Skip to comments.If Al Gore’s Chicago Climate Exchange Suffers Total Failure, Does the MSM Make a Sound?
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 CCXs 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 CCXs 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 Gores Generation Investment Management.
But a funny thing happened on the way to the CCXs 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.
CCXs 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 dont know how well Al Gore and Goldman Sachs fared on their investments in the CCX, we do know that theres 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 CCXs announcement revealed no news articles published about its demise.
Outside of a report in Crains 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 isnt 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.coms 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.
Anybody know if Gore also got out?
This is the absurdity of the left crying about Wall Steet millionaires and rich people, which rightfully earn their wealth. Guys like Sandor and others like him game the system to get public money to start businesses and work with corrupt officials to pass legislation that end up stealing money from us through taxation thereby enriching these business. This is corruption most refined, and the left ignores it because it fits in with their liberal goals such as a “clean environment” and “renewable energy”.
Prior to Climategate, I had read that Condi Rice was on the board of directors at CCX, with $2 million of her own money invested.
Anyone know more?
You are very much mistaken, my FRiend. He may not have been a very successful politician, But Al Gore is a very successful business man/con artist. His net worth is now measured in the hundreds of millions of dollars, all from schemes like the CCX and from promoting his various environmental hoaxes. Truly, he was in the right place and the right time to capitalize on the environmental craze, and was smart enough to do so.
Being a thief and a liar doesn't make one stupid, just dishonest.
That's because they are ignorant of the damage statist policies are doing to the environment. There is a way to fix that.
It helps if you're born into the Ruling Class to begin with, Senator for years, and an ex-Vice President.
I recall after he blew the 2000 election, some investment bank in California hired him as a potted plant and threw millions at him to have his name on their letterhead. After that it couldn't have been easier.
listen... warming, cooling, it was 50/50. so i took a shot!!!
and the RATS, take another one in the..............................HA ha!!!
CCX= the tree falling in the forest that no one hears.
I’m devastated. I spent two years and a small fortune hunting up pygmy tribes in the Congo and buying up their carbon credits.
I was just waiting for the market to mature to make gazillions like Al Gore.
Now what? Does anyone wanna buy a Pygmy Carbon Credit Certificate cheap?
You are right.
But to most people, watching someone else get a bloody nose is not nearly so convincing as getting one themselves. Especially if they get a few loose teeth along with it.
CA is about to get worse than loose teeth.
One of the many, MANY good things that Pres. Bush did which have largely been forgotten!
You are wishing for balls that have atrophied long ago.
60 Minutes should do an "in depth interview"! Now, that's a segment I might actually watch. It would be fun to watch him twist himself into a pretzel!