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Greed and secrecy mark nationís first, biggest cap-and-trade program
washingtonexaminer.com/ ^ | 08/02/10 | MARK TAPSCOTT

Posted on 08/03/2010 8:02:19 AM PDT by goldendays

While Senate Majority Leader Harry Reid desperately seeks a way to force a cap-and-trade energy bill through the Senate,

folks in 10 northeastern states are getting a bitter taste of what such a program really means.

In the case of the Regional Greenhouse Gas Initiative (RGGI) that includes New Jersey New York, Connecticut, Massachusetts, Maine, Rhode Island, New Hampshire, Vermont, Delaware and Maryland, greed and secrecy appear to be the most dominant considerations.

RGGI describes itself on its web site as “the first mandatory, market-based effort in the United States to reduce greenhouse gas emissions. Ten Northeastern and Mid-Atlantic states have capped and will reduce CO2 emissions from the power sector 10% by 2018.” Established by the participating states in 2008 with the assistance of environmentalists as a model for federal lawmakers, the RGGI has since sold more than $688 million in carbon dioxide permits, or credits, according to New Jersey Watchdog.

“The bidders at RGGI auctions include Goldman Sachs, Morgan Stanley, Merrill Lynch, JPMorgan Chase and other Wall Street heavyweights,” according to a new report by NJ Watchdog.

“They hope to make big money by speculating on the price of permits, called allowances. Electric power plants are required to obtain an allowance for each ton of CO-2 they emit,” NJ Watchdog said.

But guess what NJ Watchdog was told when its reporters asked for the names of buyers of the $688 million in permits and what impact will their purchases have on utility bills paid by millions of residents in the 10 states participating in RGGI?

“That’s none of our business, according to the bureaucrats in charge. They denied New Jersey Watchdog’s Open Public Records Act requests for auction details, contending the bidders’ ‘expectation of privacy’ and ‘trade secrets’ outweigh the public right to know,” according to NJ Watchdog.

“RGGI executive director Jonathan Schrag claims RGGI is not a ‘public body’ subject to state open records laws – even though it’s a non-profit cooperative created and governed” by its 10-state members.

And worse yet, according to NJ Watchdog, “the New Jersey Department of Environmental Protection contends it ‘does not have documents responsive to (the) request in its possession.’ Reached by telephone while vacationing, Schrag expressed surprise at NJDEP’s statement. He said RGGI provides details of auction particulars to all 10 states.

“State officials were ready with more hot air: ‘Even if the documents requested were in the possession of NJDEP…requested items would also be subject to confidentiality as trade secrets,’ the agency argued in its written response,” said NJ Watchdog.

In other words, the “right” of public officials to collude with special interests seeking big profits in a process designed to impact the costs of critically needed utility services like electricity is more important than the statutory right of state taxpayers and utility rate payers to know what is being done?

For more on this astounding story that gives us a disturbing look at what would likely be an even more secretive and expensive federal cap-and-trade system, go here.


TOPICS: Crime/Corruption; Front Page News; Government; Politics/Elections
KEYWORDS: capandtrade; carboncredits; gas; greed; greenhouse; secrecy

1 posted on 08/03/2010 8:02:22 AM PDT by goldendays
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To: goldendays

the silver lining is that Environmental Extremism may finally collapse under the sheer weight of its own klepto-corruption


2 posted on 08/03/2010 8:04:03 AM PDT by Buckeye McFrog
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To: goldendays

They want to sell us the air we breathe...


3 posted on 08/03/2010 8:04:42 AM PDT by Eric in the Ozarks (Impeachment !)
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To: goldendays

Everyone who’s surprised raise your hand.


4 posted on 08/03/2010 8:09:25 AM PDT by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: goldendays

BHOYngFstn


5 posted on 08/03/2010 8:10:19 AM PDT by FrankR (It doesn't matter what they call us, only what we answer to....)
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To: goldendays


6 posted on 08/03/2010 8:12:46 AM PDT by WOBBLY BOB (drain the swamp! ( then napalm it and pave it over ))
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To: goldendays

CARBON DIOXIDE CANNOT AFFECT THE ATMOSPHERE, THE GREENHOUSE EFFECT OR ANYTHING ELSE. IT HAS BEEN PROVEN!!!!!!!!!!!!

ITS SNAKE OIL WRIT LARGE!!!!!!!!!!!!!!


7 posted on 08/03/2010 8:13:40 AM PDT by Danae (If Liberals were only moderately insane, they would be tollerable. Alas, such is not the case.)
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To: y'all

New Jersey, New York, Connecticut, Massachusetts,
Maine, Rhode Island, New Hampshire, Vermont,
Delaware, and Maryland voters are stuck on stupid.


8 posted on 08/03/2010 8:20:27 AM PDT by Cyber Ninja (Live and let live; is not working...)
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To: Danae

Welcome to the Western Climate Initiative (WCI). The WCI is a collaboration of independent jurisdictions working together to identify, evaluate, and implement policies to tackle climate change at a regional level. http://www.westernclimateinitiative.org/


9 posted on 08/03/2010 8:21:19 AM PDT by goldendays
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To: goldendays
I wonder how long before the economic consequences of this foolish "initiative" become apparent.

What kind of manufacturer would even consider for a moment moving to an area where electricity is guaranteed by law to be expensive and scarce? Where arbitrary restrictions on the amount of carbon (a key component of all life on all Earth) emitted can come into play in a moment's notice?

Instead, such existing businesses already in those states would be well advised to flee this economic madness.

10 posted on 08/03/2010 8:22:18 AM PDT by snowsislander (In this election year, please ask your candidates if they support repeal of the 1968 GCA.)
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To: goldendays
“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."


11 posted on 08/03/2010 8:23:50 AM PDT by Diogenesis
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To: OnTheDress

buy a v8 car in maryland and you pay 3000.00 more for it


12 posted on 08/03/2010 8:24:51 AM PDT by goldendays
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To: goldendays

New Jersey residents need to hammer Christie on this. I bet he doesn’t know this is going on in the bureauacracy.


13 posted on 08/03/2010 8:25:32 AM PDT by FreedomPoster (No Representation without Taxation!)
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To: Eric in the Ozarks
Goldman Sachs, Morgan Stanley, Merrill Lynch, JPMorgan Chase and other Wall Street heavyweights

and its your tax money that they use

14 posted on 08/03/2010 8:27:26 AM PDT by goldendays
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To: goldendays

sfl


15 posted on 08/03/2010 8:49:33 AM PDT by phockthis
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To: goldendays
mandatory, market-based

well, which is it? /rhetorical

16 posted on 08/03/2010 8:55:16 AM PDT by NonValueAdded ("Obama suffers from decision-deficit disorder." Oliver North 6/25/10)
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To: Buckeye McFrog
the silver lining is that Environmental Extremism may finally collapse under the sheer weight of its own klepto-corruption

It's a small consolation. To badly paraphrase Keynes, "Kleptos can steal from you longer than you can remain solvent."

17 posted on 08/03/2010 9:15:04 AM PDT by Pearls Before Swine
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To: goldendays

??

CO2 is no more responsible for climate change than my little right toe is. Why would I join a group that bases its arguments on lies and propaganda?


18 posted on 08/03/2010 10:08:54 AM PDT by Danae (If Liberals were only moderately insane, they would be tollerable. Alas, such is not the case.)
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To: goldendays; IrishCatholic; meyer; SteamShovel; Desdemona; grey_whiskers; proud_yank; Horusra; ...
 


Beam me to Planet Gore !

19 posted on 08/03/2010 10:18:13 AM PDT by steelyourfaith ("Release the Second Chakra !!!!!!!" ... Al Gore, 10/24/06)
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To: OnTheDress
New Jersey, New York, Connecticut, Massachusetts, Maine, Rhode Island, New Hampshire, Vermont, Delaware, and Maryland voters are stuck on stupid.

What makes you think the above voters had anything to say about it?

20 posted on 08/03/2010 12:32:33 PM PDT by doc11355
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To: goldendays

Just like the stimulus bill and Obamacare.

What’s new?


21 posted on 08/03/2010 12:37:46 PM PDT by <1/1,000,000th%
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To: doc11355
From the RGGI website:

State Regulations
"Each Participating State's RGGI CO2 Budget Trading
Program is based upon its own statutory and/or regulatory
authority. Guided by the Model Rule, each state's
regulations limit emissions of CO2 from electric power
plants, establish participation in CO2 allowance
auctions, create CO2 allowances and determine
appropriate allowance allocations.

"Statutory and/or regulatory authority";
is granted by the people through their
representatives, you know, the pols they
keep voting for.

22 posted on 08/03/2010 1:28:58 PM PDT by Cyber Ninja (Live and let live; is not working...)
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To: goldendays

Goldman Sachs, Morgan Stanley, Merrill Lynch, JPMorgan Chase and other Wall Street heavyweights were all very heavily invested in Carbon Credits before the bailout — had they been allowed to go bankrupt, their heavy investments would have been worth $ZERO$!

That is why they were bailed out!

American taxpayers have been screwed once — the Wall Street bailouts, and we are about to be screwed again by the carbon tax.

We have a lot of work ahead of us if we are to restore our Republic!


23 posted on 08/03/2010 9:54:21 PM PDT by Taxman (So that the beautiful pressure does not diminish!)
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