It seems about right. When he first appeared in Batman comics he was supposed to be the only villain on a physical par with Batman (this was before Bane though) and he wasn't supposed to be terribly stupid. He is clouded by his political views though, and now that he's not got the KGB commanding him (and he hasn't has them for 17 years) he's got to take orders from rich criminals that can afford his services.

He would have to have some mastermind to report to. He is, ultimately, a hitman. Unless someone's giving him orders or paying him he's not much other than a particularly well-built and well-armed thug.