Last night President Barack Obama said: “Bankers and executives on Wall Street need to realize that enriching themselves on the taxpayers’ dime is inexcusable, that the days of outsized rewards and reckless speculation that puts us all at risk have to be over.” But who does he think is going be manipulating and profiteering from his carbon cap and trade plan? CNN reports:
A cap-and-trade law would create a market – including for derivatives of emission allowances – for carbon emissions and would multiply trading opportunities for emitters, traders, brokers and investors.
“I attended a recent meeting of an organization interested in [climate change legislation], and guess who it was,” Rep. John Dingell, D-Mich., said at an energy forum last week. “It was a bunch of good-hearted Wall-Streeters … getting ready to cut a fat hog.”
“This is a disaster in the making,” warned Rep. Greg Walden, R-Ore., ranking member of the House energy subcommittee on oversight and investigations. “If you like the bubbles of the technology market and the housing market, I predict you’ll love the bubble that will come from the cap-and-trade market.”
Remember, it was Enron who was one of the first big business supporters of carbon cap and trading. How’d that turn out?