This week saw perhaps the most important FT article on Ireland's crisis (link) titled Dublin's Shame, the article highlights the issue of grotesquely over-exaggerated pensions of Irish failed bankers. The point it touches upon - by itself - is not a minor one. But what is most important is the fact that FT takes a clearly only feasible ethical position on the issue and, put frankly, throws it in the face of not only the Irish banking establishment (on which the article focuses), but the Irish Government that is sheepishly incapable of any response to the issue that would have been congruent with the normal tenets of morality in any normal society.
"Public shaming may be the only recourse available to the government. Some argue that the pension funds should stop paying these executives, daring them to sue. Alternatively, Dublin could raise a levy on the richest pensions. But, however justified the resentment, either step would be wrong. Governments should not tear up contracts or tweak laws just to target a few. If the directors are to be penalised for their acts, this should happen in the civil courts."
Alas, public shaming is something our Government refuses to engage in, judging by the statement made this week on the issue by the AIB owner - Minister Noonan. And, sadly, in Ireland, there is not a chance the civil courts will see the face of the vast majority of the reckless, incompetent and entitlement-driven elites.
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