AIB Pays Doherty 3 million on His Step Down as MD Last Year

[C. Flower]

http://www.irishtimes.com/newspaper/...breaking5.html

Former managing director of Allied Irish Banks, Colm Doherty, received a pay package of more than €3 million last year after stepping down in November as a condition of the State’s second bailout of the bank.
Mr Doherty received a salary of €432,000 for the period from the start of the year to early November. Under his contract, he was entitled to a termination payment of €707,000 in lieu of a year’s notice after the board of AIB was told to terminate his contract at the direction of the then minister for finance Brian Lenihan.
Mr Doherty received a further cash payment of about €2 million in lieu of a contribution to his pension. This was made under an existing agreement which entitled him to a taxable cash payment after the government capped the pensions of company executives at €5 million in 2006.
He received the payments under a contract agreed when he was promoted in November 2009 to the role of managing director, replacing chief executive Eugene Sheehy.
The Department of Finance signed off on his pay, under which Mr Doherty took a salary cut from €633,000 to €500,000 a year, the Government cap for top bankers.
Minister for Finance Michael Noonan said the issue of bankers pay has to be re-examined.

If Noonan is serious, why isn't Anglo Irish being wound up ?

[musashi]

This is astounding.
We're such a generous people.

[PaddyJoe]

Lenihan has gone to ground. Refusing to comment for the News at One.

[Apjp]

Shouldnt this be titled 'more immoral bonuses/payments given from the kleptocratic politicians to their mates as the Irish people are good for it'? The propaganda some people, like me granda fall for is unbelievable. i.e. he said when fg were elected with labour: ' They'll HAVE to put another 10 billion into the banks soon'. The same people who say we HAVE to do this and those who believe them dont even know why we are doing this, how we can afford it, and are afraid to think of a society where failed banks collapse instead of being fed dead money. Such people, either through indoctrination, fear or crass stupidity and ignorance, or an inshakeable loyalty in Micheal Martin and how himself, manafin and Conor Lenihan will change things irrevocably are incapable of demanding a fair society.

[musashi]

A three Million payment for one year's service as CEO of AIB.
The same bank was running at a 12 Billion loss last year, has been recently nationalised (so we have to pay for its losses), and will lay-off 2,000 of its staff because of its mismanagement.
Will there ever be a last straw...

[C. Flower]

A three Million payment for one year's service as CEO of AIB.
The same bank was running at a 12 Billion loss last year, has been recently nationalised (so we have to pay for its losses), and will lay-off 2,000 of its staff because of its mismanagement.
Will there ever be a last straw...

Yes. Probably when someone gets the next free mobile phone for their child....

The sums numb peoples' minds, I think.

[Griska]

Meritocracy much?

[Holly]

Noonan claims there is not a thing he intends to do about this.
Good lord! What a big fat baldy mouse he has turned out to be.

[C. Flower]

Noonan claims there is not a thing he intends to do about this.
Good lord! What a big fat baldy mouse he has turned out to be.

"Entitled" to it, he said. Less of an attempt even that Lenihan made tbh.

[barrym]

Even more disgusting than the incompetence shown by those who wrote the contract and those in the DoF who 'approved' it is the interaction in our Parliament. Reading Miriam Lord's commentary on the Taoiseach's reaction it boils down to a series of political point scoring slaggings, by the Taoiseach, Alan Shatter, Pat Rabbitte, etc. They spent their time shouting insults instead of actually addressing the issue. Says volumes about how much they actually care.

How could a guy who's contract was written in 2009 be recruited on the basis that he didn't have clearly defined terms and conditions which woud mean he would be fired without compensation if he didn't achieve them?

If they couldn't get anyone to sign such a contract then the board, which includes 'our' representatives, would have to run the place and implement the necessary changes.

As it was the bank lost 12bn in this guys term of office, surely there were financial objectives in his contract, was he supposed to lose more than this??

B

[Captain Con O'Sullivan]

From the insistence of political players in protecting the holy and apostolic principle that certain people are entitled to be treated to millions because a stupid deal must be honoured to the sudden reverse when it comes to paying billions to bondholders and debt holders because they might not like us if we don't- and finally to the taxes being levied on people to pay for this organised theft it is pretty obvious that Irish politics is corrupt from top to bottom.

