Who would have thought? Goldman Sachs has been working hard to save the environment for years.
Generation Investment Management (GIM) was founded by Al Gore, and a few friends, which included David Blood (former Goldman executive), Mark Ferguson (Goldman) and Peter Harris (Goldman). They are the fifth largest shareholder in the Chicago Climate Exchange (CCX). Then in 2006, when the CCX needed some extra funding, who should step up to buy 10% of the company – Goldman Sachs.
CCX is an exchange that won’t be doing a heck of a lot if carbon trading doesn’t become mandatory. All of these players have a vested interest in Cap N Trade legislation.
But it’s not just Goldman Sachs getting in on the deal to make money out of the trading-scheme-based-on-thin-air.
In 2001, a man was apparently working on a device (?) to make carbon trading possible. He filed a patent, then died. His wife onsold this patent application — to Franklin Raines, the CEO of … wait for it, Fannie Mae. The same CEO who has committed massive accounting fraud.
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