, or an average of €179,000 each, for 2009, while 674 managers shared €30 million or an average of €44,000 each.
------------------------
Look at the figures - these guys were paid €58.65 million between 2,869 of them or over €20,442 each - in BONUSES!!!
That's more than a man with a small family on the dole will get from the state - that amount is greater than his entire income for a year.
Companies that can afford to pay incompetent people bonuses like this are running a huge profit margin.
Profit margins like that are a tell-tale sign of monopoly and cartel conditions - so none of them are "clean".
As for orka wondering what my problem is - that should be enough for any right thinking person, but there's more.
These people are the very ones whose "incentive-based compensation" has fed into the unscrupulous lending that caused the mess we're in at the moment.
In Foy's case and those like him, not content with the €70-80K BASIC they are on, they get up to €160K in bonus payments.
That's a quarter of a million Euro a year for pursuing lending practices that have helped bankrupt the state - frankly that is outrageous.
No wonder these people can afford to retire at 40 and spend their days playing golf and complaining about the state of the tees and the greens.
This widening gyre of discontent caused by the high levels of remuneration being paid to the top earners in capitalist systems will eventually bring down the whole sorry, corrupt edifice of croney capitalism and government in the service of Big Business.
Then we'll see what's left to pay Lenihan & Cowan's Ministerial pensions.
They all think they're untouchable.
We'll see.
ONQ.