BUSINESS
03/28/2008 02:45 am ET Updated May 25, 2011

No Bonuses For Bear Stearns' Top Execs This Year

In an acknowledgment of the most-difficult period in Bear Stearns Cos.' 84-year history, Chief Executive Officer James Cayne and other senior executives are expected to forgo bonuses for this year, people familiar with their plans say.

The expectation comes as Bear prepares to announce tomorrow its first quarterly loss ever, an outcome certain to curb pay for the firm's 15,500 employees. This is a turnabout for Bear, which over the years has used its generous, merit-driven compensation system to recruit job candidates it calls PSDs: those who are poor, smart, and have a deep desire to be rich.

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