I’m a Wall Street risk manager. As an employee, a partner and, for four years, the risk manager at Goldman Sachs, I served many chairmen, including Bob Rubin, Hank Paulson and Lloyd Blankfein, who leads the firm today. Every one of them has always understood that managing risk is vital to the firm’s financial success and always a priority.
Marchers carried tiny wind model turbines to the White House on Saturday, along with banners supporting solar energy, carbon taxes and pipeline resistance.
Exxon Mobil Corp. commands attention and gets it.
So energy and climate experts naturally took notice last week when CEO Darren Woods said charging a fee on greenhouse gases across the United States is a good idea.
"A uniform price of carbon applied consistently across the economy is a sensible approach to emissions reduction," Woods said in a statement (Climatewire, Feb. 24).
In his first blog post since succeeding Rex Tillerson, the new head of Exxon Mobil Corp. focused on climate change, calling for a carbon tax to discourage use of polluting fuels.
The baking of planet Earth is proceeding without interruption. Last year was the hottest year on record, according to NASA and the National Oceanic and Atmospheric Administration — edging out 2015, which had taken the crown from 2014. Of the world's 17 warmest documented years, 16 have come in this century.
Where can revenue scorers get the $1 trillion over 10 years the border tax was supposed to raise? Well, ahem, a carbon tax is also a consumption tax. To make it acceptable to free marketers, it would have to come with a full stop to all climate-related mandates and subsidies including fuel-mileage rules. It would also have to be clear that all carbon-tax proceeds are being used to cut payroll or income taxes.