Scientist Fired by Gore Calls Warming Fears ‘Mistaken’
Princeton University physicist Dr. Will Happer, who says he was fired by Vice President Al Gore for failing to adhere to Gore’s views on global warming, has now declared that man-made warming fears are “mistaken.”
Happer, who served as the director of Energy Research at the Department of Energy from 1990 to 1993, said, “I had the privilege of being fired by Al Gore, since I refused to go along with his alarmism. I did not need the job that badly.”
He said in 1993, “I was told that science was not going to intrude on policy.”
Now Happer has asked to join the more than 650 international scientists who have spoken out against man-made global warming fears and are cited in the 2008 U.S. Senate Minority Report from Environmental and Public Works Committee ranking member James Inhofe, R-Okla.
“I am convinced that the current alarm over carbon dioxide is mistaken,” Happer told the committee on Dec. 22.
Dr. Happer has published over 200 scientific papers, and is a fellow of the American Physical Society, The American Association for the Advancement of Science, and the National Academy of Sciences.
Sen. Inhofe said that the statements of prominent scientists like Happer who are willing to publicly dissent from climate fears strike a blow to the United Nations, Gore, and the media’s claims about global warming.
“The endless claims of a ‘consensus’ about man-made global warming grow less and less credible every day,” Inhofe said.
Happer declared, “I have spent a long research career studying physics that is closely related to the greenhouse effect — for example, absorption and emission of visible and infrared radiation, and fluid flow. Fears about man-made global warming are unwarranted and are not based on good science. The earth’s climate is changing now, as it always has. There is no evidence that the changes differ in any qualitative way from those of the past . . .
“Computer models used to generate frightening scenarios from increasing levels of carbon dioxide have scant credibility.”
President-elect Barack Obama’s choice as his top science adviser, Harvard University professor John Holdren, is a staunch believer in the dangers of man-made global warming and advised Gore on his documentary “An Inconvenient Truth.”
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Many banks are playing “Let’s Make a Deal” and building empires with bailout money, instead of using it to make loans that help the economy. Shortly after PNC Financial Services got a $7.7 billion cash injection, it announced a buyout of National City. BB&T and Zions Bancorporation have said they have the urge to merge — now that they’ve collectively pocketed $4.5 billion in bailout funds. Bigger banks mean less competition and higher fees for the taxpayers who helped fund these deals. And the mergers have created more banks that are “too big to fail” — so when they come back for more money, it’ll be even harder to say no. BB&T says it would buy only “problem” banks, in the spirit of the bailout program.
Cleveland’s National City bank was run so badly that it was virtually ruined, mainly by imprudent exposure to subprime mortgages. Management’s reward for creating this colossal disaster: $200 million in golden parachutes. And taxpayers will get fleeced a second time. Because of a last-minute change in tax rules, PNC Financial Services, which bought National City, will get about $725 million in income-tax credits. Those credits stem from the $19.9 billion PNC expects to lose on bad loans made by National City.
U.S. taxpayers were told the $700 billion financial-system bailout would create jobs by helping the economy. Instead, one of the banks getting the most bailout money is plowing tens of billions of dollars into foreign companies. Bank of America, which will get $25 billion in bailout loans, recently spent about $7 billion to double its stake in state-owned China Construction Bank. B of A, whose CEO is Kenneth Lewis (pictured above), says it would’ve spent the money even without a cash infusion from the feds.
While taxpayers were still absorbing the shock of having to foot an $85 billion bill (a tab that later grew to $144 billion) to bail out American International Group, executives at the insurer headed straight for the exclusive St. Regis resort in Southern California just days after their company got the money. The $440,000 tab for their eight-day stay at the Tuscan-style resort included $150,000 for meals, $23,000 in spa charges and $7,000 for golf outings. AIG says the event was held mainly to reward performance of independent insurance agents and brokers who were not company employees.
Peter Kraus joined Merrill Lynch in early September to head up its strategy team. But Bank of America, bolstered by $25 billion in bailout money, won shareholder approval this month to take over Merrill. The deal will trigger a golden-parachute clause in Kraus’ contract, allowing him to pocket as much as $25 million for his two months on the job, according to The Wall Street Journal.
Should taxpayers pay to keep executives who steered a company into a ditch? American International Group thinks so. It recently agreed to pay retention bonuses to 130 executives, including $3 million for Jay Wintrob, who heads the division that sells annuities. Last year, he earned $2.5 million in salary, bonus, stock and options. Other AIG execs will get more than $500,000, or about 200% of their salaries, to stay through 2009, according to Bloomberg. The insurer had previously promised to forgo bonus payouts as part of the bailout plan. AIG says retention bonuses are needed to keep execs from leaving while it restructures and that departures could cause the company’s reinsurers to cancel contracts.
As millions of Americans learn what it’s like to make ends meet on unemployment insurance, executives at banks getting taxpayer bailouts will continue to live the high life. Capital One Financial CEO Richard Fairbanks (pictured above) got $73.1 million in pay last year, according to The Corporate Library. That’s 1,456 times the median household income of $50,233 earned by taxpayers footing the bill for Capital One’s $3.55 billion federal bailout. Bank of America chief Kenneth Lewis last year took home $23 million, or 458 times the income earned by taxpayers covering his bank’s $25 billion bailout. Both CEOs also make way more than the median of $8.85 million for CEOs at S&P 500 companies. Despite having to lean on taxpayers with modest incomes for help, both CEOs will likely continue to earn stratospheric pay. Neither bank has indicated it plans to cut CEO pay.
While hard times are forcing many Americans to stretch another year out of the family jalopy, the CEOs at banks getting bailout money will continue to ride — and fly — high. John Mack (pictured right), who heads Morgan Stanley, which has taken $10 billion in bailout money so far, enjoyed $356,000 worth of personal use of a corporate jet last year. JPMorgan Chase has gotten $25 billion in bailout money. Its chief, James Dimon (pictured left), took $211 million worth of use of a company jet last year. He used company cars at an estimated cost of $68,000. So far, neither company has indicated it will cut back on CEOs’ personal use of corporate jets as part of its acceptance of taxpayer bailout money.
Citigroup, Bank of America and JPMorgan Chase each spent around $5 million lobbying the federal government during the first nine months of 2008. Citigroup is getting $45 billion in bailout money, while the two others are getting $25 billion each. You can expect millions of dollars of that money to be spent on wining and dining Washington lawmakers; none of the banks has indicated it plans to cut back on lobbying.
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