That's not what you heard for good one half of the year. They blamed "derivatives" before they moved to bonuses.
"than it did with the desire of the managers to generate enormous bonuses"
Very silly. The first thing you've been told in school was that corporate management is hired to generate profits for owners (which is nowadays the American public in the case of large corporations such as AIG). To generate profit is therefore THE job managers are hired to do. Bonuses help them to exert more effort in that direction, but this is because the OWNERS want them to do so.
"by backing risk THEY KNEW was crap."
Defamation. Pure defamation.
"The entire operation was a scam."
Sheesh! Do you work for these animals?