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Carbon Trade Ends on Quiet Death of Chicago Climate Exchange
suite101.com ^ | Nov 7, 2010 | John O'Sullivan

Posted on 11/07/2010 9:34:59 PM PST by Ernest_at_the_Beach

Republican mid-term election joy deals financial uncertainty among green investors as the Chicago Climate Exchange announces the end of U.S. carbon trading.

The Chicago Climate Exchange (CCX) announced on October 21, 2010 that it will cease carbon trading this year. However, Steve Milloy reporting on Pajamasmedia.com (November 6, 2010) finds this huge story strangely unreported by the mainstream media.

To some key analysts the collapse of the CCX appears to show that international carbon trading is “dying a quiet death.” Yet Milloy finds that such a major business failure has drawn no interest at all from the mainstream media. Milloy noted that a “Nexis search conducted a week after CCX’s announcement revealed no news articles published about its demise.”

Not until November 02, 2010 had the story even been picked up briefly and that was by Chicagobusiness.com (Crain’s). Reporter, Paul Merrion appeared to find some comfort that while CCX will cease all trading of new emission allowances at the end of the year, “it will continue trading carbon offsets generated by projects that consume greenhouse gases, such as planting trees.”

Collapse is Personal Setback for U.S. President

Barack Obama was a board member of the Joyce Foundation that funded the fledgling CCX. Professor Richard Sandor, of Northwestern University had started the business with $1.1 million in grants from the Chicago-based left-wing Joyce Foundation enthusiastically endorsed by Obama. When founded in November 2000, CCX’s carbon trading market was predicted to grow anywhere between $500 billion and $10 trillion. Fortunately before its collapse Sandor was able to net $98.5 million for his 16.5% stake when CCX was sold.

Failure of European Climate Market May Follow


(Excerpt) Read more at suite101.com ...


TOPICS: Business/Economy; Extended News; News/Current Events
KEYWORDS: 200011; 20101021; agw; carboncredits; carbonoffsets; carbontrade; ccx; climatechange; climateexchangeplc; climatescam; fanniemae; franklinraines; globalwarming; globalwarminghoax; joycefoundation; manbearpig; raines; reforestation; richardsandor; sandor; scam; trees
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1 posted on 11/07/2010 9:35:03 PM PST by Ernest_at_the_Beach
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To: NormsRevenge; steelyourfaith; Grampa Dave; SierraWasp; tubebender; Carry_Okie; Brad's Gramma; ...

ping/.


2 posted on 11/07/2010 9:36:06 PM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

Well, that’s one business I’m happy to see fail.


3 posted on 11/07/2010 9:39:23 PM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: Ernest_at_the_Beach

Dont believe it.

Obama is even now trying to find more gullible folks in the world market.


4 posted on 11/07/2010 9:40:07 PM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: Ernest_at_the_Beach

The whole problem is that carbon can only be successfully traded when it is in a useful form. Trading some amorphous “carbon”, the ownership of which is only represented by a certificate, but which cannot be truly possessed doesn’t make sense to most people. But trading carbon in the form of, for instance, food or furniture leaves people feeling like they got something of value for their money.


5 posted on 11/07/2010 9:44:37 PM PST by exDemMom (Now that I've finally accepted that I'm living a bad hair life, I'm more at peace with the world.)
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To: Smokin' Joe

Me too. What a scam.


6 posted on 11/07/2010 9:48:16 PM PST by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: Ernest_at_the_Beach
Hopefully the whole line of these evil pricks including the GE's, Goldman Sachs etc., shall suffer actual loses.
And I do hope all Republican Senators and House of Representatives as well as any Demorate with a little semblance of brain power will get the message.
It is time to bury the whole issue of AGW. Once and for all, and for them to have some balls and tell the UN and all their contributors to go get ...d.
Let the stupid Europeans piss away their hard earned money on false and useless things related to AGW. Eventually as we are seeing they are slowly waking up to the horrors of this scam.
7 posted on 11/07/2010 9:49:20 PM PST by Marine_Uncle (Honor must be earned....)
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To: Ernest_at_the_Beach

Phony business...phony market.. phony investors.


