Goldman Sachs to be carbon regulator?

July 8, 2009

Sens. Dianne Feinstein (D-CA) and Olympia Snow (RINO-ME) have introduced a bill to make the Commodity Futures Trading Commission the sole regulator of the carbon market created by cap-and-trade legislation.

So does this mean that freebooting Goldman Sachs could be the de facto regulator of the carbon market?

Consider that:

  • The current chairman of the CFTC is Gary Gensler, formerly of Goldman Sachs.
  • Goldman Sachs is a part owner of the exchanges where carbon allowances would be traded.
  • Goldman Sachs has spent millions of dollars lobbying for cap-and-trade legislation in anticipation of making billions of dollars at the expense taxpayers and consumers.
  • Goldman has a special exemption from the CFTC to exceed the trading limits normally placed on commodity speculators. Not only was this exemption secret for 17 years, the CFTC recently had to ask Goldman for permission to release the letter to Congress!
  • Goldman Sachs employees are heavy contributors to the Democratic Party giving it over $4.4. million in the last election. Barack Obama received more than $997,000, Feinstein received $24,250, and Snowe received $17,000 from Goldman. All-in-all, this could result in a pretty decent return-on-investment for Goldman.

As the global warming bubble inflates and then bursts, will Goldman Sachs self-regulate all the way to the bank… making record profits at the expense and misery of taxpayers and consumers?

Can you tell the difference between the CFTC and Goldman Sachs?

Gary Gensler, CFTC Chairman

Gary Gensler, CFTC Chairman

Lloyd Blankfein, Goldman Sachs Chairman

Lloyd Blankfein, Goldman Sachs Chairman

20 Responses to “Goldman Sachs to be carbon regulator?”

  1. […] und Dummheit zu bestehen. So leite ich mir ab, wie der Spruch eines besonderen Exemplars namens Blankfein entstanden sein könnte. Mit einem „wir tun das Werk Gottes“ erklärte er uns Unwissenden […]

  2. […] Via Green Hell (but using well known public facts): […]

  3. […] and entrepreneurs such as Warren Buffett (worth £27 billion) and Bill Gates (worth £26 billion). Sens. Dianne Feinstein (D-CA) and Olympia Snow (RINO-ME) have introduced a bill to make the Commodity Futures Trading Commission the sole […]

  4. […] 4, 2009 · Leave a Comment Greenhellblog comments: Sens. Dianne Feinstein (D-CA) and Olympia Snow (RINO-ME) have introduced a bill to make the […]

  5. billbrb Says:

    Looks like the Tulp Blub econcomy of the Dutch in the early 1700s. This will be the next big scam and economic trap in the the making. The problem is we are going to make Al Gore a billionaire, it is scary to think what he would do with a billion dollars. I wonder how the Federal Reserve is tied into to this.

  6. dannewton Says:

    Once you get over the emotional component of paying a carbon tax, it looks like this thing is no different than an artificial variety of inflation since nearly everything has carbon in it. Unlike pork bellies, buying carbon allowances serves no demonstratable need. Even Karl Marx crafted Communisim with the idea of “from each according to their ability to each according to their need.” Was he so stupid as to miss the point that the word “need” can manipulated?

    The “need” to buy carbon allowances has been disconnected from the temperature. It is keyed to an arbitrary past CO2 level. Maybe this is thought to be a protective action against a Carbon Bubble that makes it different from the Dot.Comm Bubble and the Housing Bubble?

    If you simplify the economy to a game of Monopoly, the Carbon tax makes all of the houses and the motels cost more. This means that you have to go around the board more often to collect $200. The velocity of money will certainly be slowed down while the GDP seems to go up. There is no value added however to the houses and the motels, they just cost more. For most of recent history, comodities have cost less over time, not more. I think this bothered the Left so bad they invented the “green jobs” that would be the equivalent of getting $300 to pass go.
    The only way this is going to work is to have a rigidly structured rules system, like the game of Monopoly. People enter into the game submit willingly to the rules. These new Climate Change rules will be forced upon us by the state.

