Noonan isn't powerless
Madam – It was with utter disbelief that I read the following: Noonan – "I'm powerless to tackle bankers' pay and perks", (Sunday Independent, November 4, 2012). And again: "'Powerless' Noonan sanctions another €500,000-plus banker", (Sunday Independent, November 11, 2012).
It is my understanding that the previous Minister for Finance, the late Brian Lenihan, bailed out these same banks with taxpayers' money giving us, the taxpayer, and Mr Noonan as our representative, a big shareholding in these banks. How can one have a 99.8 per cent shareholding (in AIB) and expect anyone to believe they are powerless?
To add insult to injury, Leo Varadkar, Minister for Transport, Tourism and Sport, is reported as saying, "If the bankers were not earning these salaries, they would be paying less tax which in turn would mean higher tax rates for the rest of us taxpayers."