California signs carbon trading deal with Manitoba

Central Valley Business Times ^ | December 14, 2006

[calcowgirl]

I bet you'll find the Milken/Enron alumni flocking to carbon credit trades.

Milken and his buddies are the designers/planners. Google gives some interesting results.

[Shermy]

"Exactly. Its an ingenious way to address a non-existent problem."

Take away the people salivating for the unverifiable and made-to-be-corrupt international carbon trading rackets the global warming media offensive would whither away. Al Gore will cry over his warm milk that his investment firm set up to take a slice out of carbon trades will fail. If you support getting off foreign oil and having cleaner air there are plenty of reasons to work for these -- you don't need carbon trading to meet these goals or give them reason.

I noticed the Democrats have dropped energy independence as a policy goal for carbon trading. Watch when you hear Senator Boxer talk about "international cooperation" on these matters.

[Shermy]

"Milken and his buddies are the designers/planners. Google gives some interesting results."

Wow, I'm a psychic!


http://www.nytimes.com/2006/07/30/magazine/30carbon.html?ei=5090&en=c3557fbf0ead2990&ex=1311912000&partner=rssuserland&emc=rss&pagewanted=all

Richard Sandor, chairman and C.E.O. of the Chicago Climate Exchange, seems to be fond of green. His business card and company stationery are trimmed in green; he wears green neckties. When he is photographed by the news media, there’s lots of green in the frame: green file folders, green paper, anything. For Sandor, it may be a way of signaling that the Chicago Climate Exchange — a commodities market for an unusual kind of commodity, greenhouse gas allowances — is more than just another business venture. It is, as he describes it, the engine of an environmental revolution.

But of course, green is also the color of money. And Sandor, who has been called “the father of financial futures” for his role in creating interest-rate futures in the 1970’s and who made a fortune during the boom years of the 80’s at Drexel Burnham Lambert, the firm of the junk-bond king Michael Milken, is also familiar with that particular shade. However high-minded in principle, the Chicago Climate Exchange is also about making a buck off the planet’s looming climate catastrophe.

________________________

High-minded, LOL!

[Shermy]

Any word Maurice Strong or Power Corp has coal plants in Manitoba they want Californians to pay to be shut down?

[goldstategop]

Yes, there's a convergence between Democrats and the filthy rich. The former get more government revenue and why, the filthy rich get to be even richer! You won't hear the Democrats play the Class Warfare Card much against Wall Street - and when you look at the resume of several Senate Democrats, they are all multimillionaires themselves. The Little People can pay up, like they always do.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus

[AmericanChef]

When Kalifornia falls into the ocean, they'll be begging us for pollution-pumping machines to keep them afloat. Will they get them from Manitoba, then?

[calcowgirl]

http://www.milkeninstitute.org/events/events.taf?function=detail&ID=134&cat=Roundtables

Market-Based Solutions through Environmental Finance: the Case of the Chicago Climate Exchange
February 13, 2004

Richard Sandor, head of the Chicago Climate Exchange, says financial markets can help the environment.

Back when he came up with the idea of creating a public exchange that would trade the rights to carbon dioxide, many on both sides of the equation – the financial community and environmentalists – thought his chances of success were, well, small.

After all, the markets were down and the U.S. had pulled out of the Kyoto Protocol, which could have helped jumpstart the initiative.

But Richard Sandor, who created the idea of trading financial futures in the 1970s, knew it could work. And in December 2003, through perseverance and perhaps a little luck, he saw his dream come true in the form of the Chicago Climate Exchange, a self-regulatory exchange that administers a voluntary greenhouse gas reduction and trading program for North America.

At a Milken Institute roundtable meeting with government officials, environmental organizations and members of the financial community, Sandor said the Exchange has been wildly successful in its first two months.

Already on board as members are such firms as Ford, DuPont, IBM, Motorola and American Electric Power, as well as the city of Chicago and the University of Oklahoma. And the trading of carbon dioxide has nearly tripled since the Exchange opened on Dec. 12.

“This is going to dominate the environmental forefront,” Sandor said of the idea of cap-and-trade programs. It could even expand into the areas of trading the rights to air and water.

“They are our most important commodities, and they have to be rationed,” he said. He added that markets are the best way to do that – much better than armies fighting over it.

The meeting was part of the Milken Institute’s ongoing series of presentations of financial innovations addressing long-standing public policy problems bringing together financial practitioners, policy makers and change agents in the public and private sector.

Dr. Sandor, Chairman and CEO of the Chicago Climate Exchange, was the recipient of the Milken Institute’s 2003 Award for Financial Innovation and the subject of recent in-depth reports in Time and Forbes magazines. He is a director on numerous boards, including the Intercontinental Exchange, an electronic marketplace for commodity and derivative products, and is a member of the design committee of the Dow Jones Sustainability Index.

For more information about the Exchange, visit www.chicagoclimateexchange.com .


http://www.milkeninstitute.org/presentations/slides/gc03_financial_innovations.pdf

Page 69

CCX®Founding Members

Automotive
• Ford Motor Company

Commercial Real Estate
• Equity Office Properties Trust

Electric Power Generation
• AEP Manitoba Hydro

Electronics
• Motorola, Inc.

Forest Products Companies
• International Paper
• MeadWestvaco Corp.
• Temple-Inland Inc.
• Stora Enso North America

Chemicals
• DuPont

Environmental Services
• Waste Management, Inc.

Pharmaceuticals
• Baxter International Inc.

Semiconductors
• STMicrolelectronics

Municipalities
• City of Chicago

[sergeantdave]

"Manitoba will exchange its expertise in geothermal technologies with California...."

I would think that PG&E would have a good bit of knowledge about geothermal technologies, but what the heck. Why use knowledge from the private sector when government can present itself as saviors from manufactured bogeymen, promote socialism and enrich itself on the taxpayer dime?

California has gone from dumb and stupid to a terminal bag of rocks.

[Allan]

Someone is going to get rich out of this Ponzi scheme
but it won't be the taxpayers of Manitoba or California.

[calcowgirl]

The agreement:

http://www.gov.mb.ca/asset_library/en/premier/mou_california.pdf