8 posted on 11/07/2010 9:53:36 PM PST by TASMANIANRED (Liberals are educated above their level of intelligence.. Thanks Sr. Angelica)
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To: Ernest_at_the_Beach

Australia dumps Carbon Trading Scheme
http://www.freerepublic.com/focus/news/2501847/posts?page=1


9 posted on 11/07/2010 10:09:33 PM PST by piasa
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To: Ernest_at_the_Beach
A cause for a major celebration. May all these climate grifters die penniless.

No Smoking Hot Spot (The Australian)

That article takes Greenhouse Theory at face value and by the criterion set up in the theory itself finds no evidence of warming on the basis of greenhouse effect.

The Hidden Flaw in Greenhouse Theory

Falsification Of The Atmospheric CO2 Greenhouse Effects Within The Frame Of Physics

Harvard astrophysicist dismisses AGW theory, challenges peers to 'take back climate science'

It Is Impossible For A 100 ppm Increase In Atmospheric CO2 Concentration To Cause Global Warming

Those four articles each show that Greenhouse Theory has no basis in reality due to a direct conflict with the known laws of physics. No wonder the smoking gun "hotspot" can't be found.

Claim That Sea Level Is Rising Is a Total Fraud

That article pretty much puts the kibosh on any serious trend of planetary warming from any cause. Think about it. If there is absolutely no sign at all of rising sea levels how could the planet be warming? Beyond the centuries long slow warming of the earth and rising of the seas of course. But that is only a few millimeters per century due to the inter-glacial period we are in.

10 posted on 11/07/2010 10:10:59 PM PST by TigersEye (Who crashed the markets on 9/28/08 and why?)
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To: Ernest_at_the_Beach
All you need to know is in this paragraph.

“Barack Obama was a board member of the Joyce Foundation that funded the fledgling CCX. Professor Richard Sandor, of Northwestern University had started the business with $1.1 million in grants from the Chicago-based left-wing Joyce Foundation enthusiastically endorsed by Obama. When founded in November 2000, CCX’s carbon trading market was predicted to grow anywhere between $500 billion and $10 trillion.’

Remember who he worked with at the Joyce Foundation?

http://www.verumserum.com/?p=2826

Word ‘on the street’ is that there will be things come to light - now that obambie will no long have Congress to protect his back - that will take him down and that this information will come from Chicago....

Did RAhm scoot back to Chicago ‘cause he wants to run for mayor or to do some damage control? Do they think that by closing the exchange now that the records can be buried?

The person from the inside that told a reporter that the “WON” will go down and that Chicgao is where it will lead - said also to look into Blaggo, Resko and that gang.
the rats are on the run - and will eat their own to survive.

11 posted on 11/07/2010 10:16:54 PM PST by maine-iac7
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To: onyx; penelopesire; maggief; hoosiermama; seekthetruth; television is just wrong; jcsjcm; BP2; ...

.. Ping and hooray !! Hope the demise is truly and eternally terminal.


12 posted on 11/07/2010 10:18:43 PM PST by STARWISE (The overlords are in place .. we are a nation under siege .. pray, go Galt & hunker down)
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To: Ernest_at_the_Beach
Cheers, so long as we tax payers don't have to bail out another liberal ponsi scam.
13 posted on 11/07/2010 10:23:13 PM PST by Just mythoughts
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* Joyce Foundation : The [Chicago Climate] Exchange [aka CCX] owes it existence in part to the Joyce Foundation, the Chicago-based liberal foundation philanthropy that provided $347,000 in grant support in 2000 for a preliminary study to test the viability of a market in carbon credits. On the CCX board of directors is the ubiquitous Maurice Strong, a Canadian industrialist and diplomat who since the 1970s has helped create an international policy agenda for the environmentalist movement. ...Provided grant support to test the market in carbon credits. Barack Hussein Obama sat on their Board for 8 years.-—— http://blog.newyorkcitycommunity.us/2008/09/20/jon-corzine-and-hot-air—perfect-together.aspx
51 posted on Sunday, November 02, 2008 1:43:02 PM by Calpernia | To 28


14 posted on 11/07/2010 10:24:19 PM PST by piasa
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To: Shermy
The Chicago Climate Exchange (CCX) announced on October 21, 2010 that it will cease carbon trading this year. ... To some key analysts the collapse of the CCX appears to show that international carbon trading is “dying a quiet death.”

