This Will Only Hurt a Bit, Now Bend Over

Well, it looks like public pressure is working, because that's about the only reason that the seven top executives at Goldman Sachs would send a memo to the board of directors asking for no bonuses this year.

Hopefully, this will spread across the industry.

It's also happening in Europe, where UBS will not pay bonuses to top staff in 2008.

In fact, it's going further, to change the incentives for a quick buck:

Starting from 2009, top managers' bonuses will be blocked for at least three years instead of being paid immediately and executives will receive variable pay if UBS results warrant.

Which means that the quest for a quick buck for a quick bonus has just become more difficult.