Wall Street has an uncanny ability to trigger public outrage. The long-term effect of pay cuts made by Washington's "special master for compensation," Kenneth R. Feinberg, are unknown.

The immediate result, however, should be the calming of the public outcry following New York Attorney General Andrew Cuomo's report, entitled "No Rhyme or Reason: The Heads I Win, Tails You Lose Bank Bonus Culture." The report cited tens of billions of dollars paid in bonuses by institutions receiving federal aid.

For many of these institutions--Citigroup (C), Bank of America (BAC) and American International Group (AIG), to name a few--federal aid is literally the only reason they're alive, hence the public outcry. But it remains to be seen whether the cuts made to these seven companies is a short-sighted political move, or, in the hopes of Feinberg and Cuomo, a platform for substantial change in the banking sector's bonus culture.

(Photo courtesy of NPR.org)