A week ago, the Ministry of Finance -- which manages government stakes -- released its latest personnel appointments for government-controlled banks. It showed that six of the banks' chairmanships would be filled by a former deputy finance minister or a retired high-ranking official who had served in the former Bureau of Monetary Affairs. Such arrangements -- which have had a long history in the country -- are absurd and conflict with the government's claim to enhance the competitiveness of Taiwan's financial industry. The reason why retired government officials are not suitable to serve as chairmen of banks is very simple: These people are not trained to be bankers. These chairmen do not dare to shoulder any extra operating risks, resulting in low returns and weak innovative ability for their banks. When it comes to government-ordered bailouts for specific businesses, however, they tend to ignore the risks and obediently comply. The real crisis is that the Ministry of Finance is no longer the government authority that oversees the country's financial industry following the establishment of the Financial Supervisory Commission in 2004, which means that there are no officials specializing in financial affairs in the ministry. If retired government officials are not suitable to head government-controlled banks, officials who lack experience in financial affairs are even more unfit for the positions. (editorial abstract -- July 1, 2010) 