Wall St bonus culture ready to rest in peace

Condolences to Wall Street's finest. The huge cash bonuses they have longed for and savored are history.

Goldman Sachs Group Inc, the profit king of the securities business, has made sure of that. Goldman last week said its 30 top executives will get their traditional year-end bonuses in stock instead of cash - and the shares have serious restrictions.

Recipients won't be able to sell the stock for five years, though it vests in three. And they might lose the shares if Goldman determines later that the executives earned them by taking heedless risks. Goldman shareholders now will also be allowed to vote on the company's pay, though their yes or no won't be binding on management.