John Mack, the outgoing CEO of Morgan Stanley (MS), will not accept a bonus for 2009, even though the board offered one. That's a good move, one for which he has earned some plaudits. But what choice did he have? At a time like this, when the firm will lose money for the year and when the spotlight on executive pay couldn't be harsher, he really couldn't accept a bonus. The outcry would have been too loud.

Goldman Sachs (GS) of course has different problem all together. It needs a way to distribute $20 billion or so without offending anyone. Good luck. It has already said the top execs will be paid in stock they can't monetize for five years. Bank of America's (BAC) Ken Lewis was in a situation similar to Mack's. He also will not get a bonus at the behest of the government. Citigroup's (C) Vikram Pandit says he won't take anything but $1 until he repays the banks. 

For more:
- here's a Bloomberg article

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