NAMA chairman to get 70% pay increase

KindOfIrish

Even don't know what to say:mad:
http://www.rte.ie/news/2010/0312/nama.html

bazza1

It begins again!:mad:

ei.sdraob

http://boards.ie/vbulletin/showthread.php?t=2055852703

Kimbot

It sickens me to see stuff like this.

The lowest grades in the public sector are taking a hammering off the public while these feckers higher up are patting themselves on the back and not taking any hits and actually getting raises!! Its madness and the public are falling for this cr@p!

pah

Aa a PS worker I love my job and enjoy most days at work. The more I read this frakking sh1t the more inclined I am to conciously decide to go in every day, not give a sh1t about anyone or anything collect my paycheck and come home without giving it a second thought. *

Why should I give this Government anything more than the absolute minimum when they spit in my face? I see the need for cuts in PS and accept them as neccessary. They cut my pay and then increase some NAMA pr1cks salary by 70%. That's insane as if €100k a year wasn't enough. Frakk them. :mad:


* Please no quips about Isn't that what PS workers do anyway? cos I don't

SkepticOne

I suggested this on another thread: It is very strange this increase coming out of the blue. I think these people took the jobs initially not realising fully that the sums didn't add up and that it's really about getting the current government off the hook while passing the burden onto future governments and the Irish people. Once they realise this, then they start to worry about the finger being pointed at them later when it all goes wrong, much like the finger is being pointed at Seany Fitz et al today. Some of them might want to bail out early, hence the increased offer of compensation.

Count Dooku

KindOfIrish wrote: »

Even don't know what to say:mad:
http://www.rte.ie/news/2010/0312/nama.html

He is public servant on state payroll
Now PS workers will demand the same for them

oppenheimer1

I find this story most odd. I'm surprised that the director of what will be one of the worlds largest property portfolios is only on €170k. Could it be that the directors demanded more money and threatened to walk if they didn't get it? It would be totally immoral if they held the country to ransom like that, because any whif of contraversy over the running of NAMA will push the spreads on Irish Government bonds out further... even a few points could make €70k look cheap...

changes

Yeah its clear that the big boys will be looked after. 70% increase for the NAMA crew and a row back in the proposed cuts for the top civil servants.

Can Mr Lenihan not see how this is perceived by the ordinary person..... maybe he's not so clever after all.

Oedinary people are told to take their medicine and yield a little for the sake of the country. But the big boys even when they are working on a project designed to help the country must must must be paid top dollar???

Welease

changes wrote: »

Yeah its clear that the big boys will be looked after. 70% increase for the NAMA crew and a row back in the proposed cuts for the top civil servants.

Can Mr Lenihan not see how this is perceived by the ordinary person..... maybe he's not so clever after all.

Oedinary people are told to take their medicine and yield a little for the sake of the country. But the big boys even when they are working on a project designed to help the country must must must be paid top dollar???

100K isn't really top dollar for something of the importance of NAMA..

It is a surprise that it was initially so low (and agreed by the board), then later decide to bump it up, which is guaranteed bad press.. but do you know of any exec's presiding over 50+billion of assets that would work for 100K?

changes

Welease wrote: »

100K isn't really top dollar for something of the importance of NAMA..

It is a surprise that it was initially so low (and agreed by the board), then later decide to bump it up, which is guaranteed bad press.. but do you know of any exec's presiding over 50+billion of assets that would work for 100K?

I thought is was 170K?

Welease

changes wrote: »

I thought is was 170K?

100K originally, bumped up to 170K (thats the 70% increase) as far as i know..

and the other board members got a raise from 38K to 50K (iirc they are expected to be available 3-4 days per week).

oppenheimer1

I thought their renumeration might be more performance linked. Would anyone begrudge them a fat wage if they actually managed to turn a profit with NAMA? I wouldn't mind seeing them get bonuses for that tbh

Welease

oppenheimer1 wrote: »

I thought their renumeration might be more performance linked. Would anyone begrudge them a fat wage if they actually managed to turn a profit with NAMA? I wouldn't mind seeing them get bonuses for that tbh

I'm not so sure that would be realistic.. If NAMA does turn a profit, it won't be in the short/medium term, so it would be a pretty unfair to have renumeration directly linked to profitability now..

oppenheimer1

Welease wrote: »

I'm not so sure that would be realistic.. If NAMA does turn a profit, it won't be in the short/medium term, so it would be a pretty unfair to have renumeration directly linked to profitability now..

Good point. I would like to see performance related pay in some form. Nothing like making money to prevent people from becoming complacent.

Welease

oppenheimer1 wrote: »

Good point. I would like to see performance related pay in some form. Nothing like making money to prevent people from becoming complacent.

Agreed..

My one concern is how involved are these folks actually going to be...

If you look at some of the language being used... the board must "be available" x days per week.. Being available is vastly different from actually working there x days per week.

I know it's early days, but the credit committee (who got bumped up from 38K to 50K) meet for 1/2 day per week.

I sincerely hope this isn't another Irish tradition of jobs for the boys, with very few actually doing fk all the earn their pay packet, as it makes it sound like they are all gainfully employed elsewhere at the same time.

Time will tell...

SLUSK

This is just jobs for the boys. Why does anyone believe anything else?