Are our bonuses safe?

How things change. Just a few months ago, we were talking about yet another record year for bonuses on Wall Street. There were the obligatory articles about how high-end car dealers and real estate brokers were gearing up for the new year. But all that has changed. And how? Suddenly, people are wondering how safe their jobs are. The truth is bonus season will not be a disaster. We go through these boom-bust cycle regularly. Still, you have to wonder how (if) the industry will be changed. Will it lead top banks to take a new approach to their VAR? Will it lead some back to their roots as commercial bankers? These are all fair questions. We just don't know yet. Here's something to look out for: Goldman Sachs. So far it has emerged unscathed, even more golden than before. But if it blows up--and that is possible--it will truly mark the end of an era - Jim