To pay bonuses, or not to pay bonuses? That's a huge question right now, and it has taken on cosmic political ramifications. The House, led by Rep. Henry Waxman, is outraged and demanding information and answers. So banks have some big decisions to make. But this is the month when they set bonuses. Most assume that bonuses will be cut, given that profits are way off. But Bloomberg weighs in with an article suggesting that the public, which owns a whole lot of non-voting shares, wants bonuses eliminated. There is a case to be made for that argument. On the surface, the whole thing looks bad. These banks have received billions in taxpayer money, and it will be hard to escape the conclusion that the funds are being used for bonuses. Compensation expert, Graef Crystal tells Bloomberg, "Money's fungible." He's got a good point. On the other hand, some of these firms were forced to take TARP funds, and some, like Goldman Sachs, were profitable. This will be interesting.

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