Sandor on permanent vacation? Moving on to the next scam?

15 posted on 11/07/2010 10:54:04 PM PST by calcowgirl
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To: Ernest_at_the_Beach
Yet Milloy finds that such a major business failure has drawn no interest at all from the mainstream media.

Where's Gomer Pyle?

Surprise, surprise, surprise! You can't even get the mainstream media to admit it was all a hoax.

16 posted on 11/07/2010 11:18:42 PM PST by OrangeHoof (Washington, we Texans want a divorce!)
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To: Ernest_at_the_Beach

bwaaa ha haa haaaaaa

can we hope that Albore will end up bankrupt, or has he already cashed out his various fraudulent “investments” to put the money in other holdings?


17 posted on 11/07/2010 11:27:46 PM PST by Enchante (What if the Olberdork never returns to the air - would anyone notice? or care?)
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To: Ernest_at_the_Beach
The House will, please God, hold thorough, excruciatingly detailed hearings on Climategate and the role of the Associated Press in promoting the AGW fraud.
Note to Congressmen: The Associated Press is the homogenizing influence which suppresses ideological diversity within journalism. The AP was found by SCOTUS to be in violation of the Sherman Antitrust Act back in 1945. Back, that is, when the conservation of communication bandwidth still was arguably a valuable function. Now, with the Internet, bandwidth is virtually free in comparison - and the AP need no longer be "too big to fail."

18 posted on 11/07/2010 11:52:25 PM PST by conservatism_IS_compassion (DRAFT PALIN)
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To: Ernest_at_the_Beach

Wonder if Al bailed out before the crash.


19 posted on 11/07/2010 11:56:15 PM PST by BradyLS (DO NOT FEED THE BEARS!)
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To: Ernest_at_the_Beach
So ole’ Jedidiah (The Flim Flam Man) is closing up shop and moving on. He's either going to run some more punch-boards or sell a few wind-farms. Depending on the suckers he runs across.
20 posted on 11/08/2010 12:13:23 AM PST by fella (.He that followeth after vain persons shall have poverty enough." Pv.28:19')
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To: BradyLS

Get'em while they're Hot!

21 posted on 11/08/2010 12:22:36 AM PST by Cvengr (Adversity in life and death is inevitable. Thru faith in Christ, stress is optional.)
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To: Ernest_at_the_Beach

ping


22 posted on 11/08/2010 12:51:25 AM PST by wiggen (The teacher card. When the racism card just won't work.)
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To: Ernest_at_the_Beach

23 posted on 11/08/2010 12:58:03 AM PST by mirkwood
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To: Ernest_at_the_Beach; scripter; grey_whiskers; proud_yank; markomalley; Dr. Bogus Pachysandra; ...
Thanx Ernest_at_the_Beach !

 




Beam me to Planet Gore !

24 posted on 11/08/2010 1:40:10 AM PST by steelyourfaith (ObamaCare Death Panels: a Final Solution to the looming Social Security crisis ?)
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To: Ernest_at_the_Beach

I trust AG took this in the financial shorts!


25 posted on 11/08/2010 2:46:16 AM PST by WellyP
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To: WellyP

I certainly hope so............


26 posted on 11/08/2010 2:51:40 AM PST by Halgr (Once a Marine, always a Marine - Semper Fi)
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To: Ernest_at_the_Beach

So what happens to the carbon credits that were traded? I’m sure there w money involved too, who got taken?


27 posted on 11/08/2010 2:54:51 AM PST by AFreeBird
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To: STARWISE

Hope some big names lost big bucks...


