Skip to comments.Barbara Hollingsworth: Fannie Mae owns patent on residential 'cap and trade' exchange
Posted on 04/21/2010 9:10:40 PM PDT by givemELL
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."
Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/columns/Fannie-Mae-owns-patent-on-residential-_cap-and-trade_-exchange-91532109.html?source=patrick.net#ixzz0lnZWTP1t
(Excerpt) Read more at washingtonexaminer.com ...
sides Raines, the other "inventors" are:
* Former Fannie Vice President and Deputy General Counsel G. Scott Lesmes, who provided legal advice on Fannie Mae's debt and equity offerings;
* Former Fannie Vice President Robert Sahadi, who now runs GreenSpace Investment Financial Services out of his 5,002-square-foot Clarksburg home;
* 2008 Barack Obama fundraiser Kenneth Berlin, an environmental law partner at Skadden Arps;
* Michelle Desiderio, director of the National Green Building Certification program, which trains "green" monitors;
* Former Cantor Fitzgerald employee Elizabeth Arner Cavey, wife of Democratic donor Brian Cavey of the Stanton Park Group, which received $200,000 last year to lobby on climate change legislation; and
* Jane Bartels, widow of former CO2e.com CEO Carlton Bartels. Three weeks before Carlton Bartels was killed in the Sept. 11 attacks, he filed for another patent on the software used in 2003 to set up the Chicago Climate Exchange.
The patent, which covers both the "cap" and "trade" parts of Obama's top domestic energy initiation, gives Fannie Mae proprietary control over an automated trading system that pools and sells credits for hard-to-quantify residential carbon reduction efforts (such as solar panels and high-efficiency appliances) to companies and utilities that don't meet emission reduction targets. Depending on where the Environmental Protection Agency sets arbitrary CO2 standards, that could be every company in America.
The patent summary describes how carbon "and other pollutants yet to be determined" would be "combined into a single emissions pool" and traded -- just as Fannie's toxic portfolio of subprime mortgages were.
"Fannie Mae earns no money on this patent," communications director Amy Bonitatibus told the Washington Examiner. "We can't conjecture as to the cap-and-trade legislation."
But passage of the legislation would create an artificial, government-mandated, trillion-dollar carbon trading market that would drive up the price of energy, indirectly making housing more expensive.
If the proprietary emissions trading system functions like other exchanges such as the New York Stock Exchange, which makes most of its revenue on listing and trading fees, its owners could see extremely generous profits, especially with a patent that keeps out competition for two decades.
So Fannie Mae, a quasi-governmental entity whose congressionally mandated mission is to make housing more affordable, has been a behind-the-scenes participant in a carbon trading scheme that would do just the opposite.
In January, Europol announced that up to 90 percent of the volume in the European Union's own carbon-trading market was fraudulent, costing EU members $5 billion during the previous 18 months. That would be just the tip of the iceberg if the Congress were to make a similar mistake.
But if it does, thanks to Raines and his fellow "inventors," Fannie Mae will be laughing all the way to the (bailed-out) bank.
Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/columns/Fannie-Mae-owns-patent-on-residential-_cap-and-trade_-exchange-91532109.html?source=patrick.net#ixzz0lna31Osx
Founders of the exchange and investors include Soros, Sen Lugar, Maurice Strong, Bill Clinton and Al Gore, among others. The Chicago Exchange is intended to dominate the current London Carbon exchange. Obama does not need a second term in office as he has supranational aspirations, apparently.
This whole thing give government all the hooks it needs in business to determine which businesses succeed and which fail -- while skimming profits without additional taxes at the same time.
We are doomed.
Cap-and-Trade bump for later...........
Well...ain’t that SWELL.....clean out the HOUSE, the SENATE, and ALL THE STAFF of EVERY agency....PLUS get rid of half of the FED Departments!!!
The list, ping
The entire sewer known as the District of Criminals needs cleaning.
and what if Fannie /Freddie is juat a kind of "keg tapper" for the world banking system ?
what is happening to our country is disgusting...and to think we paid them to do it.
Yes, Raines, while at Fannie collected $126 million, and Johnson, Gorelick and others smaller amounts. They all got the equivalent of a bonus payment for each subprime mort to the present, underwritten to the maximum extent of numbers. Fannie will be issuing subprimes until at least Sept of this year, and the program could be extended.
