Skip to comments.The Money and Connections Behind Al Gore’s Carbon Crusade
Posted on 10/13/2007 4:35:26 PM PDT by calcowgirl
Al Gores campaign against global warming is shifting into high gear. Reporters and commentators follow his every move and bombard the public with notice of his activities and opinions. But while the mainstream media promote his ideas about the state of planet Earth, they are mostly silent about the dramatic impact his economic proposals would have on America. And journalists routinely ignore evidence that he may personally benefit from his programs. Would the romance fizzle if Gores followers realized how much their man stands to gain?
Earlier this year Gore experienced a notable public relations debacle. The Tennessee Center for Policy Research, a state think tank, revealed that he was an energy hog. Public records show that Gores Nashville mansion used in one month more than twice the electricity the typical American household uses in a year: His average monthly electric bill was more than $1,359. Moreover, Gores household energy use increased after An Inconvenient Truth, his film about global warming, was released to ecstatic reviews.
Never mind that the scientific community is divided over what causes global warming, how bad it is and how to deal with it. Gore plays Chicken Little to the medias applause, insisting that the world is warming dangerously and that he has the solution. Continued
The Cap-and-Trade System
To resolve the climate crisis, Gore wants to put a cap on the production of greenhouse gases. He calls for an immediate freeze on U.S. emissions, a ban on new coal-fired power plants, tough new fuel-economy and energy-efficiency standards, renewable energy mandates, carbon taxes and mandatory targets and timetables for reducing greenhouse-gas emissions. Those emissions consist mostly of carbon dioxide (CO2), the byproduct of fossil fuels such as oil, coal and natural gas, which supply 85% of all U.S. energy. Gores blueprint to save the planet moves the United States towards a command economy in which government regulators hold sway over what kinds and amounts of energy will be made available to the private sector. His principal regulatory tool is whats called carbon-credit trading.
Under a so-called cap-and-trade system, government places a ceiling or cap on private-sector emissions of CO2 and other greenhouse gases. Each sector, industry or business is allocated a fixed quantity of carbon credits that allow it to emit specific quantities of greenhouse gases. As an example, one tradable carbon credit might permit the emission of one ton of CO2. If a business emits more tons of CO2 than its supply of credits allows, it has the option to buy surplus credits from other firms -- or it will have to pay a fine in proportion to the amount of the excess emission. By contrast, businesses that emit less than their allocation can sell their excess credits.
This system, which may sound market-friendly, is something only a bureaucrat could dream up. The twist is that the carbon market exists only because the governments imposition of a cap creates an artificial scarcity in the right to produce energy. In a cap-and-trade system, buyers will purchase their offsets from a broker or through an electronic trading platform. In Europe, carbon trading is already a reality. Since 2005, carbon offsets have been traded electronically on the European Climate Exchange (ECX).
Most carbon cap-and-trade programs also allow regulated entities to earn credits by taking actions that supposedly reduce emissions outside of the firms facilities or operations. In one popular version of the carbon-offset concept, firms earn credits by buying seedling trees for planting in less-developed countries. Supporters claim the CO2 intake of the trees will balance out the carbon emissions of the sponsoring firms industrial activity. Despite its public relations value, scientists scoff at the notion that its possible to plant enough trees to balance out mans production of CO2. But carbon-offset projects are popular in the environmentalist community.
More Chances to Cheat
However, the most radical environmentalists reject cap-and-trade. They say it allows polluters to continue to pollute by purchasing carbon credits. That is true but irrelevant. A ton of CO2 emitted in Beijing has the same climatologic effect as a ton emitted in New York. The real problem is that every countrys government has an incentive to cheat on behalf of its domestic producers. This has been the European Unions (EU) experience with the Emissions Trading System (ETS) that the EU established to implement the Kyoto Protocol. In just about every EU country except Britain, the credits allowed exceed the corresponding tons of emissions.
Carbon offsets provide even more opportunities to cheat. For example, some aluminum companies claim they deserve credits just because they recycle aluminum for a living -- recycling being less energy intensive and thus generally cheaper than making the stuff from scratch. The most popular activity for generating offsets is planting trees. But this method of storing carbon takes years and the long-term results are uncertain. If the trees die and decay, or are burned to clear land for agriculture, there is no net emission reduction. The net carbon reduction from tree planting may not materialize for decades, but the offsets are given out now.
To critics on both the free-market right and the environmentalist left, carbon offsets are no more than a marketing gimmick. Some describe the fanciful device as akin to medieval indulgences that were sold in a cleric-run market to regulate the remission of sin.
The truth is that almost every productive human action requires the use of natural resources, and nothing is pollution free. Even something like wind power requires windmills, which, according to environmentalists such as Robert F. Kennedy, Jr., may visually pollute the natural landscape. Kennedy, head of the green group Riverkeepers, says he supports wind power -- except when the windmills are in the waters off Cape Cod.
Whatever its impact on the environment, the cap-and-trade carbon scheme is sure to boost the economic and political prospects of people and groups that are behind it. Before the company collapsed under the weight of financial scandal, Enron under CEO Ken Lay was a key proponent of the cap-and-trade idea. So was BPs Lord John Browne, before he resigned last May under a cloud of personal scandal. In August 1997, Lay and Browne met with President Bill Clinton and Vice President Gore in the Oval Office to develop administration positions for the Kyoto negotiations that resulted in an international treaty to regulate greenhouse gas emissions.
The U.S. Senate voted 95 to 0 not to ratify the Kyoto treaty in 1997. But that hasnt stopped Al Gore.
Gores Circle of Business
Al Gore is chairman and founder of a private equity firm called Generation Investment Management (GIM). According to Gore, the London-based firm invests money from institutions and wealthy investors in companies that are going green. Generation Investment Management, purchases -- but isnt a provider of -- carbon dioxide offsets, said spokesman Richard Campbell in a March 7 report by CNSNews.
GIM appears to have considerable influence over the major carbon-credit trading firms that currently exist: the Chicago Climate Exchange (CCX) in the U.S. and the Carbon Neutral Company (CNC) in Great Britain. CCX is the only firm in the U.S. that claims to trade carbon credits.
CCX owes its existence in part to the Joyce Foundation, the Chicago-based liberal foundation that provided $347,000 in grant support in 2000 for a preliminary study to test the viability of a market in carbon credits. On the CCX board of directors is the ubiquitous Maurice Strong, a Canadian industrialist and diplomat who, since the 1970s, has helped create an international policy agenda for the environmentalist movement. Strong has described himself as a socialist in ideology, a capitalist in methodology. His former job titles include senior advisor to UN Secretary General Kofi Annan, senior advisor to World Bank President James Wolfensohn and board member of the United Nations Foundation, a creation of Ted Turner. The 78-year-old Strong is very close to Gore.
CCX has about 80 members that are self-confessed emitters of greenhouse gases. They have voluntarily committed themselves to reduce their emissions by the year 2010 to a level 6% below their emissions in 2000. CCX members include Ford Motor Company, Amtrak, DuPont, Dow Corning, American Electric Power, International Paper, Motorola, Waste Management and a smattering of other companies, along with the states of Illinois and New Mexico, seven cities and a number of universities. Presumably the members purchase carbon offsets on the CCX trading exchange. This means they make contributions to or investments in groups or firms that provide forms of alternative, renewable and clean energy.
CCX also has participant members that develop the carbon-offset projects. They have names like Carbon Farmers and Eco-Nomics Incorporated. Still, other participant member groups facilitate, finance and market carbon-offset projects to sequester, destroy or displace greenhouse gases. CCX aspires to be the New York Stock Exchange of carbon-emissions trading.
Along with Gore, the co-founder of GIM is Treasury Secretary and former Goldman Sachs CEO Hank Paulson. Last September, Goldman Sachs bought 10% of CCX shares for $23 million. CCX owns half the ECX, so Goldman Sachs has a stake there as well.
GIMs founding partners are studded with officials from Goldman Sachs. They include David Blood, former CEO of Goldman Sachs Asset Management (GSAM); Mark Ferguson, former co-head of GSAM pan-European research; and Peter Harris, who headed GSAM international operations. Another founding partner is Peter Knight, who is the designated president of GIM. He was Sen. Al Gores chief of staff from 1977-1989 and the campaign manager of the 1996 Clinton-Gore re-election campaign.
Like CCX, the ECX has about 80 member companies, including Barclays, BP, Calyon, Endesa, Fortis, Goldman Sachs, Morgan Stanley and Shell, and ECX has contracted with the European Union to further develop a futures market in carbon trading. Whats in it for the companies? They will benefit either by investing in carbon credits or by receiving subsidies for doing so.
Front and Center
Clearly, GIM is poised to cash in on carbon trading. The membership of CCX is currently voluntary. But if the day ever comes when federal government regulations require greenhouse-gas emitters -- and thats almost everyone -- to participate in cap-and-trade, then those who have created a market for the exchange of carbon credits are in a position to control the outcomes. And that moves Al Gore front and center. As a politician, Gore is all for transparency. But as GIM chairman, Gore has not been forthcoming, according to Forbes magazine. Little is known about his firms finances, where it gets funding and what projects it supports.
We do know that Goldman Sachs has commissioned the World Resources Institute (affiliated with CCX), Resources for the Future, and the Woods Hole Research Center to research policy options for U.S. regulation of greenhouse gases. In 2006, Goldman Sachs provided research grants in this area totaling $2.3 million. The firm also has committed $1 billion to carbon-assets projects, a fancy term for projects that generate energy from sources other than oil and gas. In October 2006, Morgan Stanley committed to invest $3 billion in carbon-assets projects. Citigroup entered the emissions-trading market in May, and Bank of America got in on the action in June.
Some environmentalist groups disparage Gore and his investment banker friends. They say the Gore group caters to others who share their financial interest in the carbon-exchange concept. The bulletin of the World Rainforest Movement says that members of a United Nations-sponsored group called the Intergovernmental Panel on Climate Change (IPCC) stand to gain by approving Gores carbon-trading enterprise. The IPCC has devised what it says is a scientific measure of the impact of greenhouse gases on global warming. In fact, the critics charge, the IPCC sanctions a mechanism that mainly promotes the sham concept of carbon exchange.
The global non-profit organization Winrock International is an example of one IPCC panel member that seeks out groups and individuals with an interest in carbon trading. Arkansas-based Winrock provides worldwide carbon-advisory services. Winrock has received government grants from the EPA, USAID and the Departments of Labor, State and Commerce, as well as from the Nature Conservancy (whose chairman used to be Henry Paulson). Winrock argues that cap-and-trade carbon trading is the best way to prevent a climate change crisis. But consider this: When a non-profit group takes money from oil companies and advocates drilling for oil as a solution to energy shortages, it is certain to be attacked as a tool of Big Oil. So far, the groups linked to Al Gore have avoided similar scrutiny.
Then theres the World Resources Institute (WRI). It was the first nongovernmental group to join CCX as an associate member (a designation for virtuous groups whose greenhouse-gas emissions are negligible). Many of its donors are CCX members or otherwise support carbon exchanges, including the Shell Foundation, Whole Foods Market, the Nature Conservancy, American Forest and Paper Association, and the Pew Center for Climate Change, as well as the Rockefeller Brothers Fund and the Ford Foundation.
Connect the Dots
In June 2006, the World Bank announced that it, too, had joined CCX, saying that it intended to offset its greenhouse gas emissions by purchasing emission credits through CCX. The bank says its credits would contribute to restoring 4,600 hectares of degraded pastureland in Costa Rica. Somehow, CCX has figured out that this is an amount equivalent to 22,000 metric tons of emission that the bank calculates are created by its activities.
A World Bank blog called the Private Sector Development Blog regularly features items touting Al Gore and the concept of carbon credits. Its articles typically announce corporate green initiatives in which carbon credits are said to cancel out bad CO2 emissions released by a companys activities.
In fact, the World Bank now operates a Carbon Finance Unit that conducts research on how to develop and trade carbon credits. The bank works with Italy, the Netherlands, Denmark and Spain to set up carbon-credit funds in each country to purchase emission credits from firms for use in developing countries. In addition, it runs the Carbon Fund for Europe helping countries meet their Kyoto Protocol requirements. These funds are traded on the ECX (half of which is owned by CCX, itself a creature of Al Gores firm, Generation Investment Management). Can we connect the dots?
A website affiliated with An Inconvenient Truth invites concerned citizens to personally fight global warming by offsetting their carbon footprint. The ways to do that include changing over to fluorescent light bulbs and turning down your thermostat at home. But the website also urges Americans to offset their personal CO2 emissions by buying carbon offsets from a native-American-owned company called Native Energy. Native Energy promotes renewable wind energy by buying and selling carbon-emission credits and futures for wind turbine projects on Indian reservations.
What the website doesnt mention is that that the founder of Native Energy, energy industry veteran Tom Boucher, also founded a marketing company called Green Mountain Energy, a CCX associate partner that describes itself as the nations leading retail provider of cleaner energy and carbon-offset solutions. Green Mountain offers residential, business, institutional and governmental customers an easy way to purchase cleaner, affordable electricity products, as well as the opportunity to offset their carbon footprint. In other words, Green Mountain sells advisory services to energy users, alerting them to opportunities to contribute to or invest in groups like Native Energy.
So it seems banks and investment houses are going green, eager to enter an emerging emissions market. Meanwhile, environmentalists are discovering new ways to get rich while believing they are saving polar bears and rainforests.
Gores Non-profit Agitators
In 2006 Al Gore established his own global-warming non-profit group, the Alliance for Climate Protection, a 501(3)(c) charitable organization. The group favors more stringent environmental policy regulations on the private sector and especially wants cap-and-trade legislation so that companies will be forced to lower their greenhouse gas emissions and buy carbon credits.
The alliance CEO is Cathy Zoi, a former environmental advisor to President Bill Clinton. Gore is chairman of the board, which also includes environmental activist Theodore Roosevelt IV, Clinton EPA Director Carol Browner, the President George H.W. Bushs National Security Advisor Brent Scowcroft and Reagan-era EPA Director Lee Thomas. Gore has reportedly given the alliance $250,000 and has said he will donate his share of the profits from An Inconvenient Truth to the group.
Last September, the alliance cheered as California Gov. Arnold Schwarzenegger (R.) signed into law the Global Warming Solutions Act of 2006. California has the worlds sixth-largest economy and is the worlds 12th-largest source of CO2 emissions. The mandate promises to cut emissions by 25% by 2020. Unlike other state and regional programs to cut carbon emissions and promote alternative energy, the California law is the first to embrace a cap-and-trade program. It has won the support of litigious environmental groups and business and financial groups that want to buy and sell pollution credits.
Force Everyone to Play
This year Congress is considering a slew of cap-and-trade bills to reduce carbon emissions. The bill getting the most attention is sponsored by Senators John McCain (R.-Ariz.) and Joseph Lieberman (ID.-Conn.). It would apply to the entire economy, would reduce emissions in stages (to 2004 levels by 2012, 1990 levels by 2020, and 60% below 1990 by 2050) and would set up a cap-and-trade market for emission credits.
The push is now on to force action from the Bush Administration. On May 14 of this year, President Bush signed an executive order directing federal agencies to craft regulations by the end of next year that will cut gasoline consumption and greenhouse-gas emissions from motor vehicles. His 20 in 10 plan to cut gas consumption by 20% in the next 10 years focuses on increasing the fuel economy standards for cars and light trucks and mandating increased use of alternative fuels.
But the President is unwilling to call for mandatory nationwide emissions rules and instead favors voluntary carbon-emission cuts in the private sector. This is deeply frustrating to all the brokers, wheeler-dealers and interest groups that want to jump on the cap-and-trade bandwagon. There are billions of dollars to be made in trading emissions credits. But first the federal government must force everyone to play the game.
As for Al Gore, the former Vice President brings emotional fervor to his carbon crusade. He travels the country displaying charts and graphs, quoting scientific experts and appealing to philosophers and religious leaders to save the planet from global warming. But he says nothing about his business partners who yearn to trade on the emerging carbon market. And the media pay no attention to the companies offering carbon advisory services that will profit from federal carbon emission controls.
Perhaps its about time they did.
Bookmark for further reference.
When he hears about all these tax and spend programs, he thinks this is just another device by which the political establishment wrings money out of us and gives it to their political allies.
Al's simply a bad guy--if you elect him dog catcher, he will find a way to transfer tax funds to his supporters in connection with catching dogs.
bump for later
Few days ago Rush said Gore was worth 90 million due to Goggle and Apple options layed on him when he joined board of directors of each. The one I’m more sure of is Apple options or stock worth 50 million as of two years ago. Apple is double as of then
The Ford foundation. Yes.
Even something like wind power requires windmills, which, according to environmentalists such as Robert F. Kennedy, Jr., may visually pollute the natural landscape.
A more significant problem is that these giant windmills kill migratory birds and bats by the thousands.
It would be laughable (if it weren't so threatening) to hear these jerks refers to CO2 as if it were a pollutant. CO2, H20 (which is a more important greenhouse gas than CO2), and sunlight are the basis of our entire ecosystem. The science behind anthropogenic global warming is completely bogus, but the govt. (meaning politicians like Gore) now have so much control over the financing of science and academia that we may never know the truth.
I'm afraid the average guy (and girl) gets his news from the MSM, and hears only the massive propaganda deluge from the global waming quacks.
It’s more than the MSM... It’s the parties. It’s the Federal Reserve bank cartel. It’s education, massively funded by these tax-exempt foundations. Look for Rockefeller, Ford, Guggenheim, Carnegie, etc... all over our public policies.
You should have compared it to Saddam Insane's and the UN's "FOOD FOR OIL" largest monumental rip-off in the history of the planet!!!
However, before this bogus scheme plays out it will surely have surpassed "FOOD FOR OIL!"
In my mind, I was comparing it to the S&L and Dot-Com scams.
But with the international implications, this one could truly trump all.
Hopefully this “game” will not play out.
Trading Hot Air?
Carbon credits: It’s advantage China
China appears to be flooding the carbon trading market with certified emission reductions (CERs) or carbon credits, which are priced lower than those of Indian projects. This is because China has much higher volumes of CERs in the world market compared to India. Each CER represents one tonne of carbon dioxide emission reduction.
As per annual averages, China now accounts for 43 per cent of total CERs registered at the UN, while India accounts for 12.11 per cent. Chinese projects can reduce carbon dioxide emissions by about 36.66 million tonnes per year till 2012, while Indian projects would reduce about 10.17 million tonnes.
You did name one really bad guy : Maurice Strong. He’s the real culprit of this carbon-trading scam, PLUS this UN-owns-the-oceans treaty in which he and his will OWN 70% of the earth’s surface, with full TAXING rights of course. He’s the evil one, NAIL him asap.
The global carbon scam is worse than I thought....
And, of course, deeply laden with Washington INSIDERS who have invested - AND WHO WILL ONLY WIN BIG - IF - the world swallows their scratch-and-scam schemes to trade carbon.
Yeah... I know of Maurice. I actually found this article when I was googling to find out what he was up to lately.
FYI, I’ve looked back at the founding of CCX... It has roots with ex-Drexel Burnham Lambert operative Richard Sandor.
There’s a good article on Sandor and CCX here (a long 4 pager):
CCG, you’re a doll.
Greeeeeen Acres is the place for me!
Maurice Strong is straight from satan, no two ways about it. Remember, the devil doesn’t come at you as a fierce enemy. Oh no, he comes as your BEST BUDDY, your one true FRIEND in the world. Nail this &%^#$@ asap before he does permanent damage to the GOOD PEOPLE of the world...NAIL HIM!
Thank ya, kind sir! :-)
mighty nice pile of keywords ya got there. ;-)
Whatcha doin’ readin’ keywords? The article is *much* better! LOL.
I kinda liked this exposé—can ya tell?
POLL: DOES AL GORE DESERVE THE NOBEL PEACE PRIZE?
Al might not be the sharpest knife in the drawer, but a lifetime in politics has left him with a snout that can detect the smell of money better than any other pig at the trough.
The carbon-offset proposal is a direct assault on the free market.
Bill Richardson, the governor of New Mexico, whose state is a participant in CCX, suggests that Sandors project is here to stay. I think the Chicago Climate Exchange is part of Americas future, he said when I spoke with him. We felt that the sooner we became a part of it, the better.
Thanks! I forgot about Richardson.
It seems by getting cities and states to sign on to this scam, they are trying to force a Kyoto-like mandate nationally.
