Posted on 11/11/2010 12:33:14 PM PST by Libloather
Collapse of Chicago Climate Exchange Means a Strategy Shift on Global Warming Curbs
The closing this week of the Chicago Climate Exchange, which was envisioned to be the key player in the trillion-dollar "cap and trade" market, was the final nail in the coffin of the Obama administration's effort to pass the controversial program meant to combat global warming.
**SNIP**
After the Democrats won the White House, the House and the Senate in 2008, businesses and investors flocked to the exchange, believing Congress would quickly approve the program. And it almost happened.
The House of Representatives passed a bill proposed by Democratic Reps. Henry Waxman of California and Ed Markey of Massachusetts, which would have made cap and trade law. But the Senate couldn't muster the votes, and everything went downhill from there.
"When those that voted for the measure in 2009 went home on July 4th after the vote, they met widespread outrage among their constituents," said Nick Loris, an analyst with Heritage Foundation. Conservatives renamed the idea "cap and tax," and they began an assault on the program.
In the last week, following the Nov. 2 Republican takeover of the House of Representatives, the slide became an avalanche. Investors in CCX, including Sandor and former Vice President Al Gore, sold the exchange to a company involved in commodities trading.
Sale records show that Sandor cleared more than $90 million for his 16 percent stake in the company.
(Excerpt) Read more at myfoxchattanooga.com ...
I hope he lost his shirt.............
Soros would just bail him out, though.
Ping.
It was a false market...really nothing more than a scam.
Or his former dipper Tipper...
The SEC should investigate to determine if laws were broken, and file criminal charges on this scam.... But it will never happen.
I doubt it. Soros is evil but he’s not a fool.
PING
So algore did’t invent GW/CC BS, looks like he had a sugar daddy:
October 2007 – Sandor honored as one of Time Magazine’s Heroes of the Environment for his work as the “Father of Carbon of Trading.”
May 2005 – Sandor named one of the 100 Most Influential People in Finance by Treasury and Risk Management magazine.
November 2004 – Sandor recipient of an honorary degree of Doctor of Science, honoris causa, by the Swiss Federal Institute of Technology (ETH) of Zurich, Switzerland for his pioneer work in the design and implementation of innovative and flexible market-based mechanisms to address environmental
Very true headline, you can bet the house that the ALGoreites, big money lefties and stupid Republicans are busily trying to figure out a new way to use the power of government to force Americans to buy air... with a generous "sales commission" for them.
Are burps and farts holding their value?
“So algore did’t invent GW/CC BS”
Well, he must have been busy inventing the Internet, cut him some slack!
I’m devastated! I can’t sell dog fart credits here of FR any more. What’s worse, my younger, larger dog just keeps on getting under my desk and farting.
That’s okay.....more for Tipper to take.........
“The SEC should investigate to determine if laws were broken, and file criminal charges on this scam.... But it will never happen.”
That can be said about a lot of the paper WS trades.
Y’all reach back in your memory banks and tell me if we gotta pay for losses by Fannie Mae and their purchase of the software for trading “hawt aire” carbon.
I am sure all the smart ones here remember the name of the Fannie guy that bought it.
Gore probably sold short and made a killing. The amount of money Gore has made promoting the global warming hoax is obscene. One could only hope that he will get prosecuted for fraud.
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