Skip to comments.Barbara Hollingsworth: Fannie Mae owns patent on residential 'cap and trade' exchange
Posted on 04/21/2010 9:10:40 PM PDT by givemELL
Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select individuals in the "green" movement were inventing a patented system to trade residential carbon credits.
Patent No. 6904336 was approved by the U.S. Patent and Trade Office on Nov. 7, 2006 -- the day after Democrats took control of Congress. Former Sen. John Sununu, R-N.H., criticized the award at the time, pointing out that it had "nothing to do with Fannie Mae's charter, nothing to do with making mortgages more affordable."
"It wasn't about mortgages. It was about greenbacks. The patent, which Fannie Mae confirmed it still owns with Cantor Fitzgerald subsidiary CO2e.com, gives the mortgage giant a lock on the fledgling carbon trading market, thus also giving it a major financial stake in the success of cap-and-trade legislation."
Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/columns/Fannie-Mae-owns-patent-on-residential-_cap-and-trade_-exchange-91532109.html?source=patrick.net#ixzz0lnZWTP1t
(Excerpt) Read more at washingtonexaminer.com ...
sides Raines, the other "inventors" are:
* Former Fannie Vice President and Deputy General Counsel G. Scott Lesmes, who provided legal advice on Fannie Mae's debt and equity offerings;
* Former Fannie Vice President Robert Sahadi, who now runs GreenSpace Investment Financial Services out of his 5,002-square-foot Clarksburg home;
* 2008 Barack Obama fundraiser Kenneth Berlin, an environmental law partner at Skadden Arps;
* Michelle Desiderio, director of the National Green Building Certification program, which trains "green" monitors;
* Former Cantor Fitzgerald employee Elizabeth Arner Cavey, wife of Democratic donor Brian Cavey of the Stanton Park Group, which received $200,000 last year to lobby on climate change legislation; and
* Jane Bartels, widow of former CO2e.com CEO Carlton Bartels. Three weeks before Carlton Bartels was killed in the Sept. 11 attacks, he filed for another patent on the software used in 2003 to set up the Chicago Climate Exchange.
The patent, which covers both the "cap" and "trade" parts of Obama's top domestic energy initiation, gives Fannie Mae proprietary control over an automated trading system that pools and sells credits for hard-to-quantify residential carbon reduction efforts (such as solar panels and high-efficiency appliances) to companies and utilities that don't meet emission reduction targets. Depending on where the Environmental Protection Agency sets arbitrary CO2 standards, that could be every company in America.
The patent summary describes how carbon "and other pollutants yet to be determined" would be "combined into a single emissions pool" and traded -- just as Fannie's toxic portfolio of subprime mortgages were.
"Fannie Mae earns no money on this patent," communications director Amy Bonitatibus told the Washington Examiner. "We can't conjecture as to the cap-and-trade legislation."
But passage of the legislation would create an artificial, government-mandated, trillion-dollar carbon trading market that would drive up the price of energy, indirectly making housing more expensive.
If the proprietary emissions trading system functions like other exchanges such as the New York Stock Exchange, which makes most of its revenue on listing and trading fees, its owners could see extremely generous profits, especially with a patent that keeps out competition for two decades.
So Fannie Mae, a quasi-governmental entity whose congressionally mandated mission is to make housing more affordable, has been a behind-the-scenes participant in a carbon trading scheme that would do just the opposite.
In January, Europol announced that up to 90 percent of the volume in the European Union's own carbon-trading market was fraudulent, costing EU members $5 billion during the previous 18 months. That would be just the tip of the iceberg if the Congress were to make a similar mistake.
But if it does, thanks to Raines and his fellow "inventors," Fannie Mae will be laughing all the way to the (bailed-out) bank.
Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/columns/Fannie-Mae-owns-patent-on-residential-_cap-and-trade_-exchange-91532109.html?source=patrick.net#ixzz0lna31Osx
Founders of the exchange and investors include Soros, Sen Lugar, Maurice Strong, Bill Clinton and Al Gore, among others. The Chicago Exchange is intended to dominate the current London Carbon exchange. Obama does not need a second term in office as he has supranational aspirations, apparently.
This whole thing give government all the hooks it needs in business to determine which businesses succeed and which fail -- while skimming profits without additional taxes at the same time.
We are doomed.
Cap-and-Trade bump for later...........
Well...ain’t that SWELL.....clean out the HOUSE, the SENATE, and ALL THE STAFF of EVERY agency....PLUS get rid of half of the FED Departments!!!
The list, ping
The entire sewer known as the District of Criminals needs cleaning.
and what if Fannie /Freddie is juat a kind of "keg tapper" for the world banking system ?
what is happening to our country is disgusting...and to think we paid them to do it.
Yes, Raines, while at Fannie collected $126 million, and Johnson, Gorelick and others smaller amounts. They all got the equivalent of a bonus payment for each subprime mort to the present, underwritten to the maximum extent of numbers. Fannie will be issuing subprimes until at least Sept of this year, and the program could be extended.
Wealth/property cannot be redistributed by Obamas’ plan unless it comes into govt hands to the maximum extent possible...so, the plundering of the middle class to its extinction is on fast-track and the rich, not politically connected are going next. 401ks and IRAs are to be forced to convert to Tbills and agency bonds before the US defaults on its debt, scheduled after the plans are converted to Tbills and the public left holding those BAGS too.
Raines should have been frog marched in front of a judge a few years ago. He’s the worst of the worst.
This is why they had to destroy Sarah - she could have foiled their plans - which basically are the looting of this country and it’s citizens for the personal gain of a few politically connected people. If Obama were a real American he’d be ashamed to be used as a front for crimes that make Madoff look like a purse snatcher.
guess we will need a bigger printing press....or another investigation..a real one
I agree with you entirely. Obama is not motivated by things that motivate a real American. His core values were formed by Liberation Theology. He believes he is doing God's (don't ask me which one) work. There is no reasoning with a person with evil convictions. And when someone does win and argument, as you have noted, they get destroyed.
Patent? How can you have a patent? What would the patent be on? A plan? A scheme?
Yes, this is a bombshell. I’m sure NBC will be reporting it right away. Ron Paul apparently was right - Obama is a “corporatist” not a communist. Well, maybe both. Seems to me this is the looting of our middle class.
Seriously thinking about moving to Panama. I don’t care to be a slave to these bastards.
Do you think your question really matters to these people?
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