Wall Street: Taking Bailouts, Giving Bonuses?

"Every bank that accepts this money first must agree to the compensation restriction passed by Congress," she said.

The $700 billion government rescue plan addresses only compensation of five executives: the CEO, the CFO and the three other most highly compensated executives. The plan does not set a limit on executive pay, but rather, states that any salary above $500,000 for these five executives will not be tax deductible for the company. Ellis calls the move "largely symbolic."

The legislation also includes restrictions on golden parachute payments to any executives leaving the company.

One additional guideline calls for the "required recovery of any bonus or incentive compensation" paid to a senior executive officer based on information that is proved to be "materially false." There is also a restriction on compensation that excludes incentives for senior executive officers "to take unnecessary and excessive risks that threaten the value of the financial institution."

Wall Street bonus decisions are typically made at the end of the year. Mark Borges, a principal with Compensia, Inc., a Northern California compensation consulting firm, says he expects that, due to the unprecedented circumstances this year, companies will disclose bonus amounts "sooner, rather than later."

The clearest information about bonuses comes in a "proxy statement" filed with the Securities and Exchange Commission, usually in February.

With reports from ABC News' Charles Herman.