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The smell of money

Posted By JoNova On May 4, 2010 @ 3:27 am In AGW socio-political,Global Warming | Comments Disabled

Image: Stickers - Buy a carbon Credit - save a banker

Thanks to Glenn Beck, we get bit more insight into the tangled web that The House of Global Warming was built on.

Who would have thought? Goldman Sachs has been working hard to save the environment for years.

Generation Investment Management (GIM) was founded by Al Gore, and a few friends, which included David Blood (former Goldman executive), Mark Ferguson (Goldman) and Peter Harris (Goldman). They are the fifth largest shareholder in the Chicago Climate Exchange (CCX). Then in 2006, when the CCX needed some extra funding, who should step up to buy 10% of the company – Goldman Sachs.

CCX is an exchange that won’t be doing a heck of a lot if carbon trading doesn’t become mandatory. All of these players have a vested interest in Cap N Trade legislation.

But it’s not just Goldman Sachs getting in on the deal to make money out of the trading-scheme-based-on-thin-air.

In 2001, a man was apparently working on a device (?) to make carbon trading possible. He filed a patent, then died. His wife onsold this patent application — to Franklin Raines, the CEO of … wait for it, Fannie Mae. The same CEO who has committed massive accounting fraud.

Now the story gets more slippery: In 2000 the Chicago Climate Exchange was helped to get started by the Joyce Foundation. It’s a charity set up years ago, that now manages around a billion in funds. Here’s how Beck tells it:

The Joyce Foundation is like the George Soros’ TIDES Foundation. In fact, it’s actually bigger than TIDES and even funds TIDES. Think of it as a place where uber-rich and powerful liberals like to dump their money into, so the cash can be spread around to their pet projects without a direct link.

There was one influential member on the board of the Joyce Foundation at the time the Chicago Climate Exchange got its seed money; someone instrumental in steering the funds towards the creation of the Chicago Climate Exchange. They were on the board from 1994-2002. The founder of the Chicago Climate Exchange, Richard Sandor, said that he “knew (this person) well,” which is perhaps how the money was awarded to the Kellogg Graduate School of Management, where Sandor was a research professor. I’ll get back to that person in a minute.

Who could it be — that one influential member of the board, who was active in getting the CCX started? Apparently it was a man named Barack Obama.

And that patent application owned by the Fannie Mae CEO? It was finally approved by the patent office on Nov. 7, 2006. Coincidentally the day after the Democrats took control of Congress.

So now, Fannie Mae, who is congressionally mandated to “make housing more affordable,” is poised to reap billions on a system that has nothing to do with housing except for that it would make housing costs go up.

There’s more:

Remember when Fannie purchased risky mortgages from banks, bundled them together and sold to investors as mortgage-backed securities? And then the housing market was absolutely destroyed? Well, former Fannie VP Scott Lesmes was responsible for that bundling.

Well, here’s the good news: Not only will this new carbon trading “system” try the exact same bundling method (except with air); they are using the exact same guy: Scott Lesmes.

The full Glenn Beck piece. He has challenged the media to report and investigate these connections…

Hat tip to Larry :-)

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