28 posted on 11/08/2010 3:09:46 AM PST by hoosiermama (ONLY DEAD FISH GO WITH THE FLOW.......I am swimming with Sarahcudah! Sarah has read the tealeaves.)
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To: BradyLS
I didn't see mention in the article of GIM(Generation Investment Management), Al Gore's London based company. I'm pretty sure CCX was one of the companies GIM invested heavily in, unless he had inside information and bailed out of it, causing more pain for this storefront corporation.
29 posted on 11/08/2010 3:19:14 AM PST by Dixie Yooper (Ephesians 6:11)
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To: Ernest_at_the_Beach

NOT SO FAST! It will be dead when Obama is out of the WHite House.

This is more strategy of getting t e issue below the horizon of public attack, amnd is in ,m,itigation of scandel at the white house, Obamas buddies standto make BILLIONS! They will not give it up so easily.Look for their plan “B” and “C” and “D”.


30 posted on 11/08/2010 3:37:18 AM PST by Candor7 (Obama . fascist info..http://www.americanthinker.com/2009/05/barack_obama_the_quintessentia_1.html)
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Comment #31 Removed by Moderator

To: Liz

Link PLEASE!

Thank you.


32 posted on 11/08/2010 3:55:03 AM PST by Tainan (Cogito, ergo conservatus - Domari Nolo)
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To: Ernest_at_the_Beach

Just the fact this story isn’t much reported is sufficient to make me believe it’s more sleight of hand by the Leftists. Perhaps another diversion.

We shall see.


33 posted on 11/08/2010 4:00:47 AM PST by rockinqsranch (Dems, Libs, Socialists, call 'em what you will, they ALL have fairies livin' in their trees.)
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To: Smokin' Joe

Bump.


34 posted on 11/08/2010 4:01:36 AM PST by GlockThe Vote
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To: Tainan; STARWISE; stephenjohnbanker; Grampa Dave; CutePuppy; penelopesire; maggief; hoosiermama; ...
The greedy fingers in the Cap-and-Trade scheme: Part Two
The Collins Report | July 5, 2010 | Suzanne Eovaldi, staff writer
FR Posted on Monday, July 05, 2010 by jmaroneps37

Who is at the center of this decade’s old plan to cap residential air, and then trade its carbon footprints? Glenn Beck says, "Barack Obama was the one on the board of the Joyce Foundation that secured the initial funding for this project."

Al Gore and other founders of Generation Investment Management, a London company, along with Goldman Sachs were investors in the Chicago Climate Exchange (CCEx), the Obama driven project. Incidentally, how big is the carbon footprint of Gore's newly purchased 9 million dollar mansion in Montecito, CA? Will he split it with Tipper? Did his purchase coincide with the profits he made when CCEx folded into ICE, the International Climate Exchange? The now dead Carlton Bartels invented a system to trade residential carbon credits. His widow sold it to Franklin Raines, .. CEO ... Fannie Mae meltdown.

The day after the Democrats took control of Congress, Nov. 7, 2006, the patent was approved..... "Fannie Mae, who is congressionally mandated to 'make housing more affordable,' is poised to reap billions on a system that has nothing to do with housing except for that it would make housing costs go up," Beck says. He recently revealed Fannie Mae also holds patents on energy locking devices which would allow government bureaucrats to shut off electricity to individual homes deemed to be using too much juice.

Getting back the "key" or turn-back-on device could become a bureaucratic nightmare while our private citizens sit in the dark and return to a third world existence in what was once the world's most developed country!

It may be interesting to note that CCEx which has merged with Intercontinental Exchange (ICE) "[was] a veritable rat's nest of cronyism." The largest shareholder was Goldman Sachs. Chicago Mayor Richard M. Daley…. (Excerpt) Read more at collinsreport.net ...

35 posted on 11/08/2010 4:10:54 AM PST by Liz (Marxist O/Care provides two brands of toothpaste---mint and plain.)
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To: Ernest_at_the_Beach

Paging Glenn Beck, Mr. Glenn Beck please pick up the white phone in the lobby...


36 posted on 11/08/2010 4:17:13 AM PST by liberateUS
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To: Ernest_at_the_Beach; Liz; STARWISE; onyx; hoosiermama; penelopesire; SE Mom

Richard Sandor is focusing on carbon trading in China and India, according to Bloomberg.

