Carbon Trading is a Scam → Washingtons Blog
Carbon Trading is a Scam - Washingtons Blog

Wednesday, December 10, 2008

Carbon Trading is a Scam

Carbon trading is a scam.

A big red flag is that our bailout buddies over at Goldman Sachs, JP Morgan, Morgan Stanley, Citigroup and the other Wall Street pirates are buying heavily into carbon trading.

Since these firms contributed so heavily to Obama's campaign, they will exert enormous pressure on Obama to push a huge carbon trading program. As University of Maryland professor economics professor and former Chief Economist at the U.S. International Trade Commission Peter Morici writes:

Obama must ensure that the banks use the trillions of dollars in federal bailout assistance to renegotiate mortgages and make new loans to worthy homebuyers and businesses. Obama must make certain that banks do not continue to squander federal largess by padding executive bonuses, acquiring other banks and pursuing new high-return, high-risk lines of businesses in merger activity, carbon trading and complex derivatives. Industry leaders like Citigroup have announced plans to move in those directions. Many of these bankers enjoyed influence in and contributed generously to the Obama campaign. Now it remains to be seen if a President Obama can stand up to these same bankers and persuade or compel them to act responsibly.

That's right. The same companies that made billions off of derivatives and other scams and are now getting bailed out on your dime are going to make billions from carbon trading.

Moreover, even based on its stated goal of reducing carbon emissions, carbon trading might not work.

Carbon trading is a scam.

1 comment:

  1. Obama is in the pocket of Goldman Sachs, and hence passed the legislation for Cap and Trade plus bailout the same bankers plus appointed Goldman Sachs men to mind the Treasury and Federal Reserve. Follow the money as usual.


    "Barack Obama (D)
    Top Contributors

    University of California $1,591,395
    Goldman Sachs $994,795
    Harvard University $854,747
    Microsoft Corp $833,617
    Google Inc $803,436
    Citigroup Inc $701,290
    JPMorgan Chase & Co $695,132
    Time Warner $590,084
    Sidley Austin LLP $588,598
    Stanford University $586,557
    National Amusements Inc $551,683
    UBS AG $543,219
    Wilmerhale Llp $542,618
    Skadden, Arps et al $530,839
    IBM Corp $528,822
    Columbia University $528,302
    Morgan Stanley $514,881
    General Electric $499,130
    US Government $494,820
    Latham & Watkins $493,835"


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