High-paid insiders grab lion's share of diminishing spoils
Scarce resources should be fairly allocated, but the State has a poor history in this regard, writes Eddie Hobbs
Published 26/01/2014 | 02:30
Area 51 was only acknowledged by the CIA as late as 2005. What happens there is top secret. There's more known about Area 51 and reverse engineering of crashed alien technology, than about public sector pension schemes – judging by the news management involving Government ministers on the exit deal for former CRC chief Paul Kiely.
That the PAC appears to have been misled and that payments were funnelled to the departing CEO from charitable donations is pretty low even by the standards of governance and disclosures in this country, but the size of the extra loot, €740k, pales in comparison to the plunder of future generations of taxpayer donations, overseen by successive Cabinets.
Reconstructing Mr Kiely's exit package – which came in three parts, €268k towards his pension fund, €200k tax-free pension cash, and a taxable lump sum of €273k – points to the replacement of half Mr Kiely's public salary and not the replacement of the extra €136k coming from charitable donations.