  7. […] in. The employees of investment firm Goldman Sachs donated tons of money to Democrats, and they are positioned to strike it rich if cap-and-trade passes. Steve Milloy writes that “Goldman Sachs has spent millions of dollars lobbying for […]

  8. higgy68 Says:

    I can’t wait to see Lord Obama and his minions wave their magic wands and control the earth’s temperature. China and India have the right idea.

  9. cbullitt Says:

    Even with these shit holes trying to steal us blind–there was some good news for our side today–His Wholly Reluctance God/King Obama took two hits today:

  10. rgoulet Says:

    Has anyone read the article in Rolling Stone on Goldman Sachs? Don’t let the source turn you off. It’s an awesome article showing how these guys have been behind so much of the problems we face in our economy.

    Check it out.

  11. jameshrust Says:

    O.K. This is too much. I don’t admit to be so smart I can run the world; however, I do know that burning fossil fuels has no significant influence on global warming. Therefore, any energy policy to control climate is to no avail. Therefore, I propose that we let Bernard Madoff out of jail and let him run any program that sells use of carbon credits. He could make enough money to pay off the $50 billion he lost with his investors and have something left for him and his wife to have a happy retirement. Jim Rust

    • scubafox1 Says:

      Well, thanks for the admission … as burning fossil fuels has a very significant influence. Google “Global Warming: An Inconvenient-to-Understand Truth” to see how easy it is to obfuscate the issue.

  12. bear865 Says:

    There are plenty of honest scientists who are trying to do just that to this worse than pseudo-science (now almost a religion in some elementary school children’s minds). But all sorts of things are done to the professionally and outside their professions in order the keep them quiet. Mostly, they are ignored. But if one gets too effective, nothing will stop the “green” puppet-masters at destroying such an effective scientist, up to and including murder. This is also true for scientist who are developing such liberating items as zero-point energy devices, and thousands of other things that would probably benefit all humanity. Of course, if the oligarchs can’t have it, they make sure they destroy it and the people working on it. See the “ProjeKt Saucer” novels (5) by W.A. Harbinson. They are paperback, ~600 pages each, and I would ONLY order them from Otherwise, you might get altered, bogus editions of the novels. These novels will terrify you, but that will be the price you pay for learning the truth.

  13. julyboy77 Says:

    The left scores another victory. Patriotc Americas argue over who’s manageing the “cap & tax” funds while the real issue remains this whole farce is based on “junk science”. Please – let’s keep our eye on the ball and shovel this corrupt and bogus issue on to the trash heap where it belongs.

  14. bear865 Says:

    So let’s put the foxes in charge of the hen house. Otherwise, there are many other hen houses where the foxes are also in charge. It is getting worse every day.

    Goldman Sachs was “picked” to run help the Nation into financial ruin and all other such “firms” were “bellied up”. And of course “green” is designed to turn the USA into a third-world nation. But the oligarchs will profit, as we can all see.

    This disgusts the hell out of me, but neither shocks nor surprises me. And I am not sure there is anywhere in the world one can go to avoid this, or where it is at least proceeding at a slower pace.

    We will have to do what we can when we end up facing stuff. Improvise, adapt, and overcome. We can do that, and maybe that is the only way we can ultimately defeat this monstrously evil mess that is being foisted off on us.

    • scubafox1 Says:

      The “monstrous evil” is to continue as we are. Seems there’s an extraordinary willingness to make the planet uninhabitable based on failed ideology. Google “Invisible Hand Drops Ball & Economics 101”.

  15. dlsoucy Says:

    Not surprising at all. Since the beginning, the UN has wanted to impose a global tax on carbon based fuels. Refer to the Zedillo conference notes and this UN article at Africa Recovery: The choices were between a currency tax and a CO2 tax, the UN chose to pursue the CO2 tax. Since Goldman Sachs has been heavily involved in UN activities by way of direct involvement and former chairmen/directors memberships through The Nature Conservancy, a UN NGO, the outcome was predictable. I first saw this coming in early 2006.

  16. mcgrats Says:

    Let’s see now… we bailed GS out of Mexico with 50m of our money, we bailed them out recently with the “Stimulous Fund,” and now we’re supposed to bend over a third time?

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