Morgan Stanley has decided to withhold part of this year's bonus for three years. If the employee screws up during the three years he will lose part of the bonus.
While this sounds nice, it does raise questions, the most basic of which is why is anybody getting a bonus for 2008. Further, it does not mention how much is being withheld. 5%, 90%? Couple this with Thain's asking for a $10,000,000 bonus, AIG having parties on our dollar and who knows what other embarrassments will arise and you have a financial industry that does not yet seem to have learned that their world is changing.
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