The list below highlights the firms that are on the hook to the FDIC in the form of implicit TLGP guarantees. The top five financial companies consist of CNBC's parent company (not for long) General Electric at $88 billion, Citi at $64.6 billion, Bank of America at $44.5 billion, JPM at $40 billion, and Morgan Stanley at $25 billion. Goldman is just out of the top five at the 6th position, with current outstanding TLGP borrowings at $21.3 billion - nearly a dollar for dollar match with what is expected to be the firm's end of year bonus accrual.

It is only fair to propose to Mr. Blankfein that instead of paying $20 billion in bonuses, the firm uses the bonus accrual to immediately repay every single last cent of its TLGP borrowings. If the firm wishes to approach the private (non-taxpayer subsidized) market subsequently, and reissue the full amount refunded, it may of course do so. Since the firm has repeatedly stated that it is not indebted to the US taxpayer any more, it would be very hypocritical if the firm proceeds to pay $20 billion in bonuses while it is still receiving the implicit interest rate benefits courtesy of having over $20 billion in debt on its balance sheet funded at virtually risk-free rates.

Mr. Blankfein: do not apologize, just do the right thing for once.

The same logic applies to Mr. Dimon who has borrowed almost $40 billion courtesy of TLGP, as well as Mr. Pandit and of course Lewis, who combine for nearly $110 billion in TLGP borrowings.

Full list of TLGP beneficiaries below:

Source: Bloomberg