Anglo irish bank get pay raises? what next?

lightspeed · 24-03-2010 10:19PM #1

Has anyone seen how anglo irish bank are getting pay rises already?
The very bank that was responible for such bad banking and ignoring any sort of financial regulation and getting a huge bail out. A few days after sean fitzpatrick gets arrested they are getting pay rises? It makes me sick. This government is raping this country. Why do we have so many ministers and politicans elected ?
All they do is rape the country dry and retire and collect a massive pension. How can they get away with this?

Diabhal Beag · 24-03-2010 10:20PM

"Rape" is such an over-used term

Agricola · 24-03-2010 10:21PM

lightspeed wrote: »

How can they get away with this?

If you find out, please PM me the answer.

melekalikimaka · 24-03-2010 10:33PM

not everyone in the banks were naughty, some are actually working quite hard to sort out the mess of a few

Ulysses Gaze · 24-03-2010 10:38PM

All they do is rape the country dry and retire and collect a massive pension. How can they get away with this?

Because the Irish people let them? We own Anglo, essentially, but where are the people hitting the streets in protest?

Are we that cowed?

orourkeda · 24-03-2010 10:42PM

I love the fact that irish people absolve themselves of their portion of the blame. Who elected Fiann Fail? Who took put mortgages they knew they couldnt afford?

Danbo! · 24-03-2010 10:42PM

lightspeed wrote: »

What next?

Probably a few more threads on the subject

melekalikimaka · 24-03-2010 10:44PM

orourkeda wrote: »

I love the fact that irish people absolve themselves of their portion of the blame. Who elected Fiann Fail? Who took put mortgages they knew they couldnt afford?

I believe the answer is...

all the people who'll be moaning on this thread

Liam Byrne · 24-03-2010 10:44PM

orourkeda wrote: »

I love the fact that irish people absolve themselves of their portion of the blame. Who elected Fiann Fail? Who took put mortgages they knew they couldnt afford?

Answers to your questions :

1) Not all of us
2) Not all of us

And I don't even think the FFfriends bank HAD any mortgages; definitely not many.

mikom · 24-03-2010 10:50PM

orourkeda wrote: »

Who elected Fiann Fail?

Not me.

orourkeda wrote: »

Who took put mortgages they knew they couldnt afford?

Not me.

Now it's my turn.

Who's the black private dick that's a sex machine to all the chicks?

lightspeed · 24-03-2010 11:00PM

Anglo may still need more tax payers money in more bail outs in the future and yet the give their employees raises.
As for defending by saying not all bankers behaved badly what does that have to do with anything?
i lost my last job i was in due to this recession in which the banking crisis is the main cause so should tax payers money not have been used for me to keep my old job and all the other people that lost their jobs?
How can we tolerate a government that uses taxpayers money for the bankers and thne the bank is so flushed with cash it can afford to give their employees increases?
There is no defense for this knife in the back. There is mayem with the passport office and hospitals. My mother cant even pick up her xrays as they wont answer the phone and yet the government is saying to them take the wage cut and be happy. If there was violence and riots right now would it relly be so bad? it seems to me there is already anarchy.
im all for protesting so if anybody else is willing let me know.

Karen23 · 24-03-2010 11:04PM

melekalikimaka wrote: »

not everyone in the banks were naughty, some are actually working quite hard to sort out the mess of a few

I know not everyone in the banking system is to blame for the mess the banks are in but neither are the people who have nothing to do with the finance or property sector all around the country who have taken pay cuts and struggling to live to try and help the economy.
I think in these times no one should get pay rises. The country is collapsing around us and people are getting wage increases , I dont see the sense it at all. We all work hard but the the majority are having a hard time trying to keep their heads above water on reduced wages.
Another bloody joke in this country but we've come to expect nothing less.

melekalikimaka · 24-03-2010 11:06PM

Karen23 wrote: »

I know not everyone in the banking system is to blame for the mess the banks are in but neither are the people who have nothing to do with the finance or property sector all around the country who have taken pay cuts and struggling to live to try and help the economy.
I think in these times no one should get pay rises. The country is collapsing around us and people are getting wage increases , I dont see the sense it at all. We all work hard but the the majority are having a hard time trying to keep their heads above water on reduced wages.
Another bloody joke in this country but we've come to expect nothing less.

alot have these rises tied into their contracts

galwayrush · 24-03-2010 11:10PM

What next??? FF being re-elected into Government sometime in the future, that would be even more shocking.

lightspeed · 24-03-2010 11:15PM

orourkeda wrote: »

I love the fact that irish people absolve themselves of their portion of the blame. Who elected Fiann Fail? Who took put mortgages they knew they couldnt afford?

people did not take on mortgages they could not afford because most of them took on the mortgages when they had jobs. so because fianna fail was elected to power they should be allowed abuse the peoples trust and money in such a savage way?
im not financial regulator . That was his job and the bankers jobs to ensure that such a banking crisis does not happen. If a bookies went broke from taking on large bets and the government bailed them out would you blame the bookie or the people who made the big bets?

stealthyspeeder · 24-03-2010 11:19PM

The irish govenment owns a majority stake in Anglo Irish. It was able to buy this with the moeny that it recieved bith from taxes and debt it issued on the financiial markets.

