The largest bonus ever on Wall Street! The distinction belongs to John Mack, CEO of Morgan Stanley. The stock has fared well under him, and the ship seems righted. The Pequot Capital fiasco seems all but forgotten on Wall Street--though not in Washington. So given Mack's performance, $40 million seems worth it, right? But you can be sure that the corporate governance activists will raise some issues. Over the last two years, Mack has made something like $80 million. The heat may shift to some other CEO soon. You'd have to bet that Goldman Sachs CEO Lloyd Blankfein will make even more, given the firm had an even better year. That will bring out the critics in force. We should all have such problems.

For more on Mack:
- here's a CNNmoney.com article
- For more on what these bonuses mean read this.