The Colm Doherty Wages Charade

JonathanAnon

A member of the AIB board has come out now and said that they did NOT try to put pressure on the government regarding Colm Doherty's wages. The assertion had been made earlier that AIB wished to pay him €633k a year, but the government released a statement earlier today that they were standing firm and not allowing him to be paid more than €500k, supposedly to instill the belief that they were playing hardball with the bankers. Even initially this had the look of something that had been choreographed so that a) AIB get their man in charge and b) The government would still look like they are in charge because they "put their foot down" on his wages. Turns out they can even handle the media charade.

How much longer do we have to endure these fools....

FlutterinBantam

yes good point.

Why would a private company want to pay a CEO more than it was obvious he could be paid?

New one on me

Dannyboy83

Believe the word of Fianna Fail or believe the word of AIB?

That's a tough one to be honest.

Taxipete29

The main point was that he currently earns €633k and that he would be taking a reduction to take the promotion. Its not that they wanted to pay him more, it was a question would he take the pay cut.

Nodin

FlutterinBantam wrote: »

yes good point.

Why would a private company want to pay a CEO more than it was obvious he could be paid?

New one on me

Because it's apparently his existing salary. The cap seems to only apply to CEO's.....I think....(which is mad, if true)

Liam Byrne

He'll be fine......I just saw it on RTE NEWS and when Gilmore asked if the cap included bonuses, etc, and Cowen completely avoided the question waffling on that "the cap relates to new appointments"..... i.e. the prick who calls himself leader either couldn't or wouldn't answer the fcuking question!

FlutterinBantam

Nodin wrote: »

Because it's apparently his existing salary. The cap seems to only apply to CEO's.....I think....(which is mad, if true)

I know that, but any private company I know wants to save money, so why "insist" he holds his salary while promoted to managing director( I think that's the title)

Something doesn't add up here.

donkey balls

Liam Byrne wrote: »

He'll be fine......I just saw it on RTE NEWS and when Gilmore asked if the cap included bonuses, etc, and Cowen completely avoided the question waffling on that "the cap relates to new appointments"..... i.e. the prick who calls himself leader either couldn't or wouldn't answer the fcuking question!

nothing new there liam have we ever got a straight yes or no answer of a TD/Minister? listening to Matt Cooper on a few occasions i feel like he is going to lose the plot with his guests and say Minister/TD will you just answer the f**king question instead of avoiding it. FFS

Sand

A charade is the right word for it - its a matter of fact that AIB have put their own man in charge: where is the culture change going to come from when the same team that wiped out AIB as an independant entity is expected to revive the bank?

Essentially with the passage of NAMA and Lenihan having foolishly backed the banks so much, that now he simply cant afford to let them fail. They know this, so now theyve got their bailout they can go back to BAU and leave Lenihan to wimper about wage caps when the real issue is the personnel leading the bank.

walshb

I see the Governor of the Central Bank is in on this and asking for the caps to be lifted. Of course he is, it means him and his cronies can bleed the country for every cent they can get.

Oh, and using the lame and tired excuse that if we cap salaries, we risk losing the "best" candidates. Yeah, because the bosses previoulsy proved they were the best? If so, how come the mess?

It's about time we the people stood up to this crap and refuse to allow a bunch of suits to hold us to ransom. At the end of the day, these men and women running thee banks are just people, they are not super human, and should be replaced if they cannot play by the rules.

So, bankers, if you really think you are so in demand and can earn more elsewhere, then **** off and go elsewhere.

seamus

FlutterinBantam wrote: »

I know that, but any private company I know wants to save money, so why "insist" he holds his salary while promoted to managing director( I think that's the title)

Because the banks (not just Irish banks, all of them) have created two myths:

1. You have to pay massive amounts of money to get the best people
2. Only bankers can run banks

And they believe these myths themselves, despite the fact that the last 18 months have shown us that neither is true. So instead of doing a search through the hundreds (thousands) of amply qualified candidates in this country - who would happily take €200k, never mind 600 - they try to tell us that they can only promote from within and no-one else is suitable.

chughes

I can't for the life of me understand how any employee of any Irish bank should have a salary of over 600,000 euros, given that they are being bailed out by tax payers money. In the current climate this is obscene.

walshb

seamus wrote: »

Because the banks (not just Irish banks, all of them) have created two myths:

1. You have to pay massive amounts of money to get the best people
2. Only bankers can run banks

And they believe these myths themselves, despite the fact that the last 18 months have shown us that neither is true. So instead of doing a search through the hundreds (thousands) of amply qualified candidates in this country - who would happily take €200k, never mind 600 - they try to tell us that they can only promote from within and no-one else is suitable.

