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  1. #1
    Uniqueorn William K's Avatar
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    Default Allied Irish Banks to pay €40m bonuses despite bailout

    http://www.guardian.co.uk/business/2...espite-bailout

    But legal action by a trader, John Foy, over a deferred €161,000 bonus awarded in 2008 has led the bank to conclude it will need to pay bonuses to many of the staff to whom they were awarded for that year.
    Ok, I know that a contract is a contract, but would you go to court to claim this money knowing that almost everyone will be baying for your blood?
    4w5, Fi>Ne>Ti>Si>Ni>Fe>Te>Se, sp > so > sx

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  2. #2
    Emperor/Dictator kyuuei's Avatar
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    Im not a businessman for a good reason, Im bad at business. I want to be as fair as possible.. which makes for crappy business arrangments outside of small, local community support.

    Theoretically though, if I found myself in a situation like this, I don't know if I could bring myself to.. But who knows. If I were in a situation like that to begin with, maybe I'd be so sick with greed that I wouldn't even think of how much everyone would want me dead.. gotta get dat' money.
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  3. #3
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    If I was a banker, my attitude would be "Who cares what the taxpayers think. Just gimme the cash and STFU. It's back to business as usual."

  4. #4
    resonance entropie's Avatar
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    I think if you are a good business men you'ld know when to quit, otherwise you'ld be just a poker player. I'ld have fear people were coming to get me and my family if I'ld take this
    [URL]https://www.youtube.com/watch?v=tEBvftJUwDw&t=0s[/URL]

  5. #5
    Senior Member Survive & Stay Free's Avatar
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    Quote Originally Posted by William K View Post
    http://www.guardian.co.uk/business/2...espite-bailout



    Ok, I know that a contract is a contract, but would you go to court to claim this money knowing that almost everyone will be baying for your blood?
    Well, I make claims for expenses regularly in my own public service/health trust because I have incurred those expenses, the money is spent already and I would fight about attempts to cut costs by with holding my increments or pay. I hear mantras repeatedly about how the trust has to save money but I also think that the trust has to get an accurate read on what its expenses/costs are and balance the books.

    I think that people are entitled to the money that they entered into a contract for when they where initially employed and its a serious shame that it takes legal action or a fight to get it sometimes, seriously, I dont know what sort of unprofessional business culture is at work if they imagine that while times are good people should be paid but when a crisis occurs they can forget about it. In fact I believe it reflects class struggles and status conflicts which underlie all supposed business interactions anyway.

    The thing about the public's instinct to "bay for blood" in the event of actions like this is that I believe its usually understandable, its to do with personal responsibility and accountability and instinctively disliking what appears to be a lack of either, ie "they" created/caused a crisis/costs to all, "they" should not personally benefit from the crisis/costs, that is fine, I think accountability properly understood and actioned is a good thing, is a vital thing, on the other hand, like so many other things, it turns into a vague grievance which is prepared to punish the good with the bad and make no distinction between legitimate claims and swindles.

  6. #6
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    Quote Originally Posted by Lark View Post
    I dont know what sort of unprofessional business culture is at work if they imagine that while times are good people should be paid but when a crisis occurs they can forget about it.
    The entire system is corrupt. Employees are allowed to take reckless gambles for personal short term gain. Such irresponsibility should rightfully result in the demise of the corporation and the nullification of any personal contracts. But unfortunately, they get saved with taxpayer dollars which they promptly used to reward themselves with.

  7. #7
    Uniqueorn William K's Avatar
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    If it was an issue of getting paid for work done then I would agree that he deserves to get paid, but to me, a company declares a bonus only if it makes a profit. Obviously the management who agreed to the contracts with the staff to give bonus regardless of performance made a big blunder and he is legally correct to sue and win.

    It sounds like the Irish government who are now the majority owners have told the bank to not pay the bonuses. I think this is a bad move. A bailout shouldn't be different from any other type of acquisition. The new owner has to assume all the debts, liabilities and contractual obligations however bad they are. Maybe they can work out a deal to pay the bonuses out in phases or something, but for the government to just ignore the contracts especially after the courts had ruled in the employees' favour is just wrong.
    4w5, Fi>Ne>Ti>Si>Ni>Fe>Te>Se, sp > so > sx

    appreciates being appreciated, conflicted over conflicts, afraid of being afraid, bad at being bad, predictably unpredictable, consistently inconsistent, remarkably unremarkable...

    I may not agree with what you are feeling, but I will defend to death your right to have a good cry over it

    The whole problem with the world is that fools & fanatics are always so certain of themselves, and wiser people so full of doubts. ~ Bertrand Russell

  8. #8
    pathwise dependent FDG's Avatar
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    I definitely would, however I'd probably move abroad before trying to, lol.
    ENTj 7-3-8 sx/sp

  9. #9
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    Quote Originally Posted by William K View Post
    A bailout shouldn't be different from any other type of acquisition.
    That's like saying the welfare department is obligated to pay off a welfare bum's drug dealer.

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