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What Does a Bonus Really Cost?

I don't think you would like the outcome of following your logic. So, since most of these banks are insolvent, shouldn't all the bonuses be clawed back since they ended up losing the "game" at the end of the day? Banking is a "team" sport, and if your "team" loses, like most US banks and investment companies, why should the "team" receive ANY bonus. I think there are plenty of individuals that will play less risky, make less returns in the short term but not blow up the entire system during the process. These are the people that should have been hired to begin with. I wouldn't really argue that any single institution including GS or JPM did well.