Skip to comments.The smell of money ( Carbon Trading and the Money behind the Global Warming Hoax )
Posted on 05/03/2010 1:51:14 PM PDT by Ernest_at_the_Beach
Thanks to Glenn Beck, we get bit more insight into the tangled web that The House of Global Warming was built on.
Who would have thought? Goldman Sachs has been working hard to save the environment for years.
Generation Investment Management (GIM) was founded by Al Gore, and a few friends, which included David Blood (former Goldman executive), Mark Ferguson (Goldman) and Peter Harris (Goldman). They are the fifth largest shareholder in the Chicago Climate Exchange (CCX). Then in 2006, when the CCX needed some extra funding, who should step up to buy 10% of the company Goldman Sachs.
CCX is an exchange that wont be doing a heck of a lot if carbon trading doesnt become mandatory. All of these players have a vested interest in Cap N Trade legislation.
But its not just Goldman Sachs getting in on the deal to make money out of the trading-scheme-based-on-thin-air.
In 2001, a man was apparently working on a device (?) to make carbon trading possible. He filed a patent, then died. His wife onsold this patent application to Franklin Raines, the CEO of wait for it, Fannie Mae. The same CEO who has committed massive accounting fraud.
Now the story gets more slippery: In 2000 the Chicago Climate Exchange was helped to get started by the Joyce Foundation. Its a charity set up years ago, that now manages around a billion in funds. Heres how Beck tells it:
The Joyce Foundation is like the George Soros TIDES Foundation. In fact, its actually bigger than TIDES and even funds TIDES. Think of it as a place where uber-rich and powerful liberals like to dump their money into, so the cash can be spread around to their pet projects without a direct link.
There was one influential member on the board of the Joyce Foundation at the time the Chicago Climate Exchange got its seed money; someone instrumental in steering the funds towards the creation of the Chicago Climate Exchange. They were on the board from 1994-2002. The founder of the Chicago Climate Exchange, Richard Sandor, said that he knew (this person) well, which is perhaps how the money was awarded to the Kellogg Graduate School of Management, where Sandor was a research professor. Ill get back to that person in a minute.
Who could it be that one influential member of the board, who was active in getting the CCX started? Apparently it was a man named Barack Obama.
And that patent application owned by the Fannie Mae CEO? It was finally approved by the patent office on Nov. 7, 2006. Coincidentally the day after the Democrats took control of Congress.
So now, Fannie Mae, who is congressionally mandated to make housing more affordable, is poised to reap billions on a system that has nothing to do with housing except for that it would make housing costs go up.
Remember when Fannie purchased risky mortgages from banks, bundled them together and sold to investors as mortgage-backed securities? And then the housing market was absolutely destroyed? Well, former Fannie VP Scott Lesmes was responsible for that bundling.
Well, heres the good news: Not only will this new carbon trading system try the exact same bundling method (except with air); they are using the exact same guy: Scott Lesmes.
The full Glenn Beck piece. He has challenged the media to report and investigate these connections
Hat tip to Larry
This is very serious. Where are our representatives to save us from this nightmare and keep our government honest and true to it’s original purpose?
Nothing new about that. It's been going on for years.
You are oh so correct. Time to remedy the situation on November 2nd.
CCX communist bump
Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select
individuals in the "green" movement were inventing a patented system to trade residential carbon credits.
Patent No. 6904336 was approved by the U.S. Patent and Trade Office on Nov. 7, 2006 --
the day after Democrats took control of Congress. Former Sen. John Sununu, R-N.H.,
criticized the award at the time, pointing out that it had "nothing to do with Fannie Mae's charter, nothing to do with making mortgages more affordable."
"It wasn't about mortgages. It was about greenbacks. The patent, which Fannie Mae confirmed it still owns with Cantor Fitzgerald subsidiary CO2e.com, gives the mortgage giant a lock on the fledgling carbon trading market, thus also giving it a major financial stake in the success of cap-and-trade legislation."
Here comes the next bubble -- carbon trading
Forget CDOs and other inventions of the great credit bubble. Thats all old hat.
Investment bankers are moving on to an area of securities trading that is potentially even
more lucrative, and whats more, even has a social value saving the planet.
.According to Mr Schapiro, carbon trading is now the fastest growing commodities
market on earth. Since Kyoto signatories bought in to the cap and trade concept in 2005,
there have been more than $300bn carbon transactions, prompting several investment
banks, including Goldman Sachs and Barclays, to set up their own carbon trading desks.
But thats just the start. If President Obama and his supporters can institute a cap-and-
trade system in the United States and thats a big if for this increasingly marooned
presidency demand could explode into a $2 to $3 trillion market.
And heres the great thing about it. Unlike traditional commodities markets, which will
eventually involve delivery to someone in physical form, the carbon market is based on
lack of delivery of an invisible substance to no-one. Since the market revolves around
creating carbon credits, or finding carbon reduction projects whose benefits can then be
sold to those with a surplus of emissions, it is entirely intangible.
Carbon developers, many of them employed by large multinationals, travel the world
in search of carbon reduction projects to sell, while firms of carbon accountants have been
established to verify on the United Nations behalf that those reductions are real.
The whole thing, though well intentioned, looks wide open to abuse and scams.
there are a lot pissed off people right now. Let's hope they stay pissed off till November.
bump to the top
That picture reminds me off Mussolini.
Same demon inhabiting Obama.
Gore needs a new place alright. A cell.
They are corrupt is right.
Standing between psychopaths and all the money in the world is a dangerous place to put yourself. God Bless and protect you Glenn.
It would seem so.
No kidding it's serious.
Our representatives are lining up to sell us down the road of Euro-energy prices for the TRILLIONS OF DOLLARS IN NEW TAX REVENUE.
Not to mention lining the pockets of a few select liberals to the tune of hundreds of millions of dollars. Al Gore, and others, are chuckling all the way to their Swiss/offshore bank accounts.
Next to a big guy named Bubba.
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