Goldman average pay to fall to only $314,000 this year

Oh the humanity! Don't we all shed a tear for the leading team that ran the global economy into the ground? While we will hear plenty of cries and complaints of evil socialism, the pampered class of Wall Street still doesn't get that they are the ones who caused the crash through their greed.

The deregulation that they had to have in the 1990s happened and it only took them a few years to see the results. New Wall Street regulations are having an impact, though we still need more disclosure and more control over the Wild West gamblers. They have proven over and over that they can't be trusted, nor should they be trusted with controlling the economy.

Sniffle, sniffle. How will they explain being bumped out of the 1% to the guys at the club?

The average compensation at Goldman (GS) is likely to fall by nearly $100,000 by the end of next year as new regulations, fewer deals and legal payouts hurt the firm's profitability. That's the conclusion of a recent report from a European division of rival JPMorgan Chase (JPM).

As recently as two years ago, Goldman's annual pay, which includes everyone from the people who work in the firm's IT department to CEO Lloyd Blankfein, had averaged $412,000. That salary put employees of the elite investment bank solidly in the top 1% of all earners in the United States. Last year, the cut off for the 1% was $368,000.

But by the end of next year, though, analysts at JPMorgan Cazenove expect compensation at Goldman to average just $314,000. That will bump the average Goldmanite all the way down to near the bottom of the top 2% of all U.S. earners. The cut off for the 98% tops out at around $290,000.

Even after dropping into the 2%, they're still doing much better than others who lost their jobs and houses. The pampered class should consider themselves lucky. Read the rest of this post...

Poll: Americans overwhelmingly want limits to cash in elections

It's unfortunate that the Republican Party is against delivering what Americans want. The numbers aren't even close yet the GOP wants to maintain the status quo.

More than 8 in 10 Americans in a poll by The Associated Press and the National Constitution Center support limits on the amount of money given to groups that are trying to influence U.S. elections.

But they might have to change the Constitution first. The Supreme Court's 2010 decision in the Citizens United case removed limits on independent campaign spending by businesses and labor unions, calling it a constitutionally protected form of political speech.

"Corporate donations, I think that is one of the biggest problems today," said Walter L. Cox Sr., 86, of Cleveland. "They are buying the White House. They are buying public office."

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Judges knocks down Scott Walker's assault on unions

The Republicans are whining that this is just another activist judge, but that's only because the judge ruled against them. Good news, for now.

The ruling on Friday by Dane County Circuit Court Judge Juan Colas stems from a challenge by unions representing Madison school teachers and Milwaukee city employees. It was unclear what immediate impact his ruling would have.

Colas ruled that eliminating collective bargaining rights for municipal employees including teachers violated the workers' right to free speech, association and equal protection.

He also ruled that the law's requirement that Milwaukee city workers make pension contributions violated a home-rule provision in the state constitution.

Several provisions "single out and encumber the rights of those employees who choose union membership and representation solely because of that association" in violation of their free speech and association rights, Colas found.

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Programming notes: Ring of Fire and Virtually Speaking this weekend

Two short programming notes:

■ I'll be guesting this weekend on Ring of Fire Radio with Mike Papantonio and Sam Seder. Tune in if you can. The subject will the "billionaire hostile takeover" of the Republican Party.

The program is carried on many radio stations and available via Internet. Broadcast times are usually Saturday afternoon with a Sunday evening repeat.

Click here to find a station. Click here to listen live.

Mike Papantonio recently spoke strongly on that subject, and Chris posted a video. Mike is very passionate and minces no words.

My posts on the subject are listed here.

■ Virtually Speaking Sundays is a BlogTalkRadio-hosted program of long standing and much value. Every Sunday they invite members of their media panel to discuss the week's news.

I'm fortunate enough to have been invited to join the panel, which includes such notables as Avedon Carol, Cliff Schecter, Dave Johnson, Digby, Marcy Wheeler, Joan McCarter, Dave Dayen, Dave Waldman and Stuart Zechman.

You can access the show here. I'll be on with Jay Ackroyd, Virtually Speaking creator, and Avedon Carol. In the break, Culture of Truth entertainingly offers the most ridiculous moment from that Sunday's talk offerings.

The show is broadcast live at 9:00 EST (6:00 PST) and then available as a podcast.

Virtually Speaking makes an excellent iTunes podcast download. I've been subscribed for years.

Thanks,

GP

To follow or send links: @Gaius_Publius
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Stray Cats - Stray Cat Strut

Cats are still the top story over here for us after yet another visit to the vet. Sushi had a thyroid problem earlier this year but he seems to be on the mend following one week at the vet hospital and special treatment. In fact, he eats and eats like never before after dropping a few pounds at the start of the year.

More recently it's been our slightly older cat girl, Nasdaq. She had two tumors removed recently and the test results for one were quite serious. The old girl has been moving around slower than normal because of the surgery and now she is scheduled to start chemotherapy at the local vet hospital in one week.

Our vet believes that it was caught early enough and the surgery may have removed all of it but it's a very aggressive cancer, so we don't know for sure. Fingers (and paws) crossed that the week of chemo does the trick. Read the rest of this post...