Spot on; a sham and a myth perpetuated by those in power and those who stand to benefit by raping the country of all its worth. Some top CEOs from global companies are not earning as much as these failed and inept bankers.

How dare they lecture us on what they are entitled to. There should be sackings, not negotiations or increases. You don't like what's on offer, piss off!

FlutterinBantam

Yes I understand, bit like RTE:cool:

Worztron

Former AIB managing director Doherty paid €3m: http://www.irishtimes.com/newspaper/breaking/2011/0419/breaking5.html
:mad:

Laminations

That €3million needs to be taxed at 100%. The man having been on the board since 2003 should never have been given the job if 'clean out' was ever a real plan. If it hasn't been paid over yet, use the same excuse that prevented AIB staff getting their bonuses before Christmas, i.e. if you pay it, we'll cut off your funding. If it has been paid tax it to zero and since the gardai are mad as hell they should keep an eye on his car (undoubtedly a black exec type) and screw him for any road offences

PatsytheNazi

Worztron wrote: »

Former AIB managing director Doherty paid €3m: http://www.irishtimes.com/newspaper/breaking/2011/0419/breaking5.html
:mad:

Constantin Gurdgiev published an Economics manifesto on the 27/8/2010 calling for among other changes :

· All banks boards and senior management teams replaced within 3 months
· All banks middle management teams reassessed and rebuilt within 12 months

But ofcourse, FF/Greens Mark Two Govt - otherwise known as FG/Labour will carry on regardless with the same old corrupt cronies :mad:

Here is the rest of hismanifesto http://trueeconomics.blogspot.com/2010/08/economics-27810-manifesto-i.html

nordydan

Worztron wrote: »

Former AIB managing director Doherty paid €3m: http://www.irishtimes.com/newspaper/breaking/2011/0419/breaking5.html
:mad:

€707,000 euro compensation for not having to work for the year. Great organisation to work for!!!

danbohan

chughes wrote: »

I can't for the life of me understand how any employee of any Irish bank should have a salary of over 600,000 euros, given that they are being bailed out by tax payers money. In the current climate this is obscene.

yes its obscene , its also obscene some of the salary's paid to people in our semi states like esb ,bord na mona , etc , not to mention the public sector ,where ambulance drivers earn more than hospital consultants in Finland , Ireland is obscene ,is it any wonder sympathy in Europe is in short supply

nordydan

danbohan wrote: »

yes its obscene , its also obscene some of the salary's paid to people in our semi states like esb ,bord na mona , etc , not to mention the public sector ,where ambulance drivers earn more than hospital consultants in Finland , Ireland is obscene ,is it any wonder sympathy in Europe is in short supply

It sounds depressing, and I'm not advocating its, but sometimes I wonder how the situation cannot be resolved except via direct physical action against the people involved. There seems no hope via the legal process.

danbohan

nordydan wrote: »

It sounds depressing, and I'm not advocating its, but sometimes I wonder how the situation cannot be resolved except via direct physical action against the people involved. There seems no hope via the legal process.

the only hope of change is if its forced on the establishment here by the troike , the establishment will continue to try and make the average guy pay for it and yet not make any real change , i for one dont believe this present government will implement the real changes needed , they may push the average private sector people too far , then your physical action scenario may indeed become real

paraletic

danbohan wrote: »

yes its obscene , its also obscene some of the salary's paid to people in our semi states like esb ,bord na mona , etc , not to mention the public sector ,where ambulance drivers earn more than hospital consultants in Finland , Ireland is obscene ,is it any wonder sympathy in Europe is in short supply

This is not true, and has been shown to be false on previous threads. our wages aren't even close.
http://www.worldsalaries.org/finland.shtml

The fact that you still call paramedics 'ambulance drivers' is also a mistake.

the payscale for paramedics is in the public domain, please have a look, before you use our profesion to make an argument!!!

Worztron

The government say they cannot do anything. I disagree. They have the power to force private debt onto the public but cannot correct the salary of an incompetent banker? WTF? :mad: