Morgan Stanley's Mack Says No Thank You To Bonus (MS, GS, JPM)

For the third year in a row Morgan Stanley CEO John Mack has elected to forgo his annual bonus despite the fact that the board of directors apparently wanted to award him one.

Mack cited the "unprecedented environment and the extraordinary financial support governments provided to our industry ..." in a statement explaining his decision. Another factor that probably influenced Mack is the fact that Morgan Stanley (NYSE: MS) is expected to take a loss for fiscal 2009.

John Mack is clearly acknowledging the prevailing sentiment against excessive Wall Street bonuses in the wake of the financial crisis, but will Goldman Sachs' (NYSE: GS) Loyd Blankfein and J.P. Morgan's (NYSE: JPM) Jamie Dimon follow his example? Many think that they will not and will likely receive handsome bonuses just one year after accepting government bailout funds. It should be noted, however, that J.P. Morgan and Goldman Sachs have been immensely profitable this year where Morgan Stanley has not.