Wednesday 20 September 2017

Courts can scrap bankers' bonuses

IN his confessional interview with George Hook on Newstalk, Brian Lenihan revealed frustration about his powerlessness to restrict the payment of pension top-ups and bonuses that bank executives are awarding themselves.

According to Mr Lenihan, his hands are tied by the contractual rights conferred on these bankers by their institutions before state bailouts gave Mr Lenihan a role.

In the spirit of coming together I would like to offer Mr Lenihan some advice, derived from a recent experience I had with similarly watertight contractual complexity. In December 2009, the people I work for wanted to cut my contractually guaranteed remuneration package.

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