Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

If Al Gore’s Chicago Climate Exchange Suffers Total Failure, Does the MSM Make a Sound?
Pajamas Media ^ | November 6, 2010 | Steve Miloy

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.


TOPICS: Culture/Society; Editorial
KEYWORDS: algore; carbon; carbontrading; ccx; ccxexchange; change; chicago; chicagoccx; chicagocx; climate; climateexchange; globalwarming; hoax; riskyscheme; runslikeagirl; trading; waroncarbon

1 posted on 11/06/2010 6:03:21 AM PDT by Kaslin
[ Post Reply | Private Reply | View Replies]

To: Kaslin

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!


2 posted on 11/06/2010 6:08:16 AM PDT by SueRae (I can see November 2012 from my HOUSE!!!!!!!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

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.


3 posted on 11/06/2010 6:09:01 AM PDT by Plumberman27
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

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!


4 posted on 11/06/2010 6:10:46 AM PDT by ozark hilljilly (Had enough, yet?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SueRae

Maybe naming Liu this year was their apology.


5 posted on 11/06/2010 6:15:01 AM PDT by gusopol3
[ Post Reply | Private Reply | To 2 | View Replies]

To: Kaslin


It's a relief to know polar bears are safe from Algore!
6 posted on 11/06/2010 6:15:24 AM PDT by quantim (Victory is not relative, it is absolute.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Plumberman27

In jail for life in solitary and all assets confiscated.


7 posted on 11/06/2010 6:15:35 AM PDT by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Plumberman27

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.


8 posted on 11/06/2010 6:20:13 AM PDT by eyeamok
[ Post Reply | Private Reply | To 3 | View Replies]

To: Kaslin
The LSM will make just as loud of a sound on this issue as they are making on the trip to India..... <>
9 posted on 11/06/2010 6:21:05 AM PDT by Cyclone59 (Don't blame me, I voted for the hot chick and the old guy!)
[ Post Reply | Private Reply | To 1 | View Replies]

bttt


10 posted on 11/06/2010 6:23:23 AM PDT by Matchett-PI (This is a RESTRAINING ORDER not merely an 'election' ~ PJ O'Rourke.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

Its still alive in Oregon and Cal.

Pray for America


11 posted on 11/06/2010 6:23:47 AM PDT by bray (A November to Remember)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

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


12 posted on 11/06/2010 6:37:31 AM PDT by sodpoodle (Despair; man's surrender. Laughter; God's redemption.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin
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.

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.

13 posted on 11/06/2010 6:38:23 AM PDT by USS Alaska
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin
In the Follow the money category, it might be interesting to see how much Lindsey Graham had invested, as he has been an ardent pusher of Cap&Trade/AGW issues.
14 posted on 11/06/2010 6:45:39 AM PDT by TomGuy
[ Post Reply | Private Reply | To 1 | View Replies]

To: bray

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.


15 posted on 11/06/2010 6:46:22 AM PDT by old curmudgeon
[ Post Reply | Private Reply | To 11 | View Replies]

To: Kaslin

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.


16 posted on 11/06/2010 6:48:50 AM PDT by DontTreadOnMe2009 (So stop treading on me already!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

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.


17 posted on 11/06/2010 6:49:17 AM PDT by DontTreadOnMe2009 (So stop treading on me already!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

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.


18 posted on 11/06/2010 6:50:57 AM PDT by DontTreadOnMe2009 (So stop treading on me already!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: old curmudgeon

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...


19 posted on 11/06/2010 7:12:18 AM PDT by Hotlanta Mike (TeaNami)
[ Post Reply | Private Reply | To 15 | View Replies]

To: Kaslin
Does the MSM Make a Sound?

Quiet sobbing?

20 posted on 11/06/2010 7:13:06 AM PDT by Free State Four
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin
Remember all the b*tching about President Bush not signing Kyoto? Thank you President Bush!
21 posted on 11/06/2010 7:14:01 AM PDT by MonicaG (God bless our military! Praying and thanking God for you every day. Thank you!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: DontTreadOnMe2009

Anybody know if Gore also got out?


22 posted on 11/06/2010 7:17:01 AM PDT by Hillarys Gate Cult
[ Post Reply | Private Reply | To 17 | View Replies]

To: DontTreadOnMe2009

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”.


23 posted on 11/06/2010 7:17:53 AM PDT by Hotlanta Mike (TeaNami)
[ Post Reply | Private Reply | To 17 | View Replies]

To: Kaslin

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?


24 posted on 11/06/2010 7:34:12 AM PDT by Stalwart
[ Post Reply | Private Reply | To 1 | View Replies]

To: Plumberman27
"He is lucky he can get one foot in front of the other let alone tie his shoes."

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.

