After declaring that the responsibility of the scam should fall on the employees, the bosses now seem close to accept to give back their variable compensation (how many years of it? was a reliable audit performed on past years performances?).
It might look fine to a very superficial reading, but you really need to stay highly superficial not to see that just the claw back could be more realistically read as “try again, you might be luckier next time”.
Why? Read it like this: you try to steal as much as you can, if you succeed you keep it all for you, if you are discovered you just give it back and can try again later (may be, thanks to proper training, you’ll be more effective), the payoff is always equal or greater than zero (plus the fixed salary).
Let’s wait and see what the next job of Mr. John J. Stumps will be (maybe he will even stay there).