I'm all for honoring contracts, but I always thought that performance bonuses were based on... you know... PERFORMANCE! More specifically GOOD performance. If a company loses $60 billion in a single quarter, how is that bonus-worthy?
I guess the same person who signed off on all those bad credit default swap contracts also signed off on these employee bonus contracts.
Seriously - if this stuff was not actually happening, we would laugh at any writer who tried to put it into a book or movie. It's just too outlandish to be believable.