In A week Where the Government Lectures Us......

Freddie59

Anglo's CEO gets a combined salary+allowances comes to some €800k a year. FFS. This is getting better by the day.:mad:

http://www.rte.ie/news/2012/0329/smaller-ibrc-reports-lower-loss.html

Mr Aynsley had a base annual salary of €500,000 last year, according to the IBRC annual report. He also received a pension contribution of €125,000, relocation allowances of €203,000 and car allowance of €38,000. His total package fell from a year earlier and will fall next year, he said. Chairman Alan Dukes was paid €150,000.

To be honest, if I had any doubts about not paying that "household charge" this puts the lid on it for me.

Professey Chin

Relocation allowances.
Did they buy him a new house? O_o

Freddie59

The Great Chinholio wrote: »

Relocation allowances.
Did they buy him a new house? O_o

Probably two.

SEPT 23 1989

€384.00 an hour if he puts in a 40hr week

which i doubt

Freddie59

SEPT 23 1989 wrote: »

€384.00 an hour if he puts in a 40hr week

:eek:

chin_grin

And yet we all stay behind keyboards b!tching about it. :pac:

phasers

How come only rich people get jobs with expenses?

Chucky the tree

phasers wrote: »

How come only rich people get jobs with expenses?

How do you think they become rich in the first place? Mostly through hardwork and good performance in a related job.

Sykk

phasers wrote: »

How come only rich people get jobs with expenses?

Because they're the ones who don't need them. Irish logic ofc!

phasers

Chucky the tree wrote: »

How do you think they become rich in the first place? Mostly through hardwork and good performance in a related job.

Or else their parents with connections set them up with a good job.

steddyeddy

Chucky the tree wrote: »

phasers wrote: »

How come only rich people get jobs with expenses?

How do you think they become rich in the first place? Mostly through hardwork and good performance in a related job.

In america maybe but Ireland is a really bad example of a capitalist country. Nepotisim and corruptionin this country can get you rich here.

Chucky the tree

phasers wrote: »

Or else their parents with connections set them up with a good job.

That is possible, but chances are he won't get much further than that unless he is good at the job.

SEPT 23 1989

Chucky the tree wrote: »

How do you think they become rich in the first place? Mostly through hardwork and good performance in a related job.

In most others countries this is how its done but not in The Banana Republic

BackScrub

And still people keep on registering for the household rape.

Well done folks.

steddyeddy

phasers wrote: »

Chucky the tree wrote: »

How do you think they become rich in the first place? Mostly through hardwork and good performance in a related job.

Or else their parents with connections set them up with a good job.

Case in point the civil service or the banks.

Stiffler2

kunt tree is in bits etc etc rabble rabble
revolution needs to take place rabble rabble
It's the Irish people's fault for not doing anything about it rabble rabble

Freddie59

steddyeddy wrote: »

Case in point the civil service or the banks.

Hard one to prove though.;)

JoeGil

Chucky the tree wrote: »

That is possible, but chances are he won't get much further than that unless he is good at the job.

Well all the bank CEOs we had up to the 2008 burst got pretty far - about € 50 billion far.

steddyeddy

Freddie59 wrote: »

steddyeddy wrote: »

Case in point the civil service or the banks.

Hard one to prove though.;)

Not really regards nepotisim it isnt.

Immaculate Pasta

He's a CEO though? €800k a year is hardly a staggering figure in my opinion.

If it was the counter staff yes but being the CEO of a large company like the Anglo Irish Bank that's generally the going rate. If they halved that he'd go and be a CEO somewhere else and he would get that wage. If you said the CEO could only got €100k a year you'd get some joker in charge as no skilled CEO would work at that wage and we'd never get out of this mess. Ireland needs the financial sector to economically prosper. More regulation is needed yes and the government is working on it but international trade, favourable conditions for foreign investment and the financial sector. That's what's key for Ireland to economically prosper.

I always think it's a bit simplistic to be in uproar whenever you hear a bankers wage. Do you expect for them to work for nothing?

Bonuses are the issue as they encourage excessive risk-taking. Not so much the wage.

Zebra3

Freddie59 wrote: »

Chairman Alan Dukes was paid €150,000.

Not bad for someone already pulling a pension at the taxpayers' expense. :rolleyes: :mad::mad::mad:

Immaculate Pasta wrote: »

If you said the CEO could only got €100k a year you'd get some joker in charge as no skilled CEO would work at that wage and we'd never get out of this mess.

Yeah, cos paying big money at Anglo guarantees top people. :rolleyes:

Freddie59

Immaculate Pasta wrote: »

He's a CEO though? €800k a year is hardly a staggering figure in my opinion.

