Posted on 11/06/2010 6:03:14 AM PDT by Kaslin
The CCX was the topic of thousands of MSM articles over the years, but not a single article reported their recent demise. Hmmm.
Global warming-inspired cap and trade has been one of the most stridently debated public policy controversies of the past 15 years. But it is dying a quiet death. In a little reported move, the Chicago Climate Exchange (CCX) announced on Oct. 21 that it will be ending carbon trading — the only purpose for which it was founded — this year.
Although the trading in carbon emissions credits was voluntary, the CCX was intended to be the hub of the mandatory carbon trading established by a cap-and-trade law, like the Waxman-Markey scheme passed by the House in June 2009.
At its founding in November 2000, it was estimated that the size of CCX’s carbon trading market could reach $500 billion. That estimate ballooned over the years to $10 trillion.
Al Capone tried to use Prohibition to muscle in on a piece of all the action in Chicago. The CCX’s backers wanted to use a new prohibition on carbon emissions to muscle in on a piece of, quite literally, all the action in the world.
The CCX was the brainchild of Northwestern University business professor Richard Sandor, who used $1.1 million in grants from the Chicago-based left-wing Joyce Foundation to launch the CCX. For his efforts, Time named Sandor as one of its Heroes of the Planet in 2002 and one of its Heroes of the Environment in 2007.
The CCX seemed to have a lock on success. Not only was a young Barack Obama a board member of the Joyce Foundation that funded the fledgling CCX, but over the years it attracted such big name climate investors as Goldman Sachs and Al Gore’s Generation Investment Management.
But a funny thing happened on the way to the CCX’s highly anticipated looting of taxpayers and consumers — cap-and-trade imploded following its high water mark of the House passage of the Waxman-Markey bill. With ongoing economic recession, Climategate, and the tea party movement, what once seemed like a certainty became anything but.
CCX’s panicked original investors bailed out this spring, unloading the dog and its across-the-pond cousin, the European Climate Exchange (ECX), for $600 million to the New York Stock Exchange-traded Intercontinental Exchange (ICE) — an electronic futures and derivatives platform based in Atlanta and London. (Luckier than the CCX, the ECX continues to exist thanks to the mandatory carbon caps of the Kyoto Protocol.)
The ECX may soon follow the CCX into oblivion, however — the Kyoto Protocol expires in 2012. No new international treaty is anywhere in sight.
While we don’t know how well Al Gore and Goldman Sachs fared on their investments in the CCX, we do know that there’s no reason to cry for Sandor. He received $98.5 million for his 16.5% stake in CCX when it was sold. Not bad for a failure that somebody else financed.
Incredibly (but not surprisingly), although thousands of news articles have been published about CCX by the lamestream media over the years, a Nexis search conducted a week after CCX’s announcement revealed no news articles published about its demise.
Outside of a report in Crain’s Chicago Business and a soft-pedaled article in a small trade publication, the media has entirely ignored the demise of the only U.S. effort at carbon trading. Even Glenn Beck, who has dedicated quite a bit of Fox News airtime to exposing the CCX, has yet to mention the news.
Despite ending carbon trading, the CCX isn’t vanishing altogether. It intends to transition into the murky world of dealing in carbon offsets. Once again, however, with the tide leaving on carbon regulation and increased concerns about fraudulent carbon offsets, the future of that market is quite uncertain.
With the demise of CCX carbon trading, only the still-pending Waxman-Markey bill is keeping cap and trade alive — technically, at least — in the U.S. According to JunkScience.com’s Cap-and-Trade Death Clock, however, Waxman-Markey only has about 60 days of life left before it, too, turns into a pumpkin.
Despite this good news, opponents of carbon regulation will need to remain vigilant. While radical greens and the rent-seeking “clean energy” industry are down, they are not out.
Though they will never again dare utter the term “cap and trade,” they will reformulate and rebrand carbon regulation in the form of a national “renewable electricity standard” (RES), a “carbon tax,” or perhaps something even more innocent and cuddly — like “free cotton candy for everyone (FCCE).”
The global warming mob will be back, with their old agenda and new deceit, in 2011. Given that Republican politicians have a long history of squishiness on environmental issues, the rest of us will need to be prepared to continue the battle against Marxist/socialist and economy-killing energy rationing and taxes.
