Christmas Canceled for Merrill (MER), Morgan Stanley (MS) Execs

Following widespread criticism about compensation for "Wall Street fat cats", two high-profile financial CEO's announced today that they would forgo year-end bonuses.

Both Morgan Stanley's (NYSE: MS) John Mack and Merrill Lynch's (NYSE: MER) John Thain said they would not receive bonus compensation, as well as several other c-level execs from each embattled financial company. At Merrill, President and COO, Greg Fleming, CFO, Nelson Chai, General Counsel, Rosemary Berkery and Merrill's head of its Brokerage division, Robert McCann, all said they elected to forgo a bonus.

CNBC reported earlier that Thain's bonus was expected to be around $10 million, according to recent rumors.

Merrill Lynch & Co., Inc., together with its subsidiaries, provides investment, financing, insurance, and related services to individuals and institutions worldwide.

Morgan Stanley, through its subsidiaries and affiliates, provides various financial products and services to corporations, governments, financial institutions, and individuals worldwide.

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