THE 2007 STATEMENT from the United Nation’s climate
panel, the IPCC, that the average temperature on earth must not rise
more than two degrees Celsius (3.6 degrees Fahrenheit) over
pre-industrial levels or an incalculable disaster will take place, was a
powerful reminder of the nature of the problem.
Socialism Today - Capitalism: costing the earth - 0 views
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The market always chooses the easiest means to save a given quantity of carbon in the short term, regardless of what action is needed for long-term reduction. The result is that the system reinforces technological lock-in. For instance, small cuts may often be achieved cheaply through making a technology a little bit more efficient, whereas larger cuts would require massive investments in new technology.
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Does this mean that emissions are dropping? Not at all. So what does this trade mean in practice? An Oxford academic who studied the scheme, Adam Bumpus, concluded that "this regulation is ultimately there to facilitate the markets – it’s not about making cheap reductions, it’s about making a lot of money"
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bonuses-put-goldman-in-public-relations-bind: Personal Finance News from Yahoo! Finance - 0 views
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But these days that old dictum is being truncated to just “greedy” by some Goldman critics. While many ordinary Americans are still waiting for an economic recovery, Goldman and its employees are enjoying one of the richest periods in the bank’s 140-year history.
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For Goldman employees, it is almost as if the financial crisis never happened. Only months after paying back billions of taxpayer dollars, Goldman Sachs is on pace to pay annual bonuses that will rival the record payouts that it made in 2007, at the height of the bubble. In the last nine months, the bank set aside about $16.7 billion for compensation — on track to pay each of its 31,700 employees close to $700,000 this year. Top producers are expecting multimillion-dollar paydays.
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But its strong financial showing — a profit of $3.19 billion in the third quarter — was overshadowed by Goldman’s swelling bonus pool. Goldman set aside nearly half of its revenue to reward its employees, a common practice on Wall Street, even in this post-bailout era.
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