Bump. Excellent article. The Goreacle is pretty quiet these days...no doubt preparing for round 2.
THe Nobel committee should be getting an article out real soon, too. Two years, awards to two losers. Hah!
Al Gore should be in jail. Plain and simple the man has committed crimes against humanity. Anyone and i mean anyone that ever voted for the guy needs a complete mental examination. He is lucky he can get one foot in front of the other let alone tie his shoes.
Thank You!
Every now and then a story posts in the a.m. here at FR that puts almost as big as smile on my face as a good romp in the hay!
These nimrods won’t quit, tho. They’ll have some new racket in the works. We must remain vigilant!
Maybe naming Liu this year was their apology.
In jail for life in solitary and all assets confiscated.
Jail would be too good for these clowns, every last person involved needs to be tried for TREASON and upon conviction, Hanged on the White House Lawn. Considering the fact that these people, and there are thousands of them, willfully and knowingly CONSPIRED with Foreign Interests to ENSLAVE the American People with their phony religion, TREASON is THE CHARGE that is most appropriate.
We can only hope that the new congress has hearings where every last one of these rat bastards are brought before congress and forced to testify under oath with respect to ALL RESEARCH done with respect to CO2 emissions. We are going to need lots of rope. I would start with Mann, and Pachuri followed by Al Gore and then Governor Shriver form California, where incidentally Cap and Trade officially begins in January. Personally I would give them a choice to be truthful and honest and their families would be spared from complete asset confiscation, however you will; still be hanged for treason. The life of your family depends on your truthfulness. I f you come clean we will let them keep enough assets to live above the poverty level, otherwise they live in the streets and you will still be hanged at the end of this hearing.
bttt
Its still alive in Oregon and Cal.
Pray for America
Could someone please lock Gore in a stable with a dozen Beano-fed horses?
He might learn something!
http://www.youtube.com/watch?v=ugazcvzOM0Q
This little commie professor, used gummint grant money, starts a fraudulent exchange, and is rewarded with $100 million.
Now he can go off and cause some real damage.
With the present business climate in California, the addition of cap and trade to the mix will totally end any hope for growth and/or recovery.
Good that they have it for it will demonstrate to the rest of the country what would be in store should it become law nation wide.
I believe California is about to get what they deserve.
Incredibly (but not surprisingly), although thousands of news articles have been published about CCX by the lamestream media over the years, a Nexis search conducted a week after CCX’s announcement revealed no news articles published about its demise.
there’s no reason to cry for Sandor. He received $98.5 million for his 16.5% stake in CCX when it was sold. Not bad for a failure that somebody else financed.
The CCX was the brainchild of Northwestern University business professor Richard Sandor, who used $1.1 million in grants from the Chicago-based left-wing Joyce Foundation to launch the CCX. For his efforts, Time named Sandor as one of its Heroes of the Planet in 2002 and one of its Heroes of the Environment in 2007.
The CCX seemed to have a lock on success. Not only was a young Barack Obama a board member of the Joyce Foundation that funded the fledgling CCX, but over the years it attracted such big name climate investors as Goldman Sachs and Al Gore’s Generation Investment Management.
But a funny thing happened on the way to the CCX’s highly anticipated looting of taxpayers and consumers — cap-and-trade imploded following its high water mark of the House passage of the Waxman-Markey bill. With ongoing economic recession, Climategate, and the tea party movement, what once seemed like a certainty became anything but.
CCX’s panicked original investors bailed out this spring, unloading the dog and its across-the-pond cousin, the European Climate Exchange (ECX), for $600 million to the New York Stock Exchange-traded Intercontinental Exchange (ICE) — an electronic futures and derivatives platform based in Atlanta and London. (Luckier than the CCX, the ECX continues to exist thanks to the mandatory carbon caps of the Kyoto Protocol.)
The ECX may soon follow the CCX into oblivion, however — the Kyoto Protocol expires in 2012. No new international treaty is anywhere in sight.
California only needs to look to Spain, which bet the farm on the green agenda. Spain only has 21% unemployment lost 2 traditional jobs for every green job created). And when you have more dependents than producers, guess what? You become insolvent...
Quiet sobbing?
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