I found more reporting on Obama's $10 trillion dollar corruption scandal involving Goldman Sachs, Cap & Trade and CCX that Glenn Beck reported this week and nobody else picked up ~~ The Times-Union Newspaper in little Warsaw Indiana had this article nearly a year ago. It went, understandably, unnoticed.~~Glenn Beck does the same thing with millions of viewers this past week and.... still nothing, but at least Media Matters calls him a "crazy conspiracy theorist." They were not able to refute one single *substantial* fact in the story, just some b.s. straw man garbage but nothing, whatsoever substantial in anyway that would change the fundamental nature of the story. Of course, lunatic kool-aid drinking liberals think MM got him real good and feel all butch about it, but the rest of us know better... Good grief.~~If you've missed this thing entirely you can catch you up here and here and here.
7/17/2009 11:29:00 PM
Follow Money To See Who Wins In Cap And Trade
Gary Gerard
Times-Union General Manager
Somebody once said that if you really want to get to the bottom of an issue all you really need to do is follow the money.
So let's follow the money with regard to the Waxman-Markey American Clean Energy and Security Bill. That's ACES for short. Honestly, I think there is a whole bureaucracy in Washington coming up with acronyms.
The bill is more commonly known as the cap and trade bill. (I like tax and raid better.) The bill's center piece is a carbon-use surcharge that will be levied by the government to any entity that exceeds arbitrary carbon caps set by the government.
The money collected will be used - ostensibly - to fund "green" energy programs.
It's a twisted Robin Hood kind of deal. States like Indiana - where virtually all of our power generation comes from coal and manufacturing drives the economy - will be taxed to the hilt. Prices for everything will rise - especially utility rates - and jobs will be lost as manufacturers adjust for increased energy costs.
Places like California - where Silicon Valley types stare at computer screens coming up with green technology - will reap the benefit.
But in between, there has to be a vehicle to barter these carbon credits.
This is the follow the money part.
Enter CCX - the Chicago Climate Exchange. Go here chicagoclimatex.com to check it out.
Here are some excerpts:
Welcome to Chicago Climate Exchange: We are a financial institution whose objectives are to apply financial innovation and incentives to advance social, environmental and economic goals through the following platforms.
CCX is North America's only cap and trade system for all six greenhouse gases, with global affiliates and projects worldwide.
The commodity traded on CCX is the CFI contract, each of which represents 100 metric tons of CO2 equivalent. CFI contracts are comprised of Exchange Allowances and Exchange Offsets. Exchange Allowances are issued to emitting members in accordance with their emission baseline and the CCX Emission Reduction Schedule. Exchange Offsets are generated by qualifying offset projects.
Chicago Climate Futures Exchange (CCFE) is a landmark derivatives exchange that currently offers standardized and cleared futures and options contracts on emission allowances and other environmental products. CCFE is a wholly owned subsidiary of CCX.
CCX is 10 percent owned by the Generation Investment Management (GIM), a investment firm founded & chaired by Al Gore.
This firm was co-founded by the former Treasury Secretary under President George W. Bush and former Goldman Sachs CEO Hank Paulson.
Make no mistake. CCX and CCFE will play a critical role in the tax and raid deal President Obama is pushing through Congress. And the founders stand to make a bundle. More than a bundle, a boatload, a metric boatload.
Interestingly, there was this Joyce Foundation in Chicago. On the board of directors, at the inception of CCX, was this guy named Barack Obama.
The Joyce Foundation, according to Fox News, gave more than $1 million in two separate grants that were "instrumental in developing and launching the privately-owned Chicago Climate Exchange."
At the time - 2001 - Obama was a professor at the University of Chicago Law School.
Also of note:
CCX's largest shareholder is Goldman Sachs.
Chicago Mayor Richard M. Daley is its honorary chairman.
The Joyce Foundation gave money to John Ayers' Chicago School Initiatives. John is the brother of William Ayers.
Fox News reports, "The President of the Joyce Foundation in 2000, when the foundation made its first grant to the Climate Exchange, was Paula DiPerna, who is now executive vice president of the Chicago Climate Exchange in charge of corporate recruitment and public policy, as well as president of CCX International.
"DiPerna left the foundation in November 2001 and joined the Exchange. It was the same year in which the foundation gave its second and much larger grant to the exchange. The Exchange finally launched in 2003."
OK, that's enough. I think you get the picture.
While he's serving on the board of a Chicago charity, Obama helped fund CCX which will be a huge player in the tax and raid scheme he's trying to push through Congress. At the same time he makes a bunch of his Chicago cronies crazy rich.
There's a lot more connecting of dots going on with CCX. I'm barely scratching the surface. You can read more here:
http://www.foxnews.com/politics/first100days/2009/03/25/obama-helped-fund-carbon-scheme/
Or just Google Chicago Climate Exchange. Be sure to check out Environmental Financial Products, LLC, an outfit owned by Richard Sandor, and its connections to CCX.
The value of Sandor's 8 million shares in CCX has grown to more than $260 million already and tax and raid isn't even mandatory - yet.
Yeah, that's some change you can believe in. And by change, I mean the jingly kind in your pocket.
And you thought only evil Republicans were scheming and greedy.
http://www.timesuniononline.com/main.asp?SectionID=2&SubSectionID=225&ArticleID=41385
The Times-Union newspaper office is located at the corner of Indiana and Market streets in downtown Warsaw.
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