Posted on 08/12/2010 12:19:36 PM PDT by Shermy
* ICE to cut around half of 50-person CCX workforce
* 1st round of layoffs began July 23, more to come in autumn
* Sources cite U.S. climate inaction as main reason for cuts
* ICE collecting feedback on what to do with climate bourse
By Michael Szabo
LONDON, Aug 11 (Reuters) - Market operator Intercontinental Exchange Inc. (ICE.N) is laying off staff at newly acquired U.S. environmental bourse the Chicago Climate Exchange (CCX), industry sources told Reuters, citing a lack of U.S. action on climate change.
They said the first round of layoffs began on July 23 and, although the total number of jobs to be cut was unknown, one said around 25 employees, or roughly half CCX's headcount at the time of ICE's acquisition, had already been or were being let go.
-snip-
Another said ICE cut around 20 roles at the CCX late last month, and at least another six high-level layoffs would come before next spring.
ICE bought Climate Exchange plc, owners of the CCX as well as London's European Climate Exchange (ECX), the world's largest marketplace for carbon credits, in April for 395 million pounds ($622 million), despite failed UN climate talks in Copenhagen last December and a lack of U.S. action on climate change.
CCX founder Richard Sandor had hoped the exchange would become the hub for a national regulated market for greenhouse gas emissions to be kick-started by a U.S. climate change bill.
But prices for the carbon credits traded on the bourse since its 2003 launch, which were based on voluntary but legally binding emissions reduction commitments by its members, have crashed to around 10 cents a tonne from all-time highs of over $7 in 2008, and trading volumes have largely dried up. -snip-
(Excerpt) Read more at reuters.com ...
Ping.
For a moment there, I thought you were talking about Immigration.
Was this caused by global warming?
No, Glenn Beck.
later
“and trading volumes have largely dried up”
Gee...
Imagine that.
Democrat Climate extortion can only be afforded in a GOOD economy, and it’s a huge waste of money in a bad one.
They haven't come thru......
No wonder Obama is getting gray hair...
Shouldn’t the Joyce Foundation get its one million in seed money back? some one should ask Obama.
“The big money....can’t be happy with Obama, and the Dims. They haven’t come thru.....”
The hell he hasn’t...
Goldman Sach’s, GE, the Unions, etc. have gotten HUNDREDS OF BILLIONS OF DOLLARS in payback.
This is literally the most corrupt Administration in the history of this country
Sorry, I should be clearer.
Yes and a significant victory for our side.
Glen Beck deserves a medal.
OsageOrange is right. What you reference is a pittance to what they would have gotten had they succeeded in getting Cap and Trade. We are talking Trillions with a ‘T’, NOT Billions with a ‘B’.
BUT THE PARTY AIN’T OVER YET. STILL COULD HAPPEN. These sorts are tenacious, it’s a lot of money, and the American public still hasn’t caught on that there is a Sting operation in place, and their pocket books are the Ultimate target. Ultimately the consumer will pay for it all.
Can anybody say “lame duck”?
Can anybody say “lame duck”?
Can anybody say “lame duck”?
Glad to see CCX going down even if Sandor did make a killing on the scam.
Thanks for the ping.
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