Diary

Chicago Climate Exchange is sold (Cap & Trade scam of the century, continued)

The Chicago Climate Exchange (the subject of Glenn Beck’s investigations this past week) has been sold. The mysteries of who’s profiting bigtime from the Cap & Trade scam of the century takes another turn.

From the Wall Street Journal:

BUSINESS MAY 1, 2010
ICE Marches Into Emissions Trading
By JACOB BUNGE
IntercontinentalExchange Inc. agreed to pay $603 million for Climate Exchange PLC, laying down a big bet on the nascent market for trading of greenhouse-gas emissions.

Climate Exchange would give Atlanta-based ICE a virtual monopoly over Europe’s estimated €100 billion ($132.46 billion)carbon market and a lead in the still-tiny U.S. market.

It also sets the stage for a new battle with longtime rival CME Group Inc., parent of the Green Exchange, a company that is also seeking to become a big player in the trading of carbon products in Europe and the U.S.

So far the markets are relatively small, but they could grow to more than $1 trillion by 2020, according to an estimate by consultancy Point Carbon. Investors also trade derivatives contracts on the future price of carbon on exchanges. That growth largely depends on whether the U.S. adopts similar policies to Europe, where polluters are given carbon allowances, which can then be traded on the open market.

Cap & Trade derivatives. What could go wrong?

The agreement also represented a 57% premium to Climate Exchange’s share price on Thursday, and sent the stock soaring on Friday.

But some analysts said the price may, in time, be seen as cheap.

It’s always nice to see Al Gore and friends saving the world, one big personal payday at a time.

The Free Republic has this:

ICE to Buy Parent Of Chicago Climate Exchange
Crain’s Chicago Business ^ | April 30, 2010 | Staff
Posted on Friday, April 30, 2010 9:51:27 PM by raptor22
(…)
They wouldn’t be willing to spend this much money on the CCX unless they believed that the fix was in on cap and tax.
22 posted on Friday, April 30, 2010 10:51:38 PM by Blood of Tyrants
(…)
ICE is also involved in Credit Default Swaps.
27 posted on Friday, April 30, 2010 11:09:46 PM by Army Air Corps
(…)
Patton Boggs, LLP is the lobby firm for ICE. The Senior Policy Advisor for Patton Boggs is Mike Dino, who was the Chief Executive of Denver’s DNC Host Committe for 2008.
30 posted on Friday, April 30, 2010 11:41:43 PM by Army Air Corps
(…)
Glenn only scratched the surface, if he didn’t get to Maurice Strong. (…) 1) Richard Sandor launched the Chicago Climate Exchange, or CCX, in 2003 after getting two research grants from the Chicago-based Joyce Foundation (2000 and 2001). The money went to the Kellogg School of Management at Northwestern University, in Evanston, Illinois, for Sandor’s pilot program to trade carbon credits. Climate Exchange plc is a limited liability company registered in the Isle of Man – a self-governing Crown dependency and international offshore financial haven located in the Irish Sea, with a legal system entirely separate from that of the UK. Climate Exchange plc was originally incorporated in the Isle of Man in 2003 under the name Chicago Environmental plc, and changed its name in 2004. It owns the Chicago Climate Exchange (CCX), the Chicago Climate Futures Exchange (CCFE), and the European Climate Exchange (ECX). In September 2007, Climate Exchange plc and Deutsche Bank launched trading in catastrophe event-liked futures on the CCFE (IFEX). Richard Sandor (Kellogg School of Management), the company’s Chairman, is the majority shareholder; another major shareholder is Neil Eckert, the company’s CEO. (…)
36 posted on Saturday, May 01, 2010 12:13:11 AM by Hypo

The Chicago Climate Exchange is a limited liability company registered in the Isle of Man. Love it!

They’re set to trade derivatives worth trillions.

They’re connected to prominent Democrats.

We’re just scratching the surface of this scam. Maybe I’ll expose Maurice Strong in a later post.