In January, the next frontier of atmospheric CO2 measuring instruments will begin when the National Aeronautics and Space Administration launches the first carbon-scanning satellite, called the Orbiting Carbon Observatory.

Each day, the satellite will orbit Earth 15 times, taking nearly 500,000 measurements of the "fingerprint" that CO2 leaves in the air between the satellite and Earth's surface. The data will be used to create a map of CO2 concentrations that will help scientists determine precisely where the sources and sinks are—showing differences in trace gases down to a 1 part per million precision against a background of 380 parts per million CO2 equivalent.

Mr. Rubin was deeply involved in a decision in late 2004 and early 2005 to take on more risk to boost flagging profit growth, according to people familiar with the discussions. They say he would comment that Citigroup's competitors were taking more risks, leading to higher profits.

The problem isn't limited to investments, of course. Businesses everywhere are having frequent and agonizing meetings of their credit committees to decide whether to accept, for example, the next order for parts from GM or Acme Widget when they have been refused COD, credit insurance, and factor