Wealth/property cannot be redistributed by Obamas’ plan unless it comes into govt hands to the maximum extent possible...so, the plundering of the middle class to its extinction is on fast-track and the rich, not politically connected are going next. 401ks and IRAs are to be forced to convert to Tbills and agency bonds before the US defaults on its debt, scheduled after the plans are converted to Tbills and the public left holding those BAGS too.
Raines should have been frog marched in front of a judge a few years ago. He’s the worst of the worst.
This is why they had to destroy Sarah - she could have foiled their plans - which basically are the looting of this country and it’s citizens for the personal gain of a few politically connected people. If Obama were a real American he’d be ashamed to be used as a front for crimes that make Madoff look like a purse snatcher.
guess we will need a bigger printing press....or another investigation..a real one
I agree with you entirely. Obama is not motivated by things that motivate a real American. His core values were formed by Liberation Theology. He believes he is doing God's (don't ask me which one) work. There is no reasoning with a person with evil convictions. And when someone does win and argument, as you have noted, they get destroyed.
Patent? How can you have a patent? What would the patent be on? A plan? A scheme?
Yes, this is a bombshell. I’m sure NBC will be reporting it right away. Ron Paul apparently was right - Obama is a “corporatist” not a communist. Well, maybe both. Seems to me this is the looting of our middle class.
Seriously thinking about moving to Panama. I don’t care to be a slave to these bastards.
Do you think your question really matters to these people?
WHere there is ONE exchange, look for others created by the same people, even if they are not in sight. Not fully tongue-in-cheek, might one look imaginatively for a semi-private US/Israel Middle East conflict futures exchange quiety running in the back ground with lots of investment money and a blind pool of front-running high frequency quant programs shorting the prospects of a US/Israel win and a monster issuance of credit default swaps by the insiders if the US and Israel are the winners against Iran/Syria/Hezbollah? Saudis would be likely takers.
WHAT USED TO BE CRAZY is conceivable now after exposure of the Chicago Futures and Fannie connections, yet to be fully disclosed. The ENTIRE financial system of the US is a Ponzi apparatus. A list of stockholders and primary assistants is in order for the Chicago Carbon Futures Exchange. Are Sharia financial interests involved in the Chicago Carbon Futures Exchange?...expect them to be.
Israel, in a pressure cooker, is quite capable of avoiding interminable committee decisions, and, should Israel attack Iran/Syria, it will be with a view that it can survive.
Not mentioned, and disturbing so, is the reality that a Masada type related strategy could conceivably be imaginable by the current US administration with Brezinskis’ approval via the Saudis with a mutual hope that Israel takes out enough of Iran in a conflict to benefit Saudi and US purposes regarding Iran to a great extent, and relieve them of the Israeli “problem” at the same time. IF so, this will be a disaster for the US aside from being a catastrophe for Israel. Those Saudi medallions on Bush and Obama are really something to worry about.
Many have said that the way out of Iraq and Afganistan is through Iran. Must Israel pay the price?
Massive participations in the Chicago Carbon Exchange include the following:
An excerpt of this reasonably short, but detailed piece with loads of information:
“But why have neither Republicans nor Democrats challenged Gore on this? And why have they conspicuously refrained from confronting Sir Nicholas Sternof the 2006 “Stern Review” on global warming, British Environment Minister David Miliband, and the other British “experts” streaming into Washington, D.C. in 2007, to demand U.S. “economic response” to climate change? Political amnesia. Elected officials are tightly locked in the grip of the Synarchist gamemastersthe Felix Rohatyn wing of the Democratic Party, and the George Shultz wing of the GOPwho have been in on creating this and prior swindles all along.
Look, for example, at the who’s who involved in the blatant staging of a “pro-green investment” press conference on the eve of the March 21 Gore House and Senate appearance. On March 19, the “Investors Network on Climate Risk” (INCR) held a Washington event to demand Federal action to impose mandatory reductions in greenhouse gases, claiming they represent a $4 trillion pool of funds demanding green ventures. Members of INCR, founded at the UN in 2003, include British Petroleum, Allianz Insurance, the world’s largest insurance firm; DuPont, and hosts of state, labor, and church funds of various kinds, that have been herded into line. The INCR is chaired by British activist Norman Dean, who is simultaneously Director of Friends of the Earth.”
