Second, I'm not saying that the employees that are receiving the bonuses are victims. Nor am I saying they deserve them. But in a civil society we have laws in place to make sure that when obligations are put forward, such as to pay people when promised money, they are met. It's the same reason that the government doesn't shoot people that are extremely unpopular but get through court somehow (OJ Simpson?). It's the reason that people have reasonable confidence that the system won't be overturned on a whim.
There's already a measure in place that keeps management from being stupid with their money. It's called the company runs out of money and goes into bankruptcy. But in this case the government has blessed AIG with immortality so this stupidity gets to run amok. If the government didn't want the entire package they should have approached the problem from a different angle.