Skip to comments.The Crash Of The Climate Exchange
Posted on 11/09/2010 5:47:55 PM PST by Kaslin
Climate Fraud: As the case for global warming and cap-and-trade has collapsed, so too has the market that was to exploit this manufactured crisis for fun and profit. The climate-change bubble has burst.
Lost in the hubbub leading up to the Republican and Tea Party tsunami on Nov. 2 was the collapse of the Chicago Climate Exchange (CCX). But its implications for the future of the American economy and the business climate are staggering: It is an acknowledgment that both the case for climate trade and cap-and-tax legislation has also collapsed.
On Oct. 21 the exchange announced it was ending carbon trading, which, as Pajamas Media's Steve Milloy points out, was "the only purpose for which it was founded." Launched as a "voluntary" method of trading "carbon credits," CCX rested on the hope that cap-and-tax legislation would make such trading mandatory and profitable.
CCX billed itself as "North America's only cap-and-trade system for all six greenhouse gases, with global affiliates and projects worldwide." Barack Obama served on the board of the Joyce Foundation from 1994 to 2002, when it issued CCX start-up grants. Presidential adviser Valerie Jarrett also once sat on the Joyce board. As president, cap-and-trade is one of Obama's highest priorities.
The exchange's founder, Richard Sandor, says he knew Obama as far back as when the Joyce Foundation awarded money to the Kellogg Graduate School of Management, where Sandor was research professor. He estimated that climate trading could be "a $10 trillion market," which it very well might have been if cap-and-trade legislation like Waxman-Markey and Kerry-Boxer made into law. But now, in the wake of Climate-gate and other scandals, as well as recent election results, that's an unlikely event.
(Excerpt) Read more at investors.com ...
IMHO, this was a dirty scam....
Remember watch the other hand.......... this cap and trade show is not over it’s gone underground. Click on “cap and trade” audio track 11/4/2010 link below
“a $10 trillion market,”
Splains a lot!
Looks like a bunch of “green job” fraudsters are gonna be out of a job. LOL! Trading air always seemed like a goofy idea to me. “You can keep polluting! Just pay me to do it!” ROTFL! What a scam! I can’t believe that there are morons out there dumb enough to fall for it.
I hope most of the people involved are bankrupt.
Cover for a scandal involving a high official?
Considering the potential losses by some very powerful people and organizations, if I were Algore, I'd be keeping a low profile and hiring a lot of security.
Excelsior! I'm serial.
wonder how much AlGore has lost in this.....
That's a good start.
I won't be satisfied until they assume a position next to Bernie Madoff or Ken Lay (yes, I know Ken Lay is dead).
And here I thought Algore was too big to fail.
Now we have to get rid of the ethanol fuel scam.
“Remember watch the other hand.......... this cap and trade show is not over its gone underground.”
That’s right - don’t be complacent - watch the other hand. These people aren’t going away, they’ll just go underground
And along with the underground efforts of the various individuals and organizations of green scammers, the EPA still conspires to regulate carbon and other emissions through the back door -— if we let them get away with it -— which we won’t.
And he was too fail to be big.
they “got”... “healthcare” instead...it was always going to be one or the other...when healthcare bombed in 1994...they then chased Cap and trade which Gore was supposed to implement in 2000 after he won the election. when he bombed the race was on between healthcare and Cap n’Trade once again.
"For his efforts, Sandor was named as one of Time magazine's "Heroes of the Planet" in 2002 and one of its "Heroes of the Environment" in 2007. Sanders eventually sold his 16.5% stake in CCX for $98.5 million, making him a hero of take-the-money-and-run."
What makes anyone think that they have given up on cap and trade? Soros is heading some economic commission for Obama that is due to make its report on a global plan for a carbon tax. It’s far from over, it’s just moved out of congress temporarily.
That fat prick and the goldman pricks will not lose much if anything. Their risk was sold via stock which has become a shield for the super wealthy.
Somebody lost money. I hope it was those Hollywood liberals.
Memory bubble alert!
Does anyone remember this classic 1970 Sesame Street routine?
“Sesame Street - Lefty sells “air” to Ernie”