DECEMBER 17, 2008 : () Motorola Inc.(MOT) said most employees won't get pay raises next year and announced cuts to retirement plans in the latest sign of the company's struggles to remain competitive without a product ready to compete with other high-end handsets. The moves follow $800 million in cuts announced two months ago that include 3,000 job cuts and putting on hold Motorola's plans to break up the company. "These are all marginal efforts, particularly compared to the $800M already announced,"Avian Securities analyst Matthew Thornton said. "The only thing that is going to return them to sustainable profitability is a successful restructuring of the... ------- "Motorola To Freeze Salaries, US Pension Plan," DOW JONES NEWSWIRES ^ | 17 Dec 2008 | Jerry A. DiColo, http://www.freerepublic.com/focus/f-news/2150372/posts
pinging this informative article again since these con artists and dupes are back on scene again for the bailout...
good old but very relevant article
~~Great digging ... thank you... PING!
What is the connection between Joyce Foundation, Chicago-based and BO?
Is it also connected to the Ford Foundation?
But before he became a national political figure, he sat on the board of a Chicago-based foundation that doled out at least nine grants totaling nearly $2.7 million to groups that advocated the opposite positions.
The foundation funded legal scholarship advancing the theory that the Second Amendment does not protect individual gun owners rights, as well as two groups that advocated handgun bans. And it paid to support a book called Every Handgun Is Aimed at You: The Case for Banning Handguns.
Obamas eight years on the board of the Joyce Foundation, which paid him more than $70,000 in directors fees,
George Soros, Maurice Strong and company redefine the Middleclass (Must read)
Canada Free Press ^ | September 26, 2008 | Judi McLeod
Who is attacking the U.S.? The big casualty in this 21st century U.S. civil war is the Middle Class George Soros, Maurice Strong and company redefine the Middleclass
George Soros, Al Gore, Warren Buffet, Maurice StrongThe Democrat-loving mainstream media is missing the boat on Warren Buffets take of Americas economic meltdown as a sort of economic Pearl Harbor were going through.
That being the case, then surely the first question should be: Who is attacking the U.S.?
The billionaires $5 billion investment in Goldman Sachs Group Inc. at the same time hes touting the Treasurys $700 billion bank rescue plan, should be the tipoff.
With so many banksters and fraudsters openly treating the U.S. treasury as their private piggybank, one ponders whats really going on.
Is wholesale market manipulation the new al Qaeda?
So how does UN Poster Boy Maurice Strong intend to harness Americas middleclass?
This is what Strong told a reporter back in 1990, when he was describing what he called a fantasy scenario for the World Economic Forum meeting in Davos, Switzerland—where 1,000 diplomats, CEOs and politicians gather annually to address global issues.
What if a small group of these world leaders were to conclude that the principal risk to the earth comes from the actions of the rich countries?
In order to save the planet, the group decides: Isnt the only hope for the planet that the industrialized civilizations collapse? Isnt it our responsibility to bring this about?
This group of world leaders forms a secret society to bring about an economic collapse, Strong told the reporter in painting his so-called fantasy scenario.
Its February. Theyre all at Davos. These arent terrorists. Theyre world leaders. They have positioned themselves in the worlds commodities and stock markets. Theyve engineered, using their access to stock markets and computers and gold supplies, a panic. Then, they prevent the worlds stock markets from closing. They jam the gears. They hire mercenaries who hold the rest of the world leaders at Davos as hostage. The markets cant close
Gee, and here I was, innocently wondering WHY Paulson destroyed the US economy so willingly in mid-September.
his actions, his “panicked” response to AIG and Goldman-Sachs was immediately and directly responsible for the 4 week bailout putsch that overthrew the Bush presidency.
And, just by the way, destroyed any chance McCain had of overcoming the media bias.
But ... this is a left, liberal group. There is no conspiracy here. No group of like-minded people working the rest of us towards a common gaol. (Er, goal.)
I think you are just scratching the surface.
In order to save the planet, the group decides: Isnt the only hope for the planet that the industrialized civilizations collapse? Isnt it our responsibility to bring this about?
It’s going to be -10 this week and a couple of nights we have had -2.
Al Gore is a very bad and evil joke.
Thanks for upating this thread piasa.
Stay warm... I think it’s been about 80 here for the last few days. Good thing- it’s no fun to wear flip flops in the snow.
Love the certificate. Very true!
Grinning, send me some sun and I’ll send you some snow.
