The Dutch are upset with their bailed out bankers and their bonuses, and are not at all impressed with the threat that the banks can't find the right talent without bonuses.
The bankers' response that high remuneration is vital to retain talent and prevent Dutch financiers from defecting to overseas banks is given short shrift by Polhout. He says: "Let them go abroad if they don't like it her;, there are plenty of clever people who will take their place and work for less. Good riddance, as far as I am concerned."
Moderate opinion in Holland seems united in its belief that banks which received state aid should not be shelling out bonuses. And Dutch parliamentarians are saying the same thing, demanding the government take immediate action. ING may have made a net profit last year of more than €3bn, but it still owes the taxpayer €5bn.
So how did the Dutch win the day? They threatened to move their money from ING which forced the bank to reconsider the bonuses.
How nice it would be if we could create the same outrage and results here.