The rescue plan for the financial sector in the Netherlands means the government is in the driving seat in the banking sector.

It intends to weed out weak directors and appoint its own strongmen to the boards of banks, taking advantage of government financial help as well as halting bonuses to undeserving executives.
The public’s initial reaction to this approach was relief. At last, the government, with the tax payer’s interests at heart, is taking control of the greedy reckless bankers whose murky dealings precipitated the crisis.
The public may now be a little less relieved following the government’s first appointment – to the board of the holding company of the now nationalised ABN Amro and Fortis Nederland.
The finance ministry yesterday announced that Michael Enthoven will be play an important role at the nationalised financial institution.
Enthoven was forced to resign as boss of investment bank NIBC earlier this year, after it got into big trouble through, you guessed it, overexposure to toxic assets linked to US mortgage products. He himself admitted that the bank had not done ‘its home work properly’.
Not exactly a man to inspire confidence in getting the banking sector back on the straight and narrow. He is currently working for the crown prosecution service and will be paid the same salary for his new job. Big deal!
If this is the way the government going to act maybe it should delegate the responsibility for recruitment to somebody else. Or does this appointment mean there is a dearth of quality financial executives in the market?