25 posted on 11/06/2010 7:47:46 AM PDT by Batrachian (Celebrating 10 years with Free Republic.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Kaslin
Given that Republican politicians have a long history of squishiness on environmental issues,

That's because they are ignorant of the damage statist policies are doing to the environment. There is a way to fix that.

26 posted on 11/06/2010 8:04:03 AM PDT by Carry_Okie (The environment is too complex and too important to manage by central planning.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Batrachian
Gore is a very successful business man/con artist. His net worth is now measured in the hundreds of millions of dollars...

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.

27 posted on 11/06/2010 8:13:36 AM PDT by hinckley buzzard
[ Post Reply | Private Reply | To 25 | View Replies]

To: Kaslin
Oh WOE is me... whys everybody always pickin on me???

listen... warming, cooling, it was 50/50. so i took a shot!!!
and the RATS, take another one in the..............................HA ha!!!




28 posted on 11/06/2010 9:01:32 AM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

CCX= the tree falling in the forest that no one hears.


29 posted on 11/06/2010 9:37:10 AM PDT by ridesthemiles
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

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?


30 posted on 11/06/2010 9:55:27 AM PDT by wildbill (You're just jealous because the Voices talk only to me.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Hotlanta Mike

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.


31 posted on 11/06/2010 10:05:40 AM PDT by old curmudgeon
[ Post Reply | Private Reply | To 19 | View Replies]

To: Kaslin

Great news.


32 posted on 11/06/2010 10:23:39 AM PDT by Grampa Dave (ILLEGAL IMMIGRATION IS DESTROYING AMERICA-LOOK AT WHAT IT DID TO THE WHITE HOUSE!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Grampa Dave

Bookmark


33 posted on 11/06/2010 10:43:44 AM PDT by Publius6961 ("In 1964 the War on Poverty Began --- Poverty won.")
[ Post Reply | Private Reply | To 32 | View Replies]

To: MonicaG

One of the many, MANY good things that Pres. Bush did which have largely been forgotten!


34 posted on 11/06/2010 11:21:45 AM PDT by Siena Dreaming
[ Post Reply | Private Reply | To 21 | View Replies]

To: Kaslin
...the Kyoto Protocol expires in 2012. No new international treaty is anywhere in sight. ...

Oh good. Can we get back the CFC asthma inhalers that actually work, and go back to the cheaper coolant for our a/c's and frig's?
35 posted on 11/06/2010 12:47:40 PM PDT by algernonpj (He who pays the piper . . .)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

bttt


36 posted on 11/06/2010 3:23:29 PM PDT by Pagey (B. Hussein Obama has no experience running anything, except his pedestrian mouth.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: eyeamok

You are wishing for balls that have atrophied long ago.


37 posted on 11/07/2010 1:08:43 AM PDT by GregoryFul (Obama - Jim Jones redux)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Batrachian
Con artist yes but intelligent no. All the guy did was find people dumb enough to believe in his scheme and they poured money into his pockets. Just because Gore found people less intelligent than he is doe not equate him as intelligent. I will always believe i could whip his a** in a debate any day about any subject.
38 posted on 11/07/2010 2:17:17 AM PST by Plumberman27
[ Post Reply | Private Reply | To 25 | View Replies]

To: Batrachian
Con artist yes but intelligent no. All the guy did was find people dumb enough to believe in his scheme and they poured money into his pockets. Just because Gore found people less intelligent than he is doe not equate him as intelligent. I will always believe i could whip his a** in a debate any day about any subject.
39 posted on 11/07/2010 2:17:21 AM PST by Plumberman27
[ Post Reply | Private Reply | To 25 | View Replies]

To: SueRae
The Goreacle is pretty quiet these days

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!

40 posted on 11/07/2010 3:57:07 AM PST by REPANDPROUDOFIT (General, sir, it is perfectly ok to call me "ma'am"!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Plumberman27
All the guy did was find people dumb enough to believe in his scheme and they poured money into his pockets.

I get mad every time I buy a plane ticket and see the little report on the bottom telling me what my carbon footprint is for the trip. Of course it goes on to ask if I might want to purchase carbon offsets - ugh!

41 posted on 11/07/2010 4:01:00 AM PST by REPANDPROUDOFIT (General, sir, it is perfectly ok to call me "ma'am"!)
[ Post Reply | Private Reply | To 38 | View Replies]

To: REPANDPROUDOFIT

Bookmark


42 posted on 11/07/2010 5:53:36 PM PST by Publius6961 ("In 1964 the War on Poverty Began --- Poverty won.")
[ Post Reply | Private Reply | To 41 | View Replies]

To: Hotlanta Mike
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”.

Puts the drop on their trash-talking of the oil companies, doesn't it?

43 posted on 11/07/2010 7:13:57 PM PST by danielmryan
[ Post Reply | Private Reply | To 23 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson