Ask AP: Geo-engineering, Bernard Madoff's assets
By The Associated Press
Purposely polluting the upper atmosphere? Reflecting sunlight
with giant space mirrors?
These aren't the tactics of a Hollywood supervillain - they're
controversial ``geo-engineering'' ideas that some say would help
combat global warming.
Is there any chance they would help?
Curiosity about geo-engineering inspired one of the questions in
this edition of ``Ask AP,'' a weekly Q&A column where AP
journalists respond to readers' questions about the news.
If you have your own news-related question that you'd like to
see answered by an AP reporter or editor, send it to
newsquestions@ap.org, with ``Ask AP'' in the subject line. And
please include your full name and hometown so they can be published
with your question.
I recently watched a couple of news reports on the devastation
that Bernie Madoff's Ponzi scheme has done to investors' lives and
all they worked for. Have or will his assets be sold and
distributed to those who have proof of being victims of his scam?
Rick Vehovc
Springfield, Ill.
Bernard Madoff's personal assets, estimated to be worth about
$100 million, are being sold now so the money can be distributed to
Madoff's thousands of victims.
Just days ago, the U.S. Marshals Service announced that Madoff's
Long Island beach house sold for $9.41 million, more than a half
million more than the asking price. His Manhattan penthouse is on
sale for $10 million and his Florida property is being offered for
$8.5 million.
Meanwhile, the government is selling his yachts and other
treasures for tens of millions of dollars more.
In addition, a court-appointed trustee has sued Madoff's family
members to recover nearly $200 million that he says they received
as a result of the fraud. But the trustee, Irving Picard, has not
stopped there. He is also suing some of Madoff's customers - people
he says received so much more than they invested that they must
have known that a fraud was happening.
Picard says nobody received more fraud proceeds than the $7
billion taken in by entities controlled by Florida philanthropist
Jeffry Picower and his wife, close friends of Madoff. Picower was
found dead in his pool Sunday of an apparent heart attack.
Picard also has sued J. Ezra Merkin in New York and Stanley
Chaise in Los Angeles, longtime Madoff associates who, like the
Picowers, have denied any wrongdoing. And Picard has sued an
overseas hedge fund, Harley International Ltd., saying it should
have known that its $1 billion in returns were fraudulent.
Picard says any money collected from the legal actions will be
distributed to cheated investors.
Larry Neumeister and Tom Hays
Associated Press Writers
New York
In the recently published book ``SuperFreakonomics,'' the
chapter on using ``geo-engineering'' to mitigate global warming
stirred up some controversy. What are the prospects of
geo-engineering, and how effective could it be at cooling the Earth
slightly?
Daniel Lippman
Washington
There are several different types of geo-engineering. They
include purposely polluting the upper atmosphere to reflect more
sunlight (as if a volcano spewed ash into the air), construction of
giant space mirrors to reflect sunlight, artificial trees that suck
carbon dioxide out of the air, and seeding the ocean to encourage
more carbon-sucking algae.
There have been computer models and calculations - that's all
that can be done at this point - supporting the idea that
purposeful pollution could cool the weather a bit. The other
options are far less studied. Advocates and some groups are calling
for more study - though not action.
The big debate, though, is not whether it would work, but
whether it should be done.
Proponents say global warming is such a crisis that something
has to be done. Opponents say mankind has a bad record of tinkering
with Mother Nature and that there are all sorts of possible
unforeseen side effects that could be as bad as climate change, if
not worse.
Also, the artificial volcano, space mirrors and algae growing
don't address one of the major problems with carbon dioxide
pollution: The oceans are becoming more acidic, which poses a
potential threat to coral reefs.
Seth Borenstein
AP Science Writer
Washington
For the first time in history, Congress will not allow an
increase in social security payments based on a COLA
(cost-of-living adjustment). What, if any, government employees
will receive an increase in their income based on a cost-of-living
formula?
Thank You,
Jerome Pohl
Galloway, N.J.
The Social Security COLA is set by formula, and since the cost
of living actually went down this year, Social Security recipients
are not receiving a boost in benefits in 2010. It will be the first
year without an increase since the automatic adjustments were
adopted in 1975.
Pay for federal employees is linked to the Labor Department's
Employment Cost Index, a measure of inflation in the private sector
labor market. Federal workers are entitled to an across-the-board
pay raise equal to 0.5 percentage points less than the ECI. There
are also ``locality pay'' hikes for areas where private sector
workers are paid considerably more than federal workers.
President Barack Obama, however, has invoked emergency authority
to reduce the pay increase for civilian federal workers to 2
percent. The Senate Appropriations Committee wants to overrule the
president and raise the civilian hike to 2.9 percent.
Meanwhile, the military would get a 3.4 percent raise under a
defense policy bill signed into law by Obama on Wednesday.
Pay for members of Congress is tied to the ECI as well, but they
have already acted to freeze their pay for 2010.
Andrew Taylor
Associated Press Writer
Washington
Have questions of your own? Send them to newsquestions@ap.org.
10/30/09 12:45
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