Peter Cohan of BloggingStocks has a slightly different take on why the CEOs decided to forgo a bonus. Here is what he said,
Why are they doing this? Because it's going to make it easier for them to stiff lots of employees who they don't think will be essential to making a profit in 2008 and 2009. Investment banks have less bonus money to go around and they will try hard to pay enough to their top performers to keep them from jumping ship. If they can keep these top performers around, then they will be able to reap the rewards in the future. In the meantime, those no-bonus CEOs will need to make do with the hundreds of millions they've gotten in the last few years.Whatever the reason, it is definitely a new approach.
NY Times (Update Dec. 21)
CNN Money (Update Dec. 21)