Bonus for non-Success

AIG resists the O'Bama Administration effort to reduce their executives' bonus package (said to be $100 million!) on the ground that they are bound by contract to pay them. The Doser wonders what kind of "contract" provides a bonus for abysmal failure? The only achievement that the AIG pirates seem able to claim is that they arranged for a government subsidy of $165 billion. Is that a confidence builder or what?