Bank of America CEO Kenneth Lewis has recommended to his board of directors that senior executives, including himself, do not receive bonuses this year.

In a memo, Lewis writes, “This was a difficult decision because we have worked hard and made progress on many projects that will create value for our company in future years. Nonetheless we are a pay-for-performance company.”

Before you feel too bad for Lewis, remember that he earned nearly $25 million last year - so he shouldn't have to give up cable despite the pay cut.