I believe if you take someone's money - especially the governments - they are entitled to some say over that money.
I think there is nothing wrong with stripping away bonus and other frivolities.
But I think you have to be careful when setting up to do battle in a case like this. We spend a lot of time complaining about the bank CEOs and the multi-millionaires who we want to see fucking choke on something, but forget the ripple effects a power struggle can have.
These companies aren't exclusive to Wall Street and they aren't just made up of people making hundreds of thousands or millions a year. There are people further down the rung. If a bank completely collapses, the person making a million a year is gonna be fine. The person working as a teller in the local branch, is the one in trouble when the company needs to tighten down.
And while this bill doesn't effect the persons cleaning the building or other lower level/under paid tasks, a power struggle could. It's not like these CEOs care about being liked, but if one of these companies was to collapse, the ripple effects, felt all over the place, would be an issue.
So, yeah, regulate how they spend their money. Fuck the bonuses. Fuck rewarding people for doing a good job when they failed miserably, but you have to be careful.