Article: Lenihan approved Anglo pay rises above recommended levels

Seth Brundle

Lenihan approved Anglo pay rises above recommended levels

19/08/2010 - 09:34:16

Further details have emerged today of how Finance Minister Brian Lenihan approved pay rises for senior staff at Anglo Irish Bank.

According to the Irish Times, Brian Lenihan bypassed recommended levels for senior executives last year, following discussions with the bank.

The pay rises were awarded on the basis of the increased workload facing the staff members.

http://www.breakingnews.ie/text/ireland/eygbsnsnaugb/

Seriously, why on earth was this approved? A non functioning bank's (that is already costing us a fortune) senior execs were given excessive amounts - it doesn't make sense.

syklops

I was just beginning to have respect for Lenihan, and he goes and does this.

Nijmegen

I think, to play devils advocate, the new management in the houseclean that went on there are doing a tough job, and seem to be trying to do it honestly (the board members might be another matter), and for poor money compared to the rest of the banking sector.

If I have faith in someone I'd pay good money for them. I wouldn't pay good money for the corrupt Irish execs who ran the place. But guys like the current CEO are in there to clean up the mess, and I'd rather pay for quality there.

mikemac

Have to agree with Nijmegen

If breaking the limit means quality staff are brought in then it's worth paying.

The new CEO is experienced and capable.
If you need someone to manage tens of billions then it's worth paying extra for the right candidate.

The people now gone weren't worth paying but this new person may be

Lumbo

Robbing Peter to pay Paul

Sand

If breaking the limit means quality staff are brought in then it's worth paying.

This assumes we get in quality staff, or that indeed quality means much in the situation where Anglo is concerned - we dont need a superstar, we just need someone competent.

Ireland consistently pays incredibly high wages for mickey mouse performers. We dont get quality, we dont get results, we dont get value for money. There is simply no demonstrated link between wages and performance in Ireland.

mikemac

I never assumed anything.

I added "if" to my post.
You quoted me, well you didn't quote me, you copied and pasted the text but missed that

Laminations

Its maddening. Are we not all supposed to be in this recession? where we work more for less?

I'm sure the workload of many has increased and at the same time they've taken a pay cut. I'm sure people have taken on the work of colleagues who have left not to be replaced and I'm sure they will do it without much complaining because they are glad to have a job.

These top bankers agreed to do the job for a certain wage, the job got harder showing they are obviously so smart that they underestimated the problems from the get-go. They should be told to do their jobs and STFU

music.babe75

Laminations wrote: »

Its maddening. Are we not all supposed to be in this recession? where we work more for less?

I'm sure the workload of many has increased and at the same time they've taken a pay cut. I'm sure people have taken on the work of colleagues who have left not to be replaced and I'm sure they will do it without much complaining because they are glad to have a job.

These top bankers agreed to do the job for a certain wage, the job got harder showing they are obviously so smart that they underestimated the problems from the get-go. They should be told to do their jobs and STFU

Totally agree.

Anglo staff get more of a pay rise because of the extra workload. Is there anyone who still has a job in this country, that has not had their workload increased yet still have taken huge paycuts, paying extra tax and income levies.

Everyones job is getting harder ....... wish Brian Lenihan would approve a payrise for me, but I guess for all us normal people, we will just get hit with extra taxes yet again in the Budget.....taxes that will be used to give the poor hard working Anglo staff a payrise cos they deserve it:rolleyes:

hinault

NAMA will not make a profit for a variety of reasons.

The administrative costs - and the wages paid therein - will be one reason why it won't make a profit.

This entire NAMA has been misconceived from the outset.

And remember it is the taxpayer who's picking up the tab for these wages also.

Sand

@feelingstressed

I never assumed anything.

I added "if" to my post.
You quoted me, well you didn't quote me, you copied and pasted the text but missed that

What I posted, including your quote:

If breaking the limit means quality staff are brought in then it's worth paying.

This assumes we get in quality staff

Liam Byrne

Dear Brian

I have a part-time job.

I used to work 3 hours for a certain amount. Now I'm working 6 hours for the same amount.

Would you consider that an "increased workload" ?

I also have to pay my own travel to get to work, unlike a certain party member of yours.

The fact that you chose to "OK" the pay rise for a bankrupt company whose staff owe the fact that they have a job to my taxes shows just how out-of-touch with reality and fairness you are.

I bear you no ill-will in relation to your health issues, however likewise they do not prevent me from telling the truth - you are an incompetent, unfair prick who has no interest in the real world or the ordinary decent people of this country !

Liam Byrne

No mention of this on RTE's 9 o'clock news or on their teletext service......curious......

Have FF succeeded in gagging RTE ?

Sand

No moreso than always - Fianna Fail pays RTEs wages. Theyd be stupid to try take on Fianna Fail.

syklops

syklops wrote: »

I was just beginning to have respect for Lenihan,

ah come on i despair when people talk like that, he is the one who tied us to the fate of the banks

donkey balls

Liam Byrne wrote: »

Dear Brian

I have a part-time job.

I used to work 3 hours for a certain amount. Now I'm working 6 hours for the same amount.

Would you consider that an "increased workload" ?

I also have to pay my own travel to get to work, unlike a certain party member of yours.

The fact that you chose to "OK" the pay rise for a bankrupt company whose staff owe the fact that they have a job to my taxes shows just how out-of-touch with reality and fairness you are.

I bear you no ill-will in relation to your health issues, however likewise they do not prevent me from telling the truth - you are an incompetent, unfair prick who has no interest in the real world or the ordinary decent people of this country !

Liam did you not get the memo whcih states F**K the joe tax paying public on less wages with increased hours etc:rolleyes: or less hours&wages like my self, who is wondering were lennys deflationary prices are hiding on goods&services maybe i should go to spec savers:rolleyes:

bigbadbear

Frankly It's crazy to pay these guys the amount of money they were on in the first place but what are we going to do about it??

'Nothing' is the answer. It appears that there are no means to actually do anything about it apart from voting for some other halfwit in the next election but by then the politicians are not going to think "oh, if I hadn't given that increase to that guy I might have more votes"

Things will never change