A Gas House Gang

New York Post ^ | December 12, 2007 | Zachery Kouwe

[CutePuppy]

Hedge fund billionaire Paul Tudor Jones has partnered with several big Wall Street firms and The New York Mercantile Exchange to form a new electronic venue for trading carbon greenhouse gases and other emissions, The Post has learned. According to people familiar with the deal, the new venture, to be called The Green Exchange, will compete with the Chicago Climate Exchange, which was established last year for carbon trading.

In addition to Jones' firm, Tudor Investment Corp., and the Nymex, the new exchange is backed by Morgan Stanley, Credit Suisse, JPMorgan and Merrill Lynch.

Evolution Markets, a leading broker in the environmental markets and clean energy sector, is also taking a large ownership stake in The Green Exchange, sources said.

Wall Street firms, hedge funds and power companies such as Con Edison are increasingly trading carbon and other emissions such as nitrous oxides and sulfur oxides, as countries around the world try to reduce the causes of global warming.

While alternative energy is being pushed to replace traditional fossil fuels, regulators are favoring a cap-and-trade-scheme that allows polluters to trade emissions among themselves.

.....

The global carbon market is already about $30 billion and some analysts estimate that it could grow into a $3 trillion market over the next 20 years.

The Green Exchange plans to trade carbon allowances, carbon credits and futures on other emissions.

.....

[CutePuppy]

How far is it from us having to pay for breathing? I understand trading physical commodities, but imaginary or fictitious ones? What a racket - if it were not with the blessing and encouragement of the governments and GSOs and present and former and future politicos who stand to make fortunes off of this fraud - it would be declared a "Ponzi-type scheme" and prosecuted by the same people.

Mafia has got nothing on this.

[Redbob]

How long before they outlaw dry ice?

As for trading in fictional instruments: that’s Wall Street’s primary business!

By doing so, the utterly-unproductive become enormously rich, while the actual producers slave away.

[VanShuyten]

By doing so, the utterly-unproductive become enormously rich, while the actual producers slave away.

Therefore, you should buy in early and sell everything early. This is your chance to hit it big!

[Rembrandt]

Since we’re on the subject of scams, I’m selling naming rights for my house which is located in a sub-division in Sarasota, FL. Minimum bid is 10,000,000 Euros.

Time now is 00000037 Algore Galactic Star time.

[CutePuppy]

Trafing fictional financial instruments doesn’t bother me - nobody is forcing me to buy them directly, and at least derivatives usually (ha! LTCM) have some basis for them (financial value or time value of commodity or basket), but the “value” here is derived or taken simply out of the air - literally!

The opportunity for fraud is just so immense, and will be administered and perpetuated by “bureaucracy”, not science!

Unbelievable, never-ending stream of money for politicians and hangers-on to play with.

[The Pack Knight]

Paying for breathing? There's a doctor in Australia who's way ahead of you.

He wants the government to tax parents $5,000 for every baby they have after their first two, followed by an annual $800 a year "carbon footprint offset" tax for the lifetime of the child.

So, essentially, he wants anyone who isn't a first or second child to pay for breathing.

Australia should introduce a baby tax to save the planet, doctor says (International Herald Tribune, 10 Dec 2007)

[CutePuppy]

[shaking my head] When it comes to ripoffs taxes, these people are nothing if not imaginative.

[steelyourfaith]

~~AGW ™ ping~~