The Gang Striving for Cap and Trade
Sometimes you get a glimpse behind the closed doors of powerful people’s decision-making rooms, and it’s interesting how familiar names keep popping up. An Investor’s Business Daily editorial on the Chicago Climate Exchange provides such an inkling.
The CCX is up and running as a mechanism for trading offsets for “all six greenhouse gases.” It was initiated with start-up grants from the Joyce Foundation, on whose board Barack Obama sat at the time. The organization has since been purchased by the British company, Generation Investment Management, of which Al Gore is a co-founder.
Other founders include former Goldman Sachs partner David Blood, as well as Mark Ferguson and Peter Harris, also of Goldman Sachs. In 2006, CCX received a big boost when another investor bought a 10% stake on the prospect of making a great deal of money for itself. That investor was Goldman Sachs, now under the gun for selling financial instruments it knew were doomed to fail.
The actual mechanism for trading on the exchange was purchased and patented by none other than Franklin Raines, who was CEO of Fannie Mae at the time.
In a way it’s disappointing to think how much of our heated political culture ultimately comes down to the crass motivation of personal financial gain. It’s frustrating, too, because once it all gets bound up in ideology and politics, the schemes become disguised in other people’s battles about other matters.
Basically, these glimpses ought to be taken as reason to resist large, centralized government, especially at a global level.