If it was the counter staff yes but being the CEO of a large company like the Anglo Irish Bank that's generally the going rate. If they halved that he'd go and be a CEO somewhere else and he would get that wage. If you said the CEO could only got €100k a year you'd get some joker in charge as no skilled CEO would work at that wage and we'd never get out of this mess. Ireland needs the financial sector to economically prosper. More regulation is needed yes and the government is working on it but international trade, favourable conditions for foreign investment and the financial sector. That's what's key for Ireland to economically prosper.

I always think it's a bit simplistic to be in uproar whenever you hear a bankers wage. Do you expect for them to work for nothing?

Bonuses are the issue as they encourage excessive risk-taking. Not so much the wage.

No, I expect them to work for a reasonable wage - as do the majority. It is exactly this type of idicocy that drove this country to where it is today. WHAT makes this man - any man or woman - worth that wage?

For example, in Spain, with a population ten times the size of Ireland, CEOs of State owned companies can earn a MAXIMIUM of €107,000 PA.

Ireland needs the financial sector to prosper? For fcuk's sake, it is the financial sector which has brought the country to it's knees. How you can come up with a statement like that defies belief really.

And as for €800k not being a 'staggering figure' as you put it so eloquently, you can be damn sure it is to the worker on the average wage. Do you mind if I ask what your annual remuneration is?

Freddie59

Immaculate Pasta wrote: »

If you said the CEO could only got €100k a year you'd get some joker in charge as no skilled CEO would work at that wage and we'd never get out of this mess.

JESUS wept! We had CEOs on FOUR MILLION EURO a year and they got us INTO this fcuking mess.

McTigs

For a start this guy is Australian, he is not a career civil servant, was not working for Anglo before it was nationalised and actually probably never set foot in this country before his appointment to Anglo.

He was brought in to oversee the winding down of the bank and recover as much of the losses as possible in the process. He is not a particularly young man and has a had a long career in banking and brings a wealth of experience with him. When you consider the level of losses at Anglo and how much could potentially be recovered for the taxpayer (you) i think someone of his calibre coupled the objectivity having of no affiliation with anyone else, political, business or otherwise in this country is exactly what is required.

I think he was a fantastic choice for these reasons and is a lot more valueable even at that money than bloody Alan Dukes at 150k. You wanna get someone who knows someone in there at 100k then watch David Drumm, Sean Quinn and every other cnut that owes the bank (us) money walk away scot free then go ahead.

The amount this man will save us far far far exceeds what he will get paid.

Pottler

Freddie59 wrote: »

JESUS wept! We had CEOs on FOUR MILLION EURO a year and they got us INTO this fcuking mess.

Ye do also know that you could have a polite Zebra in a suit and they could get by as a CEO, it's not a hugely demanding role. And before all the cnuts come on telling me what ar5e that is, yes, I do know rather a lot of CEO's. I don't know any that I would pay €800k to though.
This is a bit like the Kenny/Tubridy/Marians arguement -"but we have to pay them crazy money or they would leave and go to the UK/States etc". Yeah right, the Uk is crying out for our TV talent:pac: They would be blessed to earn half what they do and if they lived anywhere but Ireland, that's all they would.

Pottler

McTigs wrote: »

For a start this guy is Australian, he is not a career civil servant, was not working for Anglo before it was nationalised and actually probably never set foot in this country before his appointment to Anglo.

He was brought in to oversee the winding down of the bank and recover as much of the losses as possible in the process. He is not a particularly young man and has a had a long career in banking and brings a wealth of experience with him. When you consider the level of losses at Anglo and how much could potentially be recovered for the taxpayer (you) i think someone of his calibre coupled the objectivity having of no affiliation with anyone else, political, business or otherwise in this country is exactly what is required.

I think he was a fantastic choice for these reasons and is a lot more valueable even at that money than bloody Alan Dukes at 150k. You wanna get someone who knows someone in there at 100k then watch David Drumm, Sean Quinn and every other cnut that owes the bank (us) money walk away scot free then go ahead.

The amount this man will save us far far far exceeds what he will get paid.

No, no he won't.

Zebra3

McTigs wrote: »

For a start this guy is Australian, he is not a career civil servant, was not working for Anglo before it was nationalised and actually probably never set foot in this country before his appointment to Anglo.

He was brought in to oversee the winding down of the bank and recover as much of the losses as possible in the process. He is not a particularly young man and has a had a long career in banking and brings a wealth of experience with him. When you consider the level of losses at Anglo and how much could potentially be recovered for the taxpayer (you) i think someone of his calibre coupled the objectivity having of no affiliation with anyone else, political, business or otherwise in this country is exactly what is required.

