I have to wonder just how long some of you have been flying for the AF, and what community you are from.
I haven't been around the AF that long, but hearing about this kind of stuff doesn't seem to knock me off my feet as much as it seems to for some of you. This was probably more prevalent in the 80s, but I certainly heard about this kind of stuff when I was a Lieutenant in the mid 90s. Seems to have started to decline a little in the Fogleman era and be nearly completely gone by the mid 00s.
We're to the point where we are now a whole "career" of pilots away from when these sort of shenanigans happened, and some seem to be astounded that it ever happened. There's an entirely new standard of what's acceptable and what's totally outrageous.
Not that flying under a bridge was ever "acceptable", but it certainly didn't warrant the stoning at sunset that it would probably get today. As Rainman has indicated, it was more of an extended-ass-chewing-in-the-Boss'-office sort of thing. Grounding. Take a crappy deal or three.
We have had a serious cultural shift in the AF over the course of my short career, and it's a matter of perspective as to if that's a good thing or not.