How Goldman Sachs and oil ponzi scam relate to the Chicago Carbon Exchange:
Did not know that. Thank you for the information.
Although Fannie Mae chief Franklin Raines was fired for bungling its books, he'll get a $26 million parachute not counting a monthly pension of $116,300 for life.....PLUS.
The 55-year-old Washington, DC insider and his CFO J. Timothy Howard left their jobs under a cloud of suspicion that the execs undermined the financial soundness of Fannie Mae, creating losses of up to $9 billion.
Regulators overseeing Fannie Mae urged it not to pay any benefits to either executive until reviews are made of their contracts, filings said yesterday.
Raines owns options giving him $5.8 million in net profit after redeeming them, plus another $8.7 million in deferred compensation for his six years at the helm. Raines has already collected $4.87 million in special performance shares this year and also keeps $5 million of paid-up life insurance. He and his spouse get free medical and dental benefits for life, worth over $1 million.
Last year, Raines earned $20 million in salary, bonuses and stock awards. The Securities and Exchange Commission said he broke accounting rules by playing with risky derivatives.
After he was fired, Raines told the board that he's entitled to get paychecks until next June 22 giving him another $600,000, which triggers a $2,000 monthly raise in his lifetime pension. He also says he's entitled to disputed options with a gross value of about $5.6 million.
To keep Raines happy within philanthropic circles, Fannie Mae will match his charitable contributions by $10,000 a year.
Raines' CFO Howard gets a parachute valued at more than $13.1 million not including a monthly pension of $36,071 for life. Howard gets free medical and dental coverage for himself and family for life, and as well as the matching $10,000 annual perk in making charitable contributions.
Great post. GB has been all over this and it needs to be shouted from the rooftops. Cap & Rape will be one of the biggest taxes to ever be imposed. All because of a MYTH—GLOBAL WARMING.
As a companion to my post, if you can find it, read today’s WSJ book report in the editorial section on a book called Power Hungry. Sorry, I don’t have a link.
The Damsel of Disaster Jamie Gorelick....
How did she not get envolved?
She was working with Raines at one point and has had her hand in every major mess...
Been watching the Senate Goldman hearings all day....this is the next thing....X years from now.
this is the next thing....X years from now.
you nailed it
We’re gonna need a railcar full of tar....and a few thousands chikens worth of feathers when we get to DC....
Thanks for the post(s); ping/post. Great thread. Thanks to all posters.
this makes me so mad
This POS walked away with millions in unearned bonuses.
I looked up the patent and it was issued on June 7, 2005 according to the www.uspto.gov site. The author is confused if she cites November 7, 2006 as the date of issue.
Application Number: 10/290,753 Customer Number: -
Filing or 371 (c) Date: 11-08-2002 Status: Patented Case
Application Type: Utility Status Date: 05-18-2005
Examiner Name: BAHTA, KIDEST Location: ELECTRONIC
Group Art Unit: 2125 Location Date: -
Confirmation Number: 3562 Earliest Publication No: US 2004-0015454 A1
Attorney Docket Number: 37540-00607 Earliest Publication Date: 01-22-2004
Class / Subclass: 700/286 Patent Number: 6,904,336
First Named Inventor: Franklin D. Raines , Washington, DC Issue Date of Patent: 06-07-2005
I believe he left FM with a 11 million dollar bonus check.
US Pat. 6904336 Filed Nov 8, 2002 Fannie Mae, CO2e.com, LLC
US Pat. 7343341 Filed Jan 14, 2005 Chicago Climate Exchange, Inc.
US Pat. 7133750 Filed Apr 28, 2005 Fannie Mae, CO2e.com, LLC
As far as I can tell there are three patents.
And both the 2nd and 3rd refer to the 1st patent listed above.
Crime, Inc. — corruptocrats hogtying our futures
and strangling our finances
Crime Inc. google blog links
System and method for processing data pertaining to financial assets
A data processing system for processing loan data comprises acquisition logic, reporting logic, and financial asset generation logic. The acquisition logic is configured to receive information pertaining to loan term, interest rate, principal owed and other paramete...
From patentstorm’s Franklin Raines patent listing. He PATENTED loan processing?
I took note of all the links suggested here.
“the CFO that was going to blow the whistle”
first I’ve heard of it.
Your “source” is Lyndon LaRouche?