How long will the stigma on big paychecks for bankers hold? That's unclear to many. But with the pay czar (Kenneth Feinberg news) and new Fed rules in place, any big bonuses (bank bonus news) may be a lot more palatable, as many will assume they have been vetted by outsiders.

JPMorgan Chase (NYSE: JPM) allocated $2.9 billion for pay in the first quarter, reporting a compensation ratio of 35 percent. A year ago, as the industry began its recovery, JPMorgan set aside $3.3 billion, 40 percent of net revenue.

It's hard to read much into this. The bank can always adjust in later quarters, if public opinion sways heavily against it. We'll be watching the compensation ratio at other banks, most notably Goldman Sachs (NYSE: GS), which cut back in the fourth quarter in the face of public opposition. If 2010 turns into a blowout year, as 2009 did for some banks, you have to wonder how big paychecks will get and how much will be paid in cash. I doubt we'll see a return to the boom years, but we'll get closer.  

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