Just put a couple more logs on the fire.....Icey here
Few more tidbits for the woodpile:
Jon Corzine and Hot Air - Perfect Together
The Jersey Guys on NJ101.5 was talking about Gov. Jon Corzine. Corzine is working Barack Hussein Obamas campaign. Word is Corzine is promised a high level position in the Treasury in an Obama Presidency. Corzine was former CEO of Goldman Sachs. The Jersey Guy’s said that Corzine told Merrill Lynch and his Wall Street buddies that this financial crash will be fixed in an Obama admnistration. No details on how though. Merrill Lynch has offices in NJ and it seems they are very worried.
Maurice Strong is involved with Chicagos Climate Exchange. Al Gore is chairman of a private equity firm called Generation Investment Management. That firm invests money from institutions and wealthy investors in companies that are going green. Generation Investment Management purchases carbon dioxide offsets. The co-founder of Generation Investment Management is former Goldman Sachs CEO Hank Paulson, who is currently the Secretary of the U.S. Treasury. Goldman Sachs bought 10% of Chicagos Climate Exchange shares for $23 million. Chicagos Climate Exchange owns half of the European Climate Exchange, Europes largest carbon trading company.
Maurice Strong: Chicago Climate Exchanges board member. Canadian Maurice Strong has made a career and a fortune out of financial rip-offs. Strong served on the board of the International Union for the Conservation of Nature (World Conservation Union) and was an advisor to the UNs Kofi Annan. Among many other things, he was the first Executive Director of the United Nations Environment Program in the 1970s and Secretary General of the 1992 UN Conference on Environment and Development, also known as the Earth Summit.
Goldman Sachs: The largest shareholder of the Chicago Climate Exchange and the second largest shareholder of the InterContinental Exchange. In fact, Goldman Sachs put Al Gore into the carbon offset hedge fund business in 2003 when David Blood, a former CEO of Goldman Sachs Assets Management, along with two other former Goldman Sachs officers, helped Gore establish his firm, General Investment Management, which focuses on Sustainable Investing by peddling carbon offsets.
Jon Corzine: He is now the Governor of NJ. He retired from Goldman Sachs in 1999 after taking the firm public and receiving at least $320 million worth of its stock. He ran for the Senate in New Jersey in 2000, spending more than $60 million of his fortune to win the seat. The bubble of high-priced technology stocks began to burst in March 2000. In August 2000, the SEC issued a warning against aftermarket sales, also known as laddering. Ive never even heard the term laddering before, Corzine said.
However, Nicholas Maier of Cramer & Co. said it happened on Corzines watch. For Corzine not to know of a common practice being utilized to generate and manipulate stock prices would be surprising, Mr. Maier said. He was obviously there during this time. I definitively saw his company engaged in illegal activity. They (the SEC) expressed to me that laddering is a trickier thing [to prove], Maier said. I will say it. They did it. They laddered. Whether the SEC can construct a case is a different story.
Al Gore: Owns a carbon trading business, Generation Investment Management. They were banked with the Lehman Bros. The Generation Investment Management business has considerable influence over the major carbon credit trading firms that currently exist.
Merrill Lynch: Deeply involved in the Carbon trading business. They are a founding member and primary sponsor of the U.K.-based Carbon Disclosure Project. Merrill Lynch is headed by John A Thain who is a Goldman Sachs alumni.
Lehman Brothers: Created a propaganda piece last year about climate change to make their investors keep getting high profits from the Kyoto carbon trade scheme and the support of huge public subventions. All that, of course, with the applause of the usual choir of politicians, the entire media and the Greens.
A year ago they couldnt predict their bankruptcy but were predicting the climate 100 years ahead. Thousands of green militants have been using the Lehman report as a proof of global warming and impending chaos. The report is the basis for policies on climate change in Spain, Argentina and several other countries playing the progress game.
Chicago Climate Exchange: The Exchange owes it existence in part to the Joyce Foundation, the Chicago-based liberal foundation philanthropy that provided $347,000 in grant support in 2000 for a preliminary study to test the viability of a market in carbon credits. On the CCX board of directors is the ubiquitous Maurice Strong, a Canadian industrialist and diplomat who since the 1970s has helped create an international policy agenda for the environmentalist movement.
Joyce Foundation: Provided grant support to test the market in carbon credits. Barack Hussein Obama sat on their Board for 8 years.