I think he was a fantastic choice for these reasons and is a lot more valueable even at that money than bloody Alan Dukes at 150k. You wanna get someone who knows someone in there at 100k then watch David Drumm, Sean Quinn and every other cnut that owes the bank (us) money walk away scot free then go ahead.

The amount this man will save us far far far exceeds what he will get paid.

That is not a justification for paying him eight hundred grand a year.

Sure if that's the case why didn't we pay Bertie and Biffo five million a year while the tax take was going through the roof during the boom? :rolleyes:

steddyeddy

Immaculate Pasta wrote: »

He's a CEO though? €800k a year is hardly a staggering figure in my opinion.

If it was the counter staff yes but being the CEO of a large company like the Anglo Irish Bank that's generally the going rate. If they halved that he'd go and be a CEO somewhere else and he would get that wage. If you said the CEO could only got €100k a year you'd get some joker in charge as no skilled CEO would work at that wage and we'd never get out of this mess. Ireland needs the financial sector to economically prosper. More regulation is needed yes and the government is working on it but international trade, favourable conditions for foreign investment and the financial sector. That's what's key for Ireland to economically prosper.

I always think it's a bit simplistic to be in uproar whenever you hear a bankers wage. Do you expect for them to work for nothing?

Bonuses are the issue as they encourage excessive risk-taking. Not so much the wage.

I dont think a ceo of a defunct company should get 800 thousand.

Pottler

Jasus, the "we're worth it" boom bull5hit mentality is not dead yet, is it.

Chucky the tree

Pottler wrote: »

Ye do also know that you could have a polite Zebra in a suit and they could get by as a CEO, it's not a hugely demanding role. And before all the cnuts come on telling me what ar5e that is, yes, I do know rather a lot of CEO's. I don't know any that I would pay €800k to though.
This is a bit like the Kenny/Tubridy/Marians arguement -"but we have to pay them crazy money or they would leave and go to the UK/States etc". Yeah right, the Uk is crying out for our TV talent:pac: They would be blessed to earn half what they do and if they lived anywhere but Ireland, that's all they would.

Gotta a good laugh out of this. I'm sure your CEO mates would have done just as well as with Ryanair as Michael O'Leary alright.

Doc Ruby

steddyeddy wrote: »

In america maybe but Ireland is a really bad example of a capitalist country. Nepotisim and corruptionin this country can get you rich here.

Not like in other countrries, *cough gee dubya cough*

sock puppet

Pottler wrote: »

They would be blessed to earn half what they do and if they lived anywhere but Ireland, that's all they would.

Exactly. Everyone knows that partners in Deloitte earn fuck all.

Immaculate Pasta

Ok one argument at a time

Zebra3 wrote: »

Yeah, cos paying big money at Anglo guarantees top people. :rolleyes:

They might not but it's a pretty defunct argument. Oh we've wasted money on staff who were on a high salary before so we can't do it again. Of course you do it again because invariably if you pay the high salary it attracts the high quality people. That's how much it's costing to get in an experienced skilled CEO from Australia. It's a risk but that's the way the market's been dictated. It's like Man United wasting £28 million on Veron, oh it was a mistake so we can't ever buy big again. Load of rubbish.

Freddie59 wrote: »

No, I expect them to work for a reasonable wage - as do the majority. It is exactly this type of idicocy that drove this country to where it is today. WHAT makes this man - any man or woman - worth that wage?

For example, in Spain, with a population ten times the size of Ireland, CEOs of State owned companies can earn a MAXIMIUM of €107,000 PA.

Ireland needs the financial sector to prosper? For fcuk's sake, it is the financial sector which has brought the country to it's knees. How you can come up with a statement like that defies belief really.

And as for €800k not being a 'staggering figure' as you put it so eloquently, you can be damn sure it is to the worker on the average wage. Do you mind if I ask what your annual remuneration is?

You make some good points but Ireland's financial sector is culturally more similar to Britain and America's rather than the EU. This comprises of high CEO wages, excessive risk taking but can have very high rewards as we saw during the Celtic Tiger era. The EU approach to business has always been more conservatively based but still led to some idiots at the top as Greece and Portugal have shown. Ireland's banking system has been largely deregulated, low corporate taxes and the high wages mean the market has become distorted. That's what the market dictates. It's a privatised sector. Our banks are in competition with other banks around the world. To get the best CEO's you have to pay.

Bankers have already largely taken wage cuts to what the level currently is now. It's a gradual process. It's already been cut from multi-millions to €800k. If you cut it to €100k the banking system wouldn't be able to hire anyone of decent calibre. The previous higher wages have distorted the market. We can't just drop to Spain's level. The highly skilled bankers would just move elsewhere (UK/US) for a higher wage.

