Carbon Trade Ends on Quiet Death of Chicago Climate Exchange

Republican mid-term election joy deals financial uncertainty among green investors as the Chicago Climate Exchange announces the end of U.S. carbon trading.

The Chicago Climate Exchange (CCX) announced on October 21, 2010 that it will cease carbon trading this year. However, Steve Milloy reporting on Pajamasmedia.com (November 6, 2010) finds this huge story strangely unreported by the mainstream media.

To some key analysts the collapse of the CCX appears to show that international carbon trading is “dying a quiet death.” Yet Milloy finds that such a major business failure has drawn no interest at all from the mainstream media. Milloy noted that a “Nexis search conducted a week after CCX’s announcement revealed no news articles published about its demise.”

Not until November 02, 2010 had the story even been picked up briefly and that was by Chicagobusiness.com (Crain’s). Reporter, Paul Merrion appeared to find some comfort that while CCX will cease all trading of new emission allowances at the end of the year, “it will continue trading carbon offsets generated by projects that consume greenhouse gases, such as planting trees.”

Collapse is Personal Setback for U.S. President

Barack Obama was a board member of the Joyce Foundation that funded the fledgling CCX. Professor Richard Sandor, of Northwestern University had started the business with $1.1 million in grants from the Chicago-based left-wing Joyce Foundation enthusiastically endorsed by Obama. When founded in November 2000, CCX’s carbon trading market was predicted to grow anywhere between $500 billion and $10 trillion. Fortunately before its collapse Sandor was able to net $98.5 million for his 16.5% stake when CCX was sold.

Failure of European Climate Market May Follow

http://www.arb.ca.gov/board/members.htm

Mary D. Nichols Chairman,
California Air Resources Board

This page last reviewed November 02, 2010

Mary D Nichols Mary D. Nichols was appointed by Governor Arnold Schwarzenegger as Chairman of the California Air Resources Board in July 2007. She returns to the Air Board 30 years after serving as the Chairman under Governor Jerry Brown from 1978 to 1983.

Nichols has devoted her entire career in public and private, not-for-profit service to advocating for the environment and public health. In addition to her work at the Air Board, she has held a number of positions, including: assistant administrator for the U.S. Environmental Protection Agency’s Air and Radiation program under the Clinton Administration, Secretary for California’s Resources Agency from 1999 to 2003, and Director of the University of California, Los Angeles Institute of the Environment.

As one of California’s first environmental lawyers, she initiated precedent-setting test cases under the Federal Clean Air Act and California air quality laws while practicing as a staff attorney for the Center for Law in the Public Interest. Nichols holds a Juris Doctorate degree from Yale Law School and a Bachelor of Arts degree from Cornell University.

In her return as Chairman, Nichols’ priorities include moving the state’s landmark climate change program ahead, as well as steering the Board through numerous efforts to curb diesel pollution at ports, and continuing to pass regulations aimed at providing cleaner air for Southern California and the San Joaquin Valley. She values innovation, partnerships and common-sense approaches to addressing the state’s air issues.

The Air Resources Board leads the country in working with the public, the business sector, and local governments to protect the public’s health, the economy and the state’s ecological resources through the most cost-effective reduction of air pollution. The Board now employs roughly 1,200 engineers, scientists and attorneys, with an annual operating budget of more than $860 million.

http://www.whorunsgov.com/Profiles/Mary_D._Nichols

Current Position: Chair of the California Air Resources Board (since 2007)

Career History: Executive director of the Environment Now Foundation (1997 to 1998); California Secretary for Resources (1979 to 2003);Professor-in-residence and director of their Institute of the Environment, University of California Los Angeles School of Law (2003 to present)

Birthday: April 10, 1945

Hometown: Minneapolis, Minn.

Alma Mater: B.A in Russian literature, Cornell University, 1966; J.D., Yale Law School, 1971

Spouse: John F. Daum

Other Government Positions: Assistant Administrator of Air and Radiation for the U.S. Environmental Protection Agency, 1993 to 1997;
Secretary of Environmental Affairs and the Chair of the Air Resources Board for the state of California, 1974to 1978 and 1979 to 1983;
Los Angeles Chief Assistant City Attorney, 1978 to 1979

Office: California Air Resources Board Headquarters Building, Sacramento, CA

Spouse: John F. Daum

http://www.omm.com/johndaum/

John F. Daum
Of Counsel

John F. Daum is a partner in O’Melveny’s Los Angeles office, a member of the Business Trial and Litigation Practice, and a member of the Joint Leadership Team.

John’s professional experience includes:

* Counsel for defendants in oil spill and environmental matters
* Counsel for a large entertainment industry client in several major record industry litigations
* Counsel for landowners in land title litigation with the United States and the State of California arising out of Colorado River movements
* Counsel for Trustee in a petroleum company bankruptcy and reorganization
* Counsel for insurers in major coverage matters including asbestos coverage issues and environmental coverage matters
* Defense of RICO and securities litigation
* Counsel for an oil exploration and production company in an action challenging state income tax on oil producers
* Counsel for major cities in defense of constitutional challenges to pension reform legislation
* Counsel for defendants in several major multidistrict or coordinated proceedings, including cement and concrete industry Antitrust Litigation and computer peripheral devices Antitrust Litigation
* Counsel for out-of-state and foreign banks in connection with international trade matters

Professional Activities
Law Clerk, Honorable Eugene A. Wright, US Court of Appeals, Ninth Circuit (1969-1970)
Admitted to Practice, US District Court, Central, Northern, and Eastern Districts of California; US Court of Appeals, Ninth and Federal Circuits; US Supreme Court
Member, American Bar Association, Committee on Federal Procedure
Author, “Legal and Regulatory Aspects of Contingent Valuation,” Contingent Valuation (J. Hausman, ed. 1992)
Lecturer, On Federal Courts and Federal Jurisdiction, University of Southern California Law School
Honors, Named a “Super Lawyer” in a survey conducted by Law & Politics Media Inc. and published in Los Angeles magazine
Languages, French; Spanish; German; Russian

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