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Solution to massive payoffs needs guts

IN reference to all and sundry in the political and banking classes getting huge payoffs and retirement handshakes, I wonder could there be an easier solution?

In the US, when you play the state lottery, you can win $100m-plus (€68.7m) on any week in the jackpot. But the state doesn’t immediately hand you a truckload of cash. What they do is pay you a monthly interest cherub into your bank account after deducting state income tax, IRS tax, lottery tax and any other applicable tax, which still leaves you with quite a decent lump sum every month, not to mention a substantial credit rating.

So would it not be possible to tell former politicians this is a new deal, like it or lump it? You were state employees, entitled to €Xm pensions and golden handshakes. Seeing that we can’t afford this lump sum anymore, it is instead going into a huge trust fund (run by the EU /IMF), taxes will be paid, and you will be seen to be doing your bit for Ireland. You will get a monthly cherub on the interest accrued on your millioneuro pension and handshake and you will have a sterling credit line, too.

It would be a possible solution but would require guts to implement.



Our leaders have to be held accountable

OUR ‘leaders’ past and present continue to receive very generous remuneration packages. Many now accept some responsibility for the current crisis but none will accept accountability.

Responsibility is useless without accountability. Peter Nyberg was surprised by the secrecy and legalistic nature of Irish society. But this is essential for highpaid executives and public servants to maintain their lofty positions. How can these high salaries and pensions be justified if the recipients are never accountable for their actions?



Coalition must get on with promised change

WE were promised during the general election campaign by Labour and Fine Gael that the Seanad would be abolished. The present Government now tells us that it is impossible to abolish or radically reform the wasteful and undemocratic Seanad in this parliament, because the constitution requires a referendum.

During the same campaign, Labour Party leaders promised that the bankers would be held to account for the banking crisis. The country is now informed by Labour ministers that the bank bondholders of the “pillar” banks, will not be held to account. They tell us that the international banking sector would lose confidence in the Irish economy and political structures if bankers were held accountable.

Bank workers, however, will lose thousands of jobs, along with other workers, to pay for the actions of the banks boards and senior managers. Election promises by Fine Gael and Labour included a total revision of state boards. Now we are told, “for legal reasons”, the boards will remain as constituted, with future vacancies being advertised.

The present Government was elected on a mood of political change and renewal, based upon fairness and justice. If radical action is required in the form of legislative changes, then get on with it and stop the broken promises.