FLASHBACK:

http://209.157.64.201/focus/f-news/2091792/posts

George Soros, Maurice Strong and company redefine the Middleclass (Must read)

Canada Free Press ^ | September 26, 2008 | Judi McLeod

George Soros, Al Gore, Warren Buffet, Maurice StrongThe Democrat-loving mainstream media is missing the boat on Warren Buffet’s take of America’s economic meltdown as …”a sort of economic Pearl Harbor we’re going through.”

That being the case, then surely the first question should be: “Who is attacking the U.S.?”

(Excerpt) Read more at canadafreepress.com ...


37 posted on 11/08/2010 4:50:06 AM PST by maggief
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To: Ernest_at_the_Beach

38 posted on 11/08/2010 4:56:46 AM PST by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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To: Ernest_at_the_Beach

Can we start a class action suit like they did against the tobacco industry? Can we sue algore?

Pray for America


39 posted on 11/08/2010 5:00:05 AM PST by bray (A November to Remember)
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To: zot; Interesting Times

good news


40 posted on 11/08/2010 5:01:30 AM PST by GreyFriar (Spearhead - 3rd Armored Division 75-78 & 83-87)
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To: Ernest_at_the_Beach
Pioneering Cap-and-Trade Program (CCX) to Fade into the Sunset
41 posted on 11/08/2010 5:07:18 AM PST by DTogo (High time to bring back the Sons of Liberty !!)
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To: exDemMom; Ernest_at_the_Beach

You are analyzing the business as if it were real. The real money was made from fees paid for establishing the business. That money is paid and gone. The actors and their facilitators made out like the bandits they were.

The scam is merely a vehicle used to extract massive fees.


42 posted on 11/08/2010 5:08:20 AM PST by bert (K.E. N.P. N.C. +12 ..... Greetings Jacques. The revolution is coming)
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To: Liz; onyx; STARWISE; penelopesire; SE Mom; hoosiermama

http://www.mediaite.com/tv/rep-darrell-issa-tells-chris-wallace-we-need-to-do-investigations-in-a-less-partisan-way/

“What’s the first thing? What’s the big investigation you’re looking to hold?” Wallace asked.

“Well, I’m going to go after a lot of things and I’m going to do a lot of investigating, but I think finishing off the Angelo Mozilo, Friends of Angelo Program where it created the financial meltdown in no small part because Fannie and Freddie took huge amounts of bad loans and are continuing to have losses…I think we have to bring that to a successful conclusion and make sure that doesn’t happen again.”

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

http://www.freerepublic.com/focus/f-news/2513537/posts

Chaffetz and Issa Seek Information on Fannie Mae Executives Inventing New Cap & Trade System
Chaffetz.house.gov ^ | 05/14/10 | Chaffetz/Issa

Washington, DC—Today, Rep. Chaffetz (R-UT), along with Rep. Issa (R-CA) sent a letter to David Kappos, the Director of the U.S. Patent and Trademark Office, as well as Michael Williams, President and CEO of Fannie Mae, seeking information concerning a patent issued to Fannie Mae regarding a residential Cap and Trade system.

On June 7, 2005, the U.S. Patent and Trademark Office (USPTO) issued Patent No. 6,904,336 for a “System and Method for Residential Emissions Trading.” The patent was assigned to the Federal National Mortgage Association (“Fannie Mae”) and CO2e.com, LLC of New York. The patent lists former Fannie Mae Chairman and Chief Executive Officer Franklin D. Raines as the primary inventor. Former Fannie Mae executives Scott Lesmes and Robert Sahadi are also listed as inventors.

“I have serious questions about why Fannie Mae, back in 2005, was working on a Cap and Trade scheme,” said Rep. Chaffetz. “Why would they be spending their resources on something that is well outside of the scope of Fannie Mae’s charter? We want to see all the information relating to the patents issued to these ‘inventive’ former Fannie Mae executives?”

