Madam, - If the Cappoquin Chickens workers are required to accept lower pay packets to retain their jobs, why does not the same apply for Government Ministers, TDs and, especially, directors and managers of banks? Example can be the best motivator. - Yours, etc,
RICHARD REID, Rathgar Avenue, Dublin 6.
Madam, - Some 20 years ago I was a VIP for a night at a function sponsored by one of the main banking groups. At a champagne reception beforehand hosted by the bank, I noticed that among those present were three members of the Cabinet, the Governor of the Central Bank and the Secretary of the Department of Finance.
There were many other people present whom I did not recognise but whose goodwill, I presume, might in one way or another, come in useful at some future date. I believe that this is called networking!
Could I suggest that all of the corporate boxes from Croke Park to Cheltenham in the possession of the six banks be "nationalised" for the period covered by the guarantee? Seats in these boxes could then be raffled among interested taxpayers. These raffles could be supervised by the Financial Regulator, thus ensuring the integrity and transparency of the process. - Yours, etc,
DAVID WALSH, Anglesea Avenue, Blackrock, Co Dublin.
A chara, - I read in your paper that the main reason for the credit crunch is that banks don't trust each other and won't lend money to each other.
I always thought there was such a thing as honour among thieves.
Have we reached a new low? - Is mise,
AINDREAS Ó LOCHLAINN, Slí Eanaigh, Droim Dhá Eithicí, Co Liatroma.
Madam, - A report headed "Bank chief calls for brave budget" (October 6th) summarises the budget recommendations of the chairman of Anglo-Irish bank, Seán Fitzpatrick, as follows: "Reduce corporation tax and tackle the 'sacred cow' of universal child benefit, state pensions and medical cards for the over-70s".
Is it not a bit rich for a man who is paid in excess of €600,000 a year to be suggesting that universal provision for those a lot less wealthy than himself should be subject to means testing?
This is the same Mr Fitzpatrick who couldn't bring himself to apologise to the Irish people for the banks' role in jeopardising our savings and economy. - Yours, etc,
SEÁN and RÓISÍN WHELAN, Ormond Keep, Nenagh, Co Tipperary.
Madam, - I put my money in the bank as I didn't want to, and couldn't afford to, take chances with my savings on the vagaries of the stockmarket. Now it turns out that the banks simply took my money and did what I was afraid to do. Now, with the kitty empty, the bank comes back to me as a taxpayer to get my money back.
I am not sure whether I more incredulous at their stupidity or impressed by their gumption. Either way I cannot believe that people in senior banking positions who oversaw this fiasco have the gall to get out of bed and go to work in the morning, as they are obviously not qualified to do so. Next time I think I will take my savings to the bookies and stick it on Three-Legged Wonder. - Yours, etc,
DON O'CONNOR, Kiladreenen, Newtownmountkennedy, Co Wicklow.
Madam, - Any organisation that rewards its executives with salaries and bonuses related to growth of sales and share prices will eventually founder. If your salary is linked closely to rapid sales growth, then of course you will take imprudent actions to get that rise. You are certain that this is what is expected of you by your employer because he chooses to reward you in this way.
This reward system has become the standard management instrument in a great many large companies, including the banks and many financial institutions.
The "short-termism" that it encourages is at the heart of what has led to the latest collapse. It is also the very logical explanation for the enormous salaries that paid to the most senior bank executives as reward for their success - as measured by their terms, not mine. - Yours, etc,
DAN LINEHAN, Wellington Road, Cork.
Madam, - As a businessman I have joint and several guarantees on the bank loans which I use to build my businesses. If I fail, I lose my job, my business, my house and my reputation.
Contemporaries who went into banking borrowed short, invested long, made bad loans, should have gone bust, but kept their jobs and are paid up to €3 million a year in wages. Instead I, as a taxpayer, pick up the costs of their folly.
Something is wrong, surely. - Yours, etc,
JOHN TEELING, Chairman, Cooley Distillery PLC, Clontarf Road, Dublin 3.
Madam, — Fintan O'Toole (Opinion, October 7th) suggests it is time to "beat the bankers. . . with a very big stick". Many of your correspondents share the same sentiment.
This won't happen, of course. The top people, the "cream" of our society - the CEOs, the boards of directors, the property developers, the higher civil and public servants - are driven around in the same large cars, are members of the same exclusive clubs, attend major sports events in the same corporate boxes, frequent the same expensive restaurants. They know full well, in these dangerous times, that if they don't all hang together, they will surely hang separately.
Mr and Mrs Ordinary Citizen may not like it, but the top people will stay on top until wealthy retirement beckons or they are bid adieu with a very golden handshake. - Yours, etc,
BARRY WALSH, Moorpark, Kilmacanogue, Co Wicklow.