November 9, 2010      President Correa has lied a lot to the people of Ecuador and the world. He wants you to accept his lie that he will take a lot of money from the United States and fraudulently boost the global carbon trading system and will back the United Nations fraud to regulate this world’s economy and environment. No one should be fooled by this abuse of  unaccountable U.S. money by the Obama-Clinton and George Soros State Department in Ecuador.

The Crash Of The Climate Exchange
 Investors Business Daily 11/09/2010

Climate Fraud: As the case for global warming and cap-and-trade has collapsed, so too has the market that was to exploit this manufactured crisis for fun and profit. The climate-change bubble has burst.

Lost in the hubbub leading up to the Republican and Tea Party tsunami on Nov. 2 was the collapse of the Chicago Climate Exchange (CCX). But its implications for the future of the American economy and the business climate are staggering: It is an acknowledgment that both the case for climate trade and cap-and-tax legislation has also collapsed.

On Oct. 21 the exchange announced it was ending carbon trading, which, as Pajamas Media's Steve Milloy points out, was "the only purpose for which it was founded." Launched as a "voluntary" method of trading "carbon credits," CCX rested on the hope that cap-and-tax legislation would make such trading mandatory — and profitable.

CCX billed itself as "North America's only cap-and-trade system for all six greenhouse gases, with global affiliates and projects worldwide." Barack Obama served on the board of the Joyce Foundation from 1994 to 2002, when it issued CCX start-up grants. Presidential adviser Valerie Jarrett also once sat on the Joyce board. As president, cap-and-trade is one of Obama's highest priorities.

The exchange's founder, Richard Sandor, says he knew Obama as far back as when the Joyce Foundation awarded money to the Kellogg Graduate School of Management, where Sandor was research professor. He estimated that climate trading could be "a $10 trillion market," which it very well might have been if cap-and-trade legislation like Waxman-Markey and Kerry-Boxer made into law. But now, in the wake of Climate-gate and other scandals, as well as recent election results, that's an unlikely event.

For his efforts, Sandor was named as one of Time magazine's "Heroes of the Planet" in 2002 and one of its "Heroes of the Environment" in 2007. Sanders eventually sold his 16.5% stake in CCX for $98.5 million, making him a hero of take-the-money-and-run.

The biggest losers are CCX's two biggest investors, Al Gore's Generation Investment Management and Goldman Sachs, that champion of sound money management that serves as the farm team for administration staffing.

Other CCX founders include former Goldman Sachs partner David Blood, as well as Mark Ferguson and Peter Harris, also of Goldman Sachs. In 2006, CCX received a big boost when another investor purchased a 10% stake on the prospect of making a great deal of money for itself. That investor was Goldman Sachs, accused of selling financial instruments it knew were doomed to fail.

A mechanism for extending carbon trading on the exchange to residences was purchased and patented by none other than Franklin Raines, who was CEO of Fannie Mae at the time. Raines profited to the tune of some $90 million by buying and bundling bad mortgages that led to the collapse of the American economy.

His interest in climate trading is curious until one realizes cap-and-trade would make housing, like energy, more costly. Cap-and-trade and carbon regulation extended down to the homeowner level would have raised the cost of homes and homeownership and made him richer that way and through his patent.

CCX's collapse was inevitable as both the enthusiasm for cap-and-trade — and the world itself — cooled. After the e-mail exchanges from the Climate Research Unit at the University of East Anglia reveled the extent to which global climate data were being manipulated to "hide the decline" in global temperatures, hopes for profiting off the scam with another scam evaporated.

Nor did the global recession create a hospitable environment for pushing another job-killing Kyoto-style agreement. People were lining up for jobs, not electric cars, and bills such as the House-passed Waxman-Markey suddenly were going nowhere. Carbon trading at CCX all but dried up as prices plunged from over $7 a ton in 2008 to just 10 cents as of August.

Like Dracula, cap-and-tax may yet rise from the grave. Anything can happen in the lame-duck session, and the EPA still conspires to regulate carbon and other emissions through the back door. Still, CCX's carbon-trading demise is reassuring evidence that eventually all houses of cards will collapse.
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This article tells us that cap and trade may yet rise from the grave. Seriously, it still sucks blood and money from the USA for Correa’s wild schemes….like a vampire, draining assets that could go to something honorable. But Correa’s sales people- a dishonest group of liars such as Ivonne a Baki and assorted out of work Hollywood types are still revered in Ecuador because no one cares enough to check the facts and are happily duped and fooled by these scamsters.  And while you are busy believing the party line that it is OK to lie a lot to the USA because under president Obama the government is stupid and they are rich and deserve to be lied to, do remember… who is actually being lied to.

-Pedro Camargo for ECrisis