The boss of Northern Rock received neither a bonus nor a pay-off.
If they hadn't received the massive loans of public money they could have gone under - causing losses to account holders, so either way the public have lost out.
As for Steve McLaren, he was on a four year contract, the wisdom of this has been debated elsewhere, this contact has been terminated early so he has been compensated. I'm sure if you lost a fixed term contact job you'd want compensation for breach of contract.
Failure at the top has always been treated better than failure at the bottom