[revised and replaced Nov. 21, 2009]
I understand that those who care deeply about the earth are expressing very good intentions with congressional climate change legislation. But there is already evidence that this legislation is rewarding the very corporations that are responsible for worldwide ecological damage and facilitating another reckless Wall Street casino – with devastating consequences for the financial underclass – while doing little to repair the damage to our planet.
The cap and trade market operating through the Chicago Climate Exchange was set up by Goldman Sachs and Al Gore’s company, Generation Investment Management, which is also staffed by Goldman Sachs executives. GIM and Goldman Sachs each have a 10% stake in the Chicago Climate Exchange which in turn has a 50% stake in the European Climate Exchange. Trading carbon credits is projected to become the new multi-trillion dollar commodity bubble.