Two months later, drowned out by the hubbub of the mid-term elections, came an Oct. 21 announcement that CCX would end carbon trading which, as PajamasMedia’s Steve Milloy pointed out, was “the only purpose for which it was founded.”
Funded by the left-wing Joyce Foundation, whose former board included none other than future president Barack Obama, Northwestern University professor Richard Sandor set up CCX as a “voluntary” method of trading “carbon credits.” It was envisioned as the main clearinghouse for what would eventually have been a $10 trillion decidedly non-voluntary market had cap-and-trade legislation passed the Senate as it did the House.
Former Fannