Re: Irish Govt raises four-year austerity target to €15bn
I'm having AIG flashbacks. :rolleyes:
Congress Moves to Slap Heavy Tax on Bonuses
Quote:
90% Levy for Biggest Payouts at Bailed-Out Firms
Friday, March 20, 2009
Congress moved yesterday to levy punitive taxes on bonuses paid by financial firms receiving government aid, threatening to undermine federal efforts to rescue the financial system by driving away participants in the programs.
A quickly assembled House bill was approved 328 to 93. It struck hard at Wall Street's compensation system, which has come under fire because of the $165 million in bonuses distributed last week by American International Group to executives of the troubled unit that helped lead the insurance giant to the brink of collapse. Under the legislation, those who received bonuses of more than $125,000 would surrender 90 percent of their payments to a special income tax.
Re: Irish Govt raises four-year austerity target to €15bn
Quote:
Originally Posted by
drone
There talking about bringing in some kind of deferred bonus system for companies outside bailout central.
The idea is to defer payment for 3 yr and if they have a big loss it will be clawed back.
Re: Irish Govt raises four-year austerity target to €15bn
In an ideal world, corporate retention bonuses would have a sensible nullification clause. If you run the company into the ground, sorry, no bonus.
Re: Irish Govt raises four-year austerity target to €15bn
Quote:
You will be happy to know the bankers will be bared from any bonus craic next time, unfortunately the court upheld there old contract so they had to get a bonus this time.
Yes, I understand that the bonus is over 2008.
But, old contracts are not at all upheld. The very point of the bailout is that banks do not have to suffer the financial consequences of their pre-bailout obligations. However, apparantly the bankers are shielded from negative consequences, but protected in positive consequences of pre-bailout arrangements. That is not on.
Quote:
Dont even joke about it Louis thats the very last thing we need here.
Joke? What makes you think I'm joking when I suggest blowing up this bank?
In fact, as we speak, on the news there's this video of Irish Republican paramilitaries who tried to blow up the car of a banking executive. They all burned their lips on the exhaust pipe.
Now that, that was a joke. (Bet you have never heard it before :shame:)
Re: Irish Govt raises four-year austerity target to €15bn
1. Those accents are ridiculous
2. "When we run out of pheasant, we shoot peasant" is something I can see BG saying :)
Re: Irish Govt raises four-year austerity target to €15bn
Quote:
Originally Posted by
Strike For The South
1. Those accents are ridiculous
2. "When we run out of pheasant, we shoot peasant" is something I can see BG saying :)
The quality live a differant life
A postcard from: Sir Jack Leslie
Quote:
About 10 years ago I decided I would go to my first disco. So I jumped on the village bus and went to The Oasis in Monaghan and never found so many friendly people in my life -- although they would steal my cap! About two years after, I went to Manumission in Ibiza and had a wonderful time.
Bear in mind now that when he went to Manumission in 2001 he was 85 yrs of age and he still goes to the local club in Monaghan
https://img26.imageshack.us/img26/609/sirjack.jpg
Sir Jack prob taken in the Oasis in Monaghan
Re: Irish Govt raises four-year austerity target to €15bn
Quote:
AIB has decided not to pay the €40m in bonuses to some of its senior staff members after Minister for Finance Brian Lenihan threatened to cut State funding.
AIB says its board has decided not to pay the controversial €40m in bonuses to some of its senior staff members. The move follows a
letter from Minister for Finance Brian Lenihan to the bank's board.
The Minister said the payment of financial support needed by the bank from the State would be conditional on the non-payment of bonuses 'no matter when they may have been earned'.
Mr Lenihan said: 'I appreciate that AIB was not in a position to put up a sworn defence in the High Court proceedings and that the Executive Chairman and the Board have acted with complete propriety in this matter.'
The bank said tonight its legal advice had been that it was obliged to pay the bonuses but that the Minister's intervention overtook that obligation.
It said: 'The bank very much appreciates the support it has received to date from the State and the Irish taxpayers and acknowledges that it will continue to rely on this support for some time to come.'
AIB Executive Chairman David Hodgkinson said the bank was 'relieved' to be in a position not to pay the bonuses.
Head of Corporate Services at AIB, Alan Kelly, said that the board of the bank had been embarrassed at the prospect of paying the bonuses.
