Beam me to Planet Gore !
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
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.
Raines should have been frog marched in front of a judge a few years ago. He’s the worst of the worst.
bttt
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.
Although Fannie Mae chief Franklin Raines was fired for bungling its books, he'll get a $26 million parachute — not counting a monthly pension of $116,300 for life.....PLUS.
The 55-year-old Washington, DC insider and his CFO J. Timothy Howard left their jobs under a cloud of suspicion that the execs undermined the financial soundness of Fannie Mae, creating losses of up to $9 billion.
Regulators overseeing Fannie Mae urged it not to pay any benefits to either executive until reviews are made of their contracts, filings said yesterday.
Raines owns options giving him $5.8 million in net profit after redeeming them, plus another $8.7 million in deferred compensation for his six years at the helm. Raines has already collected $4.87 million in special performance shares this year and also keeps $5 million of paid-up life insurance. He and his spouse get free medical and dental benefits for life, worth over $1 million.
Last year, Raines earned $20 million in salary, bonuses and stock awards. The Securities and Exchange Commission said he broke accounting rules by playing with risky derivatives.
After he was fired, Raines told the board that he's entitled to get paychecks until next June 22 giving him another $600,000, which triggers a $2,000 monthly raise in his lifetime pension. He also says he's entitled to disputed options with a gross value of about $5.6 million.
To keep Raines happy within philanthropic circles, Fannie Mae will match his charitable contributions by $10,000 a year.
Raines' CFO Howard gets a parachute valued at more than $13.1 million — not including a monthly pension of $36,071 for life. Howard gets free medical and dental coverage for himself and family for life, and as well as the matching $10,000 annual perk in making charitable contributions.
SOURCE http://www.nypost.com/business/37312.htm
Great post. GB has been all over this and it needs to be shouted from the rooftops. Cap & Rape will be one of the biggest taxes to ever be imposed. All because of a MYTH—GLOBAL WARMING.
As a companion to my post, if you can find it, read today’s WSJ book report in the editorial section on a book called Power Hungry. Sorry, I don’t have a link.
The Damsel of Disaster Jamie Gorelick....
How did she not get envolved?
She was working with Raines at one point and has had her hand in every major mess...
We’re gonna need a railcar full of tar....and a few thousands chikens worth of feathers when we get to DC....
Thanks for the post(s); ping/post. Great thread. Thanks to all posters.
this makes me so mad
I looked up the patent and it was issued on June 7, 2005 according to the www.uspto.gov site. The author is confused if she cites November 7, 2006 as the date of issue.
Application Number: 10/290,753 Customer Number: -
Filing or 371 (c) Date: 11-08-2002 Status: Patented Case
Application Type: Utility Status Date: 05-18-2005
Examiner Name: BAHTA, KIDEST Location: ELECTRONIC
Group Art Unit: 2125 Location Date: -
Confirmation Number: 3562 Earliest Publication No: US 2004-0015454 A1
Attorney Docket Number: 37540-00607 Earliest Publication Date: 01-22-2004
Class / Subclass: 700/286 Patent Number: 6,904,336
First Named Inventor: Franklin D. Raines , Washington, DC Issue Date of Patent: 06-07-2005