It's a totally sensible measure. I don't believe in big bonuses as a needed motivator for people who are already in he absolute top rank when it comes to salaries. Unfortunately they seem to be an accepted fact, but if the state is going in with money in bad times to prop up the activity of banks and corporations, the very least you can ask is that the money isn't spent on doling out big bonuses, hyper wages and so on.
Everybody else is siuppsoed to do their best for the wages they are actually accorded and for the merit of being employed, why is that rule not applicable to corporate "whizes" past a certain level? They need to understand that public credibility is also essential to the health of the company. The Wall Street Journal or the Heritage Foundation may forget about blatant squandering of funds in not too long, but ordinary people and customers will not.