“Having ventured far beyond sub-prime lending policies, Fannie Mae appears to have served as a full-blown liberal think tank for crony-capitalist ideas,” said Rep. Issa. “While the crony-capitalist Democrats who ran Fannie Mae like Franklin Raines and Jim Johnson used these kinds of ideas to enrich themselves, it was the American taxpayers who were left holding the bag after they failed. It’s disturbing that Fannie Mae executives were positioning themselves in 2005 for financial gain from an Obama Administration cap-and-trade system, but given the huge amount of campaign contributions Fannie Mae poured over President Obama it should be no surprise.”

(Excerpt) Read more at chaffetz.house.gov ...

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

http://www.glennbeck.com/content/articles/article/198/40154/

Assembling the Team

During 2000 and 2001, the Joyce Foundation, a progressive trust with assets near $1 billion, known for funding groups like Center for American Progress and Tides Foundation, provided grants to CCX totaling $1.1 million. State Senator Obama served on the foundation’s board of directors during that time and was instrumental in awarding the grants.

Shortly after the first grant was approved, the president of The Joyce Foundation, Paula DiPerna, left to join the executive team of CCX. Other notables with familiar names soon followed.

• Former Vice-President Al Gore became part-owner of CCX when his company, Generation Investment Management, made a sizeable investment. Gore brought with him his senior partner at GIM, David Blood, former CEO of Goldman Sachs Asset Management, along with a company chalk full of former Goldman Sachs’ executives

• Goldman Sachs itself soon joined the team buying a ten percent interest in CCX

• Maurice Strong, once linked to Tongsun Park, the central figure in the United Nation’s oil-for-food scandal in 2005 and one of the architects of the Kyoto Protocol, joined the CCX board of directors

• Carlton Bartels was one of the first, and perhaps most important, additions to the CCX roster. As CEO of a company called CO2e, Bartels developed and delivered the actual guts of the exchange — a system for facilitating and managing the actual carbon trades

Strange Bedfellows

Just three weeks after filing for a patent for his carbon trade system, Bartels was killed during the attacks of 9/11. Bartels’ death opened the door for a new partner to join CCX, easily the oddest fit of them all: Fannie Mae. In a move still unexplained, the quasi-governmental mortgage agency, led by CEO Franklin Raines, purchased the rights to the system from Bartel’s widow. A patent on the invention was granted to Raines and Fannie Mae on November 7, 2006, ironically, the day after the Democrats regained control of Congress. According to Barbara Hollingsworth of the Washington Examiner, the patent covers both the “cap” and “trade” parts of Obama’s top domestic energy initiative and gives Fannie Mae proprietary control over the automated trading system used by Sandor’s CCX.

When asked about the patent recently Fannie Mae communications director Amy Bonitatibus told the Washington Examiner, “Fannie Mae earns no money on this patent. We can’t conjecture as to the cap-and-trade legislation.” A source close to Fannie Mae, however, says a plan is in place to funnel future earnings from the patent to a non-profit housing organization called Enterprise Community Partners. Ironically, Raines, who left Fannie Mae in 2004 amidst allegations that he inflated earnings reports in order to collect higher bonuses ($52 million in bonuses over 5-years; $90 million in total compensation), serves on the board of trustees at Enterprise. In a continuation of theme, Goldman Sachs also has a representative on the board in the person of Alicia Glen.


43 posted on 11/08/2010 5:15:13 AM PST by maggief
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To: Ernest_at_the_Beach

Chicago Climate Exchance makes Enron look like it was an honest business.


44 posted on 11/08/2010 5:23:27 AM PST by SeaHawkFan
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To: Liz

Thanks for the link. Good looking site. 1st time I’ve seen it.


45 posted on 11/08/2010 5:25:00 AM PST by Tainan (Cogito, ergo conservatus - Domari Nolo)
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To: All
Chaffetz and Issa Seek Information on Fannie Mae Executives Inventing New Cap & Trade System Chaffetz.house.gov ^ | 05/14/10 |

Rep. Chaffetz (R-UT), and Rep. Issa (R-CA) sent a letter to David Kappos, the Director of the U.S. Patent and Trademark Office, as well as Michael Williams, President and CEO of Fannie Mae, seeking information concerning a patent issued to Fannie Mae regarding a residential Cap and Trade system.