If the government did not allow the managment to issue bonus' to the staff of Anglo Irish, they would, within 6 months move to another one of the many banks in the IFSC who can utilize and reward their skillset.

If this happened, Anglo Irish would have remploy the staff who left or face serious loss of business capacity, this is expensive, as nobody in the financial sector will want to work at a bank which does not pay performance related bonuses. Those that they would be able to find, would require a higher salery to compensate for the lack of bonus that they could get at another employer. This would end up costing the company, and thus the govenment, and thus the tax payer more in the long run. The issue of bonus to all staff below senior managment is pocket change to how much the bank could lose if it lost all its best staff and had to remploy specialists from high paying banks.

Short run Headline grabbing terms such as "raping the taxpayer" are only put forward by people with no knowledge or experience of the financial sector job market. Without the employees, the bank is nothing, and if it collapsed you could kiss goodbye to what shreds of an economy we have left, as the Irish Government would be forced into default.

Liam Byrne · 24-03-2010 11:24PM

stealthyspeeder wrote: »

***** [whatever] *****

Everything that you wrote could be applied to ANY company.

And whatever about standard companies standing on their own two feet doing whatever they want with their money, Anglo can go f**k themselves if they're going to throw away my €18,000 with this bull****.

EVERYONE is down pay.....even in companies that have not had to whimper and beg from the corrupt FF government.

And I can't wait until the next shareholders' meeting of Anglo - because we should all go there since we own the cesspit and tell them exactly what we think of their ignorant and sickening carry-on.

My name is URL · 24-03-2010 11:32PM

Think of it as an added assurance rather than a pay hike. The guys at Anglo have a hell of a task in front of 'em to turn things around, and that benefits all of us.. so is it not better to pay them well to increase the chances of them performing well?

I know that a lot of problems have stemmed from over-paying people, but in comparison to the people that got us into the mess in the first place, the people that got a raise today still have low salaries

melekalikimaka · 24-03-2010 11:33PM

stealthyspeeder wrote: »

lengthly post too lengthy to quote fully

I agree, you want the best to mange the bank, the best wont work for peanuts

dvpower · 24-03-2010 11:40PM

My name is URL wrote: »

Think of it as an added assurance rather than a pay hike. The guys at Anglo have a hell of a task in front of 'em to turn things around, and that benefits all of us.. so is it not better to pay them well to increase the chances of them performing well?

I know that a lot of problems have stemmed from over-paying people, but in comparison to the people that got us into the mess in the first place, the people that got a raise today still have low salaries

I tend to agree. These rises apply to just 60 of the staff. From what I gather, some of them have new roles and others have specialist skills and qualifications important to the current phase that the bank is in - this is not a general pay rise.

The bank is under the control of new management. Let them manage.

stealthyspeeder · 24-03-2010 11:48PM

Liam Byrne wrote: »

Everything that you wrote could be applied to ANY company.

And whatever about standard companies standing on their own two feet doing whatever they want with their money, Anglo can go f**k themselves if they're going to throw away my €18,000 with this bull****.

EVERYONE is down pay.....even in companies that have not had to whimper and beg from the corrupt FF government.

And I can't wait until the next shareholders' meeting of Anglo - because we should all go there since we own the cesspit and tell them exactly what we think of their ignorant and sickening carry-on.

It could only be applied to publically owned companies competing in a industry dominated by private profit maximising companies. I dont think "ANY" company really describes this rare situation.

If you dont mind me asking, this 18g of yours which they are throwing away........ how exactly are they doing this? amount you have in savings, tax paid last year, or private bill the government sent you or what?

A lot of people are down in pay and a lot of people are out of work completely, however the impact of certain companies failing, is different accross industries. If Pat the Butchers goes bust, it will put a a small number of people out of work, however if a major bank goes bust, it can start a worldwide recession (Lehmans) which is felt by > 90% of the worlds population, and if a government backed bank goes bust, then the country goes into default (Iceland). This is serious. Much much much worse than having some corrupt slime that never seem to get anything done in power. If you are a country in default, you effectively have 0 influence of your econommy, no power and international credit/trade wont come near you for years, leaving job prospects in tatters and an overall decrease in the qualithy of life for all.

Emotive headlines of unfairness and simple reasoning, could force the government to make a short term decision (no bonuses) which would not have the negative headlines, but a year later, the value of the company could be rock bottom or at worst bust, which would cost the taxpayer soooo much more than bonus' to mid and low level staff.

buzzymam · 24-03-2010 11:50PM

The "guys at Anglo" dont need to do jack sh1t. They begging bowl will be presented to the government next week and it'll be the tax payers who sort them out AGAIN.

Why do they need key experienced staff when were paying for their mistakes?

stealthyspeeder · 24-03-2010 11:53PM

buzzymam wrote: »

The "guys at Anglo" dont need to do jack sh1t. They begging bowl will be presented to the government next week and it'll be the tax payers who sort them out AGAIN.

Why do they need key experienced staff when were paying for their mistakes?

This is exactly why you want a bonus culture in a bank.... if the bank does well, you do well.

Take this culture and prime motivation out of it, bank wont perform well and taxpayer will foot the bill.

buzzymam · 24-03-2010 11:55PM

stealthyspeeder wrote: »

This is exactly why you want a bonus culture in a bank.... if the bank does well, you do well.

Take this culture and prime motivation out of it, bank wont perform well and taxpayer will foot the bill.

Thats some screwed up work ethic imo.

ilovelamp2000 · 24-03-2010 11:58PM

stealthyspeeder wrote: »

If the government did not allow the managment to issue bonus' to the staff of Anglo Irish, they would, within 6 months move to another one of the many banks in the IFSC who can utilize and reward their skillset.

Which banks are hiring ?

And how attractive is a skillset that involves creating the biggest mess in Irish financial history?

jackhammer · 25-03-2010 12:03AM

stealthyspeeder wrote: »

If the government did not allow the managment to issue bonus' to the staff of Anglo Irish, they would, within 6 months move to another one of the many banks in the IFSC who can utilize and reward their skillset.

Let them off with themselves. It would be interesting to see how marketable their CVs are, with Anglo-Irish on them.

melekalikimaka wrote: »

I agree, you want the best to mange the bank, the best wont work for peanuts

The best? You're having a laugh!

This lot managed to rack up the biggest corporate loss in Irish history. They don't even deserve peanuts!

dvpower · 25-03-2010 12:03AM

Rosco1982 wrote: »

Which banks are hiring ?

And how attractive is a skillset that involves creating the biggest mess in Irish financial history?

Many banks are hiring. Especially in specialist roles.
It was the management policies of Anglo that got it into trouble, not the staff.

buzzymam · 25-03-2010 12:04AM

jackhammer wrote: »

Let them off with themselves. It would be interesting to see how marketable their CVs are, with Anglo-Irish on them.

The best? You're having a laugh!

This lot managed to rack up the biggest corporate loss in Irish history. They don't even deserve peanuts!

+ 1 !

stealthyspeeder · 25-03-2010 12:07AM

Rosco1982 wrote: »

Which banks are hiring ?

And how attractive is a skillset that involves creating the biggest mess in Irish financial history?

Most of the international banks in the IFSC are hiring at the moment in some departments.

from whos perspective would you judge the attraction? and saying that they created the mess is simplfying the causes and effects of the global credit crunch a wee bit!

Liam Byrne · 25-03-2010 12:26AM

stealthyspeeder wrote: »

If you dont mind me asking, this 18g of yours which they are throwing away........ how exactly are they doing this? amount you have in savings, tax paid last year, or private bill the government sent you or what?

The government is throwing €18,000 per person into Anglo.

stealthyspeeder wrote: »

A lot of people are down in pay and a lot of people are out of work completely, however the impact of certain companies failing, is different accross industries.

We know all this. We know that Lenihan guaranteed it, etc.

That does NOT excuse throwing additional money at it for no reason.

stealthyspeeder wrote: »

Emotive headlines of unfairness and simple reasoning, could force the government to make a short term decision (no bonuses) which would not have the negative headlines, but a year later, the value of the company could be rock bottom or at worst bust, which would cost the taxpayer soooo much more than bonus' to mid and low level staff.

The company does not have the money.

As a shareholder (courtesy of FF) I'm perfectly entitled to object.

And please - less of the patronising "emotive headlines" and "simple reasoning".

Emotive ? Possibly. Because it's WRONG.
Simple reasoning ? More like simply cop-on.

If we weren't bailing out Anglo I couldn't give a crap (as long as I wasn't paying interest to them, they can do what they like with THEIR money).

But THEY don't HAVE any money. It's OUR money.

Staff should do WHAT EVERYONE ELSE has had to do since THEIR EMPLOYER bolloxed up the economy......do extra work with no bonuses.

THEIR. COMPANY. HAS. NO. MONEY.
THEY. CANNOT. GET. PAID. MORE.

Do I have to put that in bold and flashing lights ?

Liam Byrne · 25-03-2010 12:28AM

stealthyspeeder wrote: »

and saying that they created the mess is simplfying the causes and effects of the global credit crunch a wee bit!

Come off it! They loaned out irresponsibly to developers. They hid millions in loans from auditors.

And that's only the stuff we're allowed to legally say!

The "global credit crunch" has feck-all to do with that carry-on. :mad:

Anglo irish bank get pay raises? what next?

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