Goldman Sachs, Morgan Stanley and JPMorgan Chase, which have all exited the government's Troubled Asset Relief Program, or TARP, are set to dole out $29.7 billion in bonus money.
According to Bloomberg, "The money, split among 119,000 employees, equals $250,400 each, almost five times the $50,303 median household income in the U.S. last year."
As one analyst tartly tells Bloomberg:
"Wall Street is beginning to resemble Clark Gable as Rhett Butler in the film 'Gone With the Wind': 'Quite frankly, my dear, I don't give a damn.' It doesn't seem as if even political threat, disastrous PR, envy, rising unemployment rates and home repossessions is enough to get any of these people to refuse the bonuses they have 'earned.'"
In June, the government allowed 10 major banks, including Goldman, Morgan Stanley and JPMorgan, to remove themselves from its relief program and repay their shares of TARP money plus millions of dollars in fees.