The Financial Times reports that Goldman Sachs and Morgan Stanley have postponed meetings planned for October that would have determined the bonus pools. Everyone expects that bonus pools will be much lower. Goldman has compensation expenses that were down 32 percent for the first nine months. At Morgan Stanley, such expenses were down 20 percent. Obviously, there is a lot of populist anger directed at Wall Street right now. It may behoove them to wait until the moment is less pregnant. You have to wonder, if a bailout plan is finally set, would these two firms qualify to sell some assets to the government? If so, would any constraints on exec pay apply? These two firms may find it more worthwhile to not participate in any bailout plan. All in all, the end of an era has begun.  

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