The bank, which has received €3.5bn from the Government in assistance, was due to pay the bonuses for 2008 as a result of a High Court ruling earlier this year.
A staff member had taken the legal action to force the bank to pay him his bonus.
http://www.rte.ie/news/2010/1213/harneym.html
Common sense at last. :sweatdrop:
Even if I did, somewhat, understood everybody's position - the individual banker wants his 2008 bonus from before the bailout, the judge must rule to honour existing contracts, the bank must abide by that, a government must not interfere with individual court decisions - still, the overwhelming emotion was: what were they all even thinking!? :wall:
Re: Irish Govt raises four-year austerity target to €15bn
Should do what they did with the NHS. Force everyone to have a sign a new contract within a couple of months, or they find themselves out of a job and without redundancy pay.
Re: Irish Govt raises four-year austerity target to €15bn
Quote:
Originally Posted by
Beskar
Should do what they did with the NHS. Force everyone to have a sign a new contract within a couple of months, or they find themselves out of a job and without redundancy pay.
Sometimes, my dear perfidious neighbours, there is such a merciless brutality to Britain that it borders on common sense.
Re: Irish Govt raises four-year austerity target to €15bn
Re: Irish Govt raises four-year austerity target to €15bn
Quote:
Originally Posted by
Furunculus
The EU/ECB is terrified we may agitate for this when the new government is elected in the next year.
The EU will eventually be forced kicking and screaming into an Iceland scenario for the PIIGS eventually the gordan gecko types will demand it.
Re: Irish Govt raises four-year austerity target to €15bn
Quote:
Originally Posted by
gaelic cowboy
The EU/ECB is terrified we may agitate for this when the new government is elected in the next year.
The EU will eventually be forced kicking and screaming into an Iceland scenario for the PIIGS eventually the gordan gecko types will demand it.
yes, i'm not sure i see an alternative.
either the PIIGS go or germany goes, otherwise the former will be forever saddled with debts they cannot afford, and can never pay off.
Re: Irish Govt raises four-year austerity target to €15bn
Quote:
Originally Posted by
Furunculus
yes, i'm not sure i see an alternative.
either the PIIGS go or germany goes, otherwise the former will be forever saddled with debts they cannot afford, and can never pay off.
but if the PIGS go, their debts will be linked to the Euro, so they couldn't just inflate themselves out of it.
Re: Irish Govt raises four-year austerity target to €15bn
Quote:
Originally Posted by
Beskar
but if the PIGS go, their debts will be linked to the Euro, so they couldn't just inflate themselves out of it.
Unless they really pissed off the market and converted the debts to the new currency at the ratio they left at...
~:smoking:
Re: Irish Govt raises four-year austerity target to €15bn
it would certainly be the uglier solution, because the remainder would be mighty peeved if they felt that leavers were just going to rejoin a few years later once their debts had been devalued away.
given that there is no legal mechanism to leave the only nation that can leave with the consent of others would be germany, because its 'new' currency would in fact appreciate.
Re: Irish Govt raises four-year austerity target to €15bn
Quote:
Originally Posted by
Beskar
but if the PIGS go, their debts will be linked to the Euro, so they couldn't just inflate themselves out of it.
The eurozone as a whole can easily assume the entire debt of the PIIGS but it's not politically unacceptable to Germany, so we bailout countries and hope they can be reordered while there debt stays intact. This is sold as bringing prudence to whoever needs the medicine but really it cannot work so the entire thing is a massive bluff to safegaurd the "Euro".
The big danger now is the entire Euro currency might implode because no one is able or willing to act in defence of it.
Re: Irish Govt raises four-year austerity target to €15bn
Quote:
Originally Posted by
Furunculus
it would certainly be the uglier solution, because the remainder would be mighty peeved if they felt that leavers were just going to rejoin a few years later once their debts had been devalued away.
given that there is no legal mechanism to leave the only nation that can leave with the consent of others would be germany, because its 'new' currency would in fact appreciate.
They wont leave because a new D-mark would ruin the German economy which is based on exports.
There are two solutions either devalue all the debt or print some euro and inflate it away.
The ECB is willing to do neither which means they place the entire Euro at risk now for what is effectively a couple of percent of Eurozone GDP.
