The problem with bank bonuses

An article in the NYT explains how Wall Street bonuses work:

Though Wall Street bankers and traders earn six-figure base salaries, they generally receive most of their pay as a bonus based on the previous year’s performance.

Of course, the problem isn't so much that they are paid millions of dollars when they make lots of money; it's that they aren't penalized millions of dollars when they lose lots of money. It's all upside, never any downside for those guys. And that's what pisses everyone off.