BACKSTORY On June 7, 2005, the U.S. Patent and Trademark Office (USPTO) issued Patent No. 6,904,336 for a “System and Method for Residential Emissions Trading.” The patent was assigned to the Federal National Mortgage Association (“Fannie Mae”) and CO2e.com, LLC of New York. The patent lists former Fannie Mae Chairman and Chief Executive Officer Franklin D. Raines as the primary inventor. Former Fannie Mae executives Scott Lesmes and Robert Sahadi are also listed as inventors.

“I have serious questions about why Fannie Mae, back in 2005, was working on a Cap and Trade scheme,” said Rep. Chaffetz. “Why would they be spending their resources on something that is well outside of the scope of Fannie Mae’s charter? We want to see all the information relating to the patents issued to these ‘inventive’ former Fannie Mae executives?”

It’s disturbing that Fannie Mae executives were positioning themselves in 2005 for financial gain from an Obama Administration cap-and-trade system, but given the huge amount of campaign contributions Fannie Mae poured over President Obama it should be no surprise.” (Excerpt) Read more at chaffetz.house.gov ...............

=============================================

REP ISSA: “Having ventured far beyond sub-prime lending policies, Fannie Mae appears to have served as a full-blown liberal think tank for crony-capitalism. While the crony-capitalist Democrats like Franklin Raines and Jim Johnson used these ideas to enrich themselves, American taxpayers are left holding the bag after they failed. "

AMERICAN ARE HOLDING THE BAG IN MORE WAYS THAN ONE:

Franklin Raines looted and pillaged Fannie Mae as Clinton's appointee. Raines famously facilitated the climate control scam w/ F/M funds.......then hooked up with Ohaha's Chicago mob who organized the Chicago Climate Exchange.

================================================

REFERENCE Ex-Fannie CEO Franklin Raines should be behind bars for life. He is a crook of the first order. This thief Raines cooked the FM books precipitating losses of $9B (that we know of) for the single purpose of creating bonuses for himself and other F/M insiders. The SEC said Raines broke accounting rules by playing with risky derivatives.

RAINES COOKS THE F/M BOOKS---WALKS AWAY A MULTI-MILLIONAIRE After Raines was outed for cooking the books, Raines walked away w/ $90 million dollars, a $26 million parachute,

PLUS..........

Raines gets a MONTHLY pension of $116,300 for life. Raines had already collected $4.87 million in special performance shares.

Raines owns options giving him $5.8 million in net profit after redemptions, plus another $8.7 million in deferred compensation for six years at the F/M helm.

Raines keeps $5 million of paid-up life insurance. He and his spouse get free medical and dental benefits for life, worth over $1 million.

Raines earned $20 million in salary, bonuses and stock awards (that we know of) in one year.

After he was fired, Raines told the F/M board that he's entitled to get paychecks until June 22 giving him another $600,000, which triggers a $2,000 monthly raise in his lifetime pension. He also said he's entitled to disputed options with a gross value of about $5.6 million.

To keep Raines happy within philanthropic circles, Fannie Mae will match Raines' charitable contributions by $10,000 a year.

46 posted on 11/08/2010 5:31:05 AM PST by Liz (Marxist O/Care provides two brands of toothpaste---mint and plain.)
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To: maggief

Friends of Angelo...Chris Dodd. These guys are all so corrupt it’s not easy remembering and/or keeping up.

Rule #592- Overwhelm the System.


47 posted on 11/08/2010 5:44:21 AM PST by SE Mom (Proud mom of an Iraq war combat vet)
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To: Ernest_at_the_Beach
M4GW’s newest anthem – ‘I’m a Denier’
48 posted on 11/08/2010 5:50:32 AM PST by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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To: Ernest_at_the_Beach

Excellent news, however under-reported it may be.


49 posted on 11/08/2010 6:05:00 AM PST by Interesting Times (SwiftVets.com. WinterSoldier.com. ToSetTheRecordStraight.com.)
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To: Liz

You just published a who’s who list of international criminals. Every one of them needs to be hunted down, brought before an international tribunal and hanged for crimes against humanity. That’s after we seize everything they own.


50 posted on 11/08/2010 6:09:41 AM PST by sergeantdave
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