Wachovia CEO Will Not Collect Bonus

We aren't supposed to be impressed are we?

Chief Executive Officer Robert Steel won't receive a bonus this year

Mr. Steel joined Wachovia (NYSE:WB) last July following the ouster of former CEO G. Kennedy Thompson. Mr. Steel has decided against remaining with the company after it merges with San Francisco-based Wells Fargo (NYSE:WFC), and won't collect any severance, according to Wachovia. Wells Fargo, in the eleventh hour outbid Citigroup (NYSE:C) for the bank. However, 10 other Wachovia executives are eligible to collect as much as $98.1 million in severance payments if Wells completes its purchase by Dec. 31, according to a regulatory filing. The company has said not all 10 executives would accept the payments.

This follows news former CEO John Thain will not collect up to $10 million from Merrill Lynch (NYSE:MER) after it was sold to Bank of America (NYSE:BAC)

Really, should any of them be collecting any bonus? Really?