Word: caps
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...should be done to curb big paydays for bailed-out bankers, but solutions are elusive. Finance Ministers of the G-20 nations earlier this month agreed that bonuses should be more clearly tied to performance, but Britain and the U.S. resisted demands by France and Germany to have them capped. Sensing the prevailing political winds, some bankers are already moving to forestall draconian new rules. The Dutch banking association announced that its members have agreed to cap bonuses and severance pay. And in France, bankers have been so frequently called to the Elysée Palace this year...
Both sides agree that current malpractice law--under which doctors pay as much as $200,000 a year for liability insurance--is often unfair and inefficient. But when it comes to fixing the system, consensus is not so simple. Democrats oppose a federal cap on "noneconomic damages" in malpractice cases--money awarded for pain and suffering--that Republicans and doctors want. Supporters call the caps, already in place in some states, a quick and easy way to reduce malpractice-insurance premiums. An obstetrician in Texas, where such damages are capped, could pay 20% of what a colleague is charged...
...summit ended a whirlwind week for climate news that began on Sept. 22 with a high-level U.N. summit on warming. Before "Climate Week" began, the U.S. Senate made intimations that it would not likely vote on a carbon cap-and-trade bill before the year was up, dimming the chances for a global deal at Copenhagen. But, then, China pledged to improve energy efficiency, while progress was made toward crafting a way to use global carbon markets to slow tropical deforestation. That gave environmentalists some hope. "Overall, I still feel better than I did a week ago," said Carstensen...
...word is voluntary - China is a long way from accepting the need to put an absolute cap on its carbon emissions. Hu didn't promise to actually reduce Chinese carbon emissions, but simply for China to become more energy efficient - something it needs to do anyway. "China knows that if it continues consuming and developing the way it has been, the machine will collapse," said Yvo de Boer, the head of the United Nations Framework on Climate Change. But China hasn't even said how much it will improve its carbon intensity. Xie Zhenhua, China's top environmental official, told...
...that's been playing its cards tightly on the diplomatic stage. The U.S., after all, has yet to say for sure how much it is willing to cut its own carbon emissions, thanks to the slow movement of the Senate, which still has yet to fully take up a cap-and-trade bill. Both countries will need to do more - much more - if the U.N. climate-change summit in Copenhagen is to be a success, and they'll need to be more straightforward. But as the EDF's Yarnold said in a speech today, "China is no laggard...