"PM Rutte insulting his own Ministers by offering newly nationalized SNS boss big Salary"

undertheradar's picture

So there's a politician from Groenlinks who had a few good (in the Dutch sense of the word) one liners for PM Mark Rutte on the radio here Saturday in rain drenched Netherlands. He said Rutte insulted his own "Ministercrew" by offering big bucks to Gerard van Olphen to run now state owned SNS Reaal. Rutte says the market must continue to determine salaries. Well that's not how he said it exactly but that's how I'll translate it until I get charged with slander. Actually I think he said the Dutch must continue offering the private sector (which is helping him figure out the way through this nightmare for him) salary for the new public sector boss. That may not be exactly correctly translated either. Perhaps the fairest translation is that you have to offer good people lots of money and he knows how to find them. Rutte is from VVD which is not an STD but a political party standing slightly to the right of the jellyfish known as Dutch politics.


Then again, a politician, who is not directly chosen, can sit on the benches for a single day, fart, retire or go to the private sector and be assured of a damn good income for the rest of his or her life. My sense is that the Hague machinery works much like networks anywhere. Whereas earlier this could still be associated with some sense of general wellbeing for the population as a whole, it is turning into a monster that may just have to be taken down entirely. That is perhaps hyperbole considering the battons that have to be kept in the air to maintain the teetering global system. Food banks are now the biggest growth industry, followed by debt counciling services. Insiders fighting harder for privilege and outsiders out of luck. 

Readers: Sorry if I wasted your time with this. Perhaps I should rename my blog shitehumourfromthenetherlands and you'll understand my positioning on ZH better.

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forrestdweller's picture

it is not an excessive salary for this function.

Tango in the Blight's picture

I'm from the Netherlands and I think this story is boring as hell. Everyone here knows that the Dutch elite is a corrupt bunch of money grabbers ("graaiers").

Move along, nothing to see here...

undertheradar's picture

Another Dutch master of a not uncommon ZH one liner. I think my point is this issue is more important than one liners and getting your name in the news but that's not the bread and butter of Dutch politics. And it is difficult under the circumstances to gauge what is going on. The central bank independence meme is wearing a bit thin. It's not rules its cliques. But if you have anything illuminating to add....

And I can't resist, I prefer money grubbers.

HoaX's picture

I´m sorry but 550k per year without bonuses is a joke for any other CEO, WS or in Europe.

I´m not saying I´m happy with it but the CEO left a job where he made 1.5 million a year (at Achmea) to take up this one, which will land him a lot of crap and potentially ruin his career if he fucks up.

There´s other stuff to get worked up about besides this. For instance, why senior bondholders were not made to bleed for this, and why subordinate bondholders will probably get all their money back after all since they have been "missold" their certificates as risk free, as stated today in Buitenhof by Dijsselbloem. Or why we had to buy up the entire bank and couldnt just buy the good bank, and leave the bad bank to rot with said bondholders. Or why it is impossible to criminally prosecute for mismanagement, why we can´t even clawback the bonuses paid because the law hasn´t passed the upper house yet.  Why Sjoerd van Keulen, the CEO responsible for this mess at SNS is still chairman of the Holland Financial Centre, a semi-public organ charged with cleaning up the banking sector in the Netherlands (http://www.hollandfinancialcentre.com/item.php?id=180&language=EN). You could give him a call by the way, the number is on the contact page.


shovelhead's picture

It may be cheap for a CEO but it's pretty expensive for a junkyard dog.

Troy Ounce's picture


Do not forget that these "pre-fab" politicians only can operate effectively when money is plenty. 

Money is plenty thanks to the banksters and brain-dead economists.

Rutte does not care as a tax- and care free unelected EC job is surely waiting for him.