Ireland Planning a 90% Tax on Banker Bonuses

[Poboy]

Ireland Planning Tax on Banker Bonuses
Published: Friday, 10 Dec 2010

European Union banking supervisors agreed on finalised mandatory guidelines for awarding bank bonuses on Friday, saying many could expect as little as 20 percent in cash although key requirements could be "neutralised" for less risky firms and staff.

----

Irish Finance Minister Brian Lenihan said on Thursday he would include a 90 percent charge on bankers' bonuses in the budget bill.
"As far as the future is concerned I do propose to introduce the amendment to the finance bill to put this matter beyond any doubt and provide a high rate, a 90 percent rate of charge on any ... bankers' bonuses," Lenihan told local radio.

Ireland's government will seek parliamentary approval for a 85 billion euro ($113 billion) IMF/EU rescue package next week,in a surprise maneuver designed to embarrass its political rivals.

Dublin has previously said it did not need the lower chamber's agreement for the deal. But, emboldened by the passage of the first stage of a controversial budget this week, Prime Minister Brian Cowen is clearly confident the deal will get the thumbs up despite his razor-thin majority.
"We will once again give the opposition the opportunity to either come clean, recognise that this deal is essential and in the best interests of the country, or spell out their alternative," Cowen said in a statement.


http://www.cnbc.com/id/40564596/Ireland_Planning_a_90_Tax_on_Banker_Bonuses

=====


This is how you play politics for the people. This is how you handle the bankers.

[RB TexLa]

1. Tellers getting a E500 bonus at the end of the year really do only deserve E50 of it.

[Canuckistanian]

3. Tellers don't get performance bonuses

Traders, arbitrage people, and executives do.

[RB TexLa]

4. Yes, they do. E500 is probably high but performance bonus is standard for all positions in

financial services. It's part of the pay just like salary is.

[muriel_volestrangler]

6. No, they don't

Mr Lenihan said in a response to a parliamentary question that some 2,869 AIB employees were paid €58.65 million in deferred bonuses this year and last year.

Some €35.5 million was paid this year following legal action and a further €3.7 million was paid to staff in AIB Capital Markets in respect of deferred bonuses relating to work in 2006 and 2007. Some 62 executives shared €11.11 million, or an average of €179,000 each, for 2009, while 674 managers shared €30 million or an average of €44,000 each.
...
Mr Broderick said most AIB staff did not receive bonuses and frontline workers were subjected to abuse from the public.

http://www.irishtimes.com/newspaper/ireland/2010/1211/1224285303498.html

The vast majority of Allied Irish Banks staff will not share in the controversial 40 million euro of bonuses, union chiefs have claimed.

The Irish Bank Officials Association (Iboa) said its frontline members faced abuse from angry customers over the pay-out, yet they were not benefiting.

Larry Broderick, Iboa general secretary, said: "An impression has been created in the minds of many members of the general public that ordinary bank officials in AIB have shared in a massive bonus bonanza - and once again branch staff throughout Ireland are bearing the brunt of further unjustified abuse and demeaning comments from various quarters. The vast majority of staff in AIB have not benefited from any such payments."

http://www.google.com/hostednews/ukpress/article/ALeqM5jAVIoXFfUiqNB_uHF1m61ScLGWBQ?docId=N0076561291983579254A

[Hannah Bell]

8. yes, who will speak for the pooooor tellers? baloney. 2400 people get the bonuses

that brought this action on, & the average bonus = 16,700 euros.

so it ain't tellers getting the bulk of them.

"RTE state radio said almost 55 million euros was paid to AIB staff in bonuses last year and the average bonuses to be paid for 2,400 staff this year is 16,700 euros."

http://www.google.com/hostednews/afp/article/ALeqM5jACU7rjFh2NRy-OmYC1wZRHHGjBQ?docId=CNG.5d466a6578566e3032488678e79f321f.531

[Canuckistanian]

2. That's the way to do it

Tax the hell out of short-term profits that do NOTHING to benefit the citizens. Make them work for the common good as they spin their roulette wheel.

[snooper2]

5. This is what you do

when you are broke..

[Hannah Bell]

7. Kudos to whoever had the balls for this one.

[jeanpalmer]

9. How Congress handles the bankers

Webb has pushed for a onetime windfall profits tax on Wall Street's record bonuses. He talks about the "unusual circumstances of the bailout," that the bonuses wouldn't be there without the bailout.

"I couldn't even get a vote," Webb says. "And it wasn't because of the Republicans. I mean they obviously weren't going to vote for it. But I got so much froth from Democrats saying that any vote like that was going to screw up fundraising.

http://www.realclearpolitics.com/articles/2010/11/08/jim_webb_why_reagan_dems_still_matter_107875.html

[Poboy]

10. Exactly the comparison I was hoping to make. Thanks.

[chimpymustgo]

12. This deserves its own OP. Just sickening.

[Poboy]

13. It certainly is worth repeating.

"And it wasn't because of the Republicans. I mean they obviously weren't going to vote for it. But I got so much froth from Democrats saying that any vote like that was going to screw up fundraising.'

[Starry Messenger]

11. k&r

[Le Taz Hot]

14. You'd think the US would get a clue. n/t

[Poboy]

15. We are completely under corporate rule. Our politicians routinely ingore us.

[Poboy]

16. Wel, wel, lookie here...Wall Street bonuses may top last year’s as earnings soar

Wall Street bonuses may top last year’s as earnings soar
Securities industry is on track for second-highest level of profitability

msnbc.com news services
updated 2 hours 22 minutes ago

NEW YORK — Despite the weak U.S. economy, this year could be the second most profitable for New York City's securities industry, and the average bonus may top last year's because so many bankers and brokers have been laid off, the state comptroller said in a report on Wednesday.

"Wall Street earned $21.4 billion during the first three quarters of 2010," Comptroller Tom DiNapoli said.

full-
http://www.msnbc.msn.com/id/40681578/ns/business-stocks_and_economy