Take a look at the Nyberg report and the words used in it. All pointing to 'sure it all went wrong somehow and no-one is to blame'. If people are paid large salaries to assume responsibility and the buck is suppose to stop at their desks in return for lareg paypackets then where is the evidence that this formula is in any way real?

As far as I can see from Ministers, bank directors, heads of state agencies and right across the so-called 'leadership' in Ireland all I'm seeing is attempts to deflect blame while still extracting large sums of money from the public purse.

At what point do people in Ireland generally realise they are being lied to and conned by carpetbaggers?

Ireland in my opinion is LONG overdue some applied blame and in no uncertain fashion. There are certain bank boards who could do with being run out of the country on a rail for a start.

[Buddha]

As far as I can see from Ministers, bank directors, heads of state agencies and right across the so-called 'leadership' in Ireland all I'm seeing is attempts to deflect blame while still extracting large sums of money from the public purse.

At what point do people in Ireland generally realise they are being lied to and conned by carpetbaggers?

Ireland in my opinion is LONG overdue some applied blame and in no uncertain fashion. There are certain bank boards who could do with being run out of the country on a rail for a start.

When is this, the biggest rip-off in the history of the State going to end. It''s bloody unbelievable, isn't it? And no one will, can or wants to do anything about it, no one who can, I mean. What's the point, nothing will be done, as usual.

[Baron von Biffo]

For the purposes of pay and pensions bankers should be declared public servants.

Had that been done in this case then Doherty could have been paid €371,000 and not the contracted €432,000. Instead of having to put €2M into his pension fund we would have got around 30% from him for the privilege of being in the scheme. The termination lump sum would have been a maximum of €16,200.

[DCon]

Even more disgusting than the incompetence shown by those who wrote the contract and those in the DoF who 'approved' it is the interaction in our Parliament. Reading Miriam Lord's commentary on the Taoiseach's reaction it boils down to a series of political point scoring slaggings, by the Taoiseach, Alan Shatter, Pat Rabbitte, etc. They spent their time shouting insults instead of actually addressing the issue. Says volumes about how much they actually care.

How could a guy who's contract was written in 2009 be recruited on the basis that he didn't have clearly defined terms and conditions which woud mean he would be fired without compensation if he didn't achieve them?

If they couldn't get anyone to sign such a contract then the board, which includes 'our' representatives, would have to run the place and implement the necessary changes.

As it was the bank lost 12bn in this guys term of office, surely there were financial objectives in his contract, was he supposed to lose more than this??

B

What was HRH Kevin Cardiff doing when this joke of a contract was written?

Surely Kevin was not keeping quiet to protect his T&C's?

[Captain Con O'Sullivan]

When is this, the biggest rip-off in the history of the State going to end. It''s bloody unbelievable, isn't it? And no one will, can or wants to do anything about it, no one who can, I mean. What's the point, nothing will be done, as usual.

I suspect they'll keep going until some large houses burn down. Which is neither here nor there to me.

But it will be amusing when it happens to see members of the Oireachtas and the dogs out of IBEC kennels running around with their petticoats gathered up and wailing to know why people are angry.

No doubt it was the same between 1880 and 1916. On Easter 1916;

'The Irish Times strongly condemned the rebellion saying 'sedition must be rooted out of Ireland once and for all'. The Irish Independent also condemned the rising calling it 'wicked and insane'. The rebels were keenly aware of the importance of getting their message across to the public and on the second day of the rebellion, they published their own newspaper Irish War News. This 'newspaper' was produced by the rebels with the aim of rallying support rather than telling exactly what was happening.

In the week after the rising, most newspapers were published again as normal. The Irish Times and The Irish Independent again condemned the rising and called for tough action against the leaders.' http://resources.teachnet.ie/dhorgan/2004/thursday.html

'The situation in Dublin is now critical. With most shops closed since Monday there is a widespread shortage of basic food items such as bread and milk.With large numbers of British soldiers in the city, the military has commandeered much of the available food. Even relatively wealthy families are forced to go out in search of food supplies.'


Aye.