Big Fat Wall Street Bonuses Imperiled

A Goldman spokesman declined to comment.

Last week, JPMorgan's CEO Jamie Dimon expressed concern about the environment that fostered the growth of bridge loans.

"I think equity bridges are a terrible idea," Dimon said on the bank's earnings conference call. "I think they're bad -- I think they're a bad financial policy. I don't think they're good for the banks."

Indeed, how bad of an idea it's been for JPMorgan, Goldman and others remains to be seen. Additional Chrysler debt is expected to hit the market in the next few weeks -- but into what market environment will this debt be sold?

Some banks, including Citi and JPMorgan, are hoping to offset potential losses via hedging, proprietary trading and/or overseas business. Other options include waiting out the market until things improve, and bridge loans and warehoused debt can be syndicated.

But what if things get worse?

"Why isn't this a meltdown?" asked one banker. "What's the bull case?"

The bull case is simple: Fundamentally, the overall economy has been strong, albeit slowing. The companies whose buyouts have been underwritten, save for iffy automotive industry plays like Cerberus' recent deals, are strong. Of course, that message has been mostly lost recently, most notably in Thursday's 2% marketwide plunge.

Either way, bankers' bonuses will tell the story at year-end.