In 2008, the year the crisis began, big banks handed out bailout funds as bonuses:
• Goldman Sachs, which earned $2.3 billion and received $10 billion in TARP funding, paid out $4.8 billion in bonuses in 2008 - more than double their net income.
• Morgan Stanley, which earned $1.7 billion and received $10 billion in bailout funds, handed out $4.475 billion in bonuses, nearly three times their net income.
• JPMorgan Chase, which earned $5.6 billion in 2008 and received $25 billion from the government, paid out $8.69 billion in bonus money.
• Citigroup and Merrill Lynch lost a combined $54 billion. They received a total of $55 billion in bailouts and paid out $9 billion in combined bonuses. ($5.33 billion for Citigroup; $3.6 billion for Merrill Lynch, which was subsequently acquired by Bank of America.)