You don't know what you're on about that the financial sector that will get us out of the mess Do you know how much the financial sector generates for the economy? It's billions. The service industry is 70% of our economy. The global stock market, international trade, that's what generates the serious money. Dublin is in the enviable position of being in the best timezone and we also speak English. The banks have to be fixed so we can get competing again with the stock exchanges of London, Paris and Frankfurt. Trading with Tokyo and New York. This is what will get us out of this mess. Also in the financial services, attracting companies like KPMG, PWC to the country is essential. Attracting jobs and investment that's what brings in the money. Lastly what I make for a living is an entirely moot point.

Pottler wrote: »

Ye do also know that you could have a polite Zebra in a suit and they could get by as a CEO, it's not a hugely demanding role. And before all the cnuts come on telling me what ar5e that is, yes, I do know rather a lot of CEO's. I don't know any that I would pay €800k to though.

Freddie59 wrote: »

JESUS wept! We had CEOs on FOUR MILLION EURO a year and they got us INTO this fcuking mess.

Discounting every CEO in the world is a bit simplistic. It's hardly a sit in the chair job and let everybody else do the work. They're in the charge of the whole fecking organisation! It's hardly a menial job. The reason they're not paid this famed "average" wage is because it's a skilled job. Not many people could do it. Wages dictate who in the market you're able to hire. The reason we have to pay that much for him is because he could get it elsewhere. This CEO wasn't involved in the Irish banking crisis. As McTigs pointed out, he was transferred in from Australia. It's a risk yes but he's highly skilled and experienced in his profession so there's a good chance it'll be a strong appointment.

People have made mistakes in this industry but as people have largely ignored my initial argument. I've said it's down to lax regulation and bonuses. The level of the bonuses often outweighed the benefits of deals and encouraged excessive risk taking. The sector as a whole wasn't being monitored but now there's being moves to prevent that.

People love to bash the bankers. Scapegoat them. They're scum they shouldn't be allowed to earn anything. But it's not as black and white as that. There was institutional factors with the bonuses, social and cultural factors - we've got to move away from the Anglo Saxon excessive risk taking and start building a capitalist society with a human face like the Scandinavians as well as needing stronger government regulation. But it's all a gradual process and to start it off we need good CEO's and people at the top who know what they're doing.

Pottler

When Michael O'Leary retires, which will probably be fairly soon, the Ryanair business model will continue and the Ryanair system of operation will be unaffected. Many Corporations suceed despite their CEO's, not because of them. In a career, you are overpaid to begin with as you have little experience and are usually incompetent to a large degree. You gain experience, become worth your money and progress. You then spend years being underpaid in respect to the earnings you accrue for your Company as you climb the greasy pole.
Finally, if you are political enough and ruthless enough, you ascend to the dizzying heights of the Corporate Chief Executive Officer whereby you are once again Overpaid, this time grossly. The second corporate law is that you tend to be promoted to your level of incompetence. A CEO is like a jockey, some jockeys can ride a nag to victory and some couldn't ride Shergar in a donkey-derby. I have no issue with what a Private equity firm pays its CEO, that's none of mine nor anybodys business. I do have an issue with the inflated earnings of State and Semi state Heads of Organisation.
The CEO of a State owned Bank with no active profitable clients, no profits and simply being IV'd with Billions of Public Euros to "salvage as much as is possible" does not deserve compensation of .8 million Euro per annum, in my view. But that is just my view, and much as I give a sh1te about anyone else on heres view on anything but an entertainment value, nobody really should give a sh1te about my views, nor treat them as anything more than an opinion, which as we all know, are like ar5eholes, we all have one, and it's ours to do with as we wish.:)

steddyeddy

Doc Ruby wrote: »

Not like in other countrries, *cough gee dubya cough*

True bush was an embarrasment but most of my time in america I saw police and other bodies act on corruption and related frauds.

steddyeddy

Domo230 wrote: »

Don't see anything wrong with the salary.

You have to pay big money to attract big talent. It's the systems fault, not the people who used the system to gain an advantage. You can't blame humans for being human, and considering how large the financial sector is worldwide there were bound to be chancers.

Best thing to do is learn from the mistake and reform the system.


TL: DR Don't hate the player, hate the game.

No offence meant by this but thats bs. Theres people curing cancer for less money than that by a long long way. Far far more intelligent than most bankers and getting paid a lot less.

K-9

Chucky the tree wrote: »

That is possible, but chances are he won't get much further than that unless he is good at the job.

Fitzpatrick, Drumm?

Anyway, this guy isn't a CEO, he's more a Liquidator surely?

Zebra3

Maybe we should double his salary and perks and he'll "make" us even more money. :rolleyes: