They still want their bonus

Heard a news story this morning on BBC radio about Allied Irish Bank. Apparently bank officials intended to give bonuses to their personnel because of contractual obligations. That’s despite the fact that the very loose lending practices of Irish banks, such as Allied Irish Bank, are responsible for the European Union having to “bail out” the Republic of Ireland. As a consequence of this “bail out” the Irish government has to implement austerity measures and everyone in Ireland must suffer.

Well, apparently not Allied Irish Bank.

When word leaked about the intended payment of bonuses, this created a “row” in Ireland. I believe the finance minister of Ireland told officials at Allied Irish Bank, if you pay those bonuses, you will not receive any more “bail out” funds.

That did it. It’s been reported those bank employees will not receive their bonuses.

Contractual obligations? Yeah, right. It is funny how low income & middle income workers have to make concessions due to changing economic circumstances, but the wealthy apparently believe they don’t have to nor should be expected to make concessions.

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2 Comments

  1. K Leach said,

    December 14, 2010 at 8:12 pm

    I read an article on yahoo news recently that the recession must truly be over because CEOs are getting their regular bonuses again–an average of $320,000 per bonus this year.

    My taxes bailed them out, yet because of that I will probably have my social security cut…

  2. December 14, 2010 at 8:35 pm

    Yes, for the big banks, the recession is over. A lot of big banks and corporations have tons of cash that they are “sitting on.” Some speculate they don’t want the current occupant of the White House to be re-elected so they won’t hire meaning the unemployment rate continues to be high.

    I was opposed to the $700 billion bailout. The banks and their investors are “celebrating” the banks’ return to profitability but what about you and I as tax payers? The economy is still very sluggish.

    The European Union has approved “caps” on bonuses for bankers. In Brazil, you would never have banks nearly destroying a country’s economy because, it’s my understand, the top officials of banks are personally liable so that means the top officials of banks in Brazil are more “risk adverse.”

    The bankers in the U.S. are playing with O.P.M. – other peoples’ money. They frankly don’t care what happens to O.P.M. as long as they receive their bonuses. Disgusting.

    And don’t get me started on tax breaks for all income levels INCLUDING those making over $250,000. What happened to the concerns about the federal deficit?


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