The economy is in recession and the taxpayer is bailing out yet another company. Recessions happen, but the culture of excess needs to stop right now. Sorry, but there is a time for bonuses and when your company is being bailed out and laying off people it is not now. The executives are already over compensated and need to tighten their belts just like the rest of us.
The excuse that the company needs to retain talent is BS. Most of these corporate clowns got to where they are by the old buddy system and are replaced quite easily.
I would sooner save a secretarial or mail room job than pay these outlandish bonuses to people who are already overpaid.