The anger over executive bonuses at top Wall Street firms may not apply to broker bonuses. I think we have to allow banks to conduct business as usual to some degree. If a broker generates millions in revenue, you can make a case that he or she is deserving of a bonus. While money is fungible, we've long said that bonuses, within reason, are tenable at companies that are making money.

No one seems to be hugely upset that Morgan Stanley aims to be competitive in attracting and retaining top producers. Brokers at Morgan Stanley and Citigroup's Smith Barney unit who produce at least $1.75 million of revenue may be eligible for a payment equal to 105 percent of their annual production, Reuters notes. They may find some willing takers over at Wells Fargo, which has come to the opposite conclusion. It will not pay bonuses to the 14,600 brokers from the former Wachovia Securities, or Wells Fargo's own 1,000 brokers.

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