Barbara Hollingsworth reports in the Washington Examiner that right after the Democrats won control of Congress on November 7, 2006, former CEO of Fannie Mae Franklin Raines had a residential cap and trade carbon system patented.
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.
This is the same Franklin Raines that earned more than $50 million during his six year tenure at Fannie Mae. I wonder what he’ll earn off of this.
I bet Algore is really pissed and jealous. I’m not sure if that patent was legally granted with Franklin being a Para-government employee.
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“”"Using campaign appearances, e-mails to supporters, and Iowa TV ads, Illinois Senator Barack Obama has repeatedly reminded voters that his presidential campaign does not accept contributions from lobbyists or political action committees, casting his decision as a noble departure from the ways of Washington.”"”
Really?
“The people in this stadium need to know who we’re going to fight for,” Obama said at Soldier Field. “The reason that I’m running for president is because of you, not because of folks who are writing big checks, and that’s a clear message that has to be sent, I think, by every candidate.”
Super.
In Obama’s eight years in the Illinois Senate, from 1996 to 2004, almost two-thirds of the money he raised for his campaigns — $296,000 of $461,000 — came from PACs, corporate contributions, or unions, according to Illinois Board of Elections records. He tapped financial services firms, real estate developers, healthcare providers, oil companies, and many other corporate interests, the records show.
Hmmm. Might he be funnin us a bit?
Though Obama has returned thousands of dollars in campaign contributions from registered federal lobbyists since he declared his candidacy in February, his presidential campaign has maintained ties with lobbyists and lobbying firms to help raise some of the $58.9 million he collected through the first six months of 2007.
What happened to special interests groups NOT having a say in politics?
“Well, the fact is I don’t take PAC money and I don’t take lobbyists’ money,” Obama said, touting his work on an ethics reform bill that just passed Congress. “That’s the kind of leadership that I’ve shown in the Senate. That’s the kind of leadership that I showed when I was a state legislator. And that’s the kind of leadership that I’ll show as president of the United States.”
Okay Im sorta thinking Mr. Obama your funnin us has entered the realms of the Twilight Zone. Are you listening Mr. Moderate? Mrs. Independent. Can you really trust this guy to tell you the truth when he says…..Health care WILL REDUCE THE DEFICIT.
Cap and trade will reduce co2 emissions or just about anything else that comes out of his mouth?
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This administration is the most crooked, dishonest, odious bunch that ever hit Washington. This disgraceful regime will sell us out for anything they can get, no matter who gets hurt, or what it does to our security.
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The euro-socialists are trying to learn about markets.
So they come up with “public option” as if this is
competition – instead of a trick to put all the private
insurance companies out of business. Then they get into
the Cap and Trade to make it look “market oriented”.
See Paul Krugman’s article in the NYT Magazine Apr 11th.
Instead of direct regulations, make it look ‘market based’.
It looks like a smoke-screen. How would anyone know that
the increased cost of gas is a sin-tax versus the other
taxes already on gas ? They just want lots of money they
can funnel to their Solar pals to ‘level the playing field’.
It does not matter to them whether Solar is actually affordable
as in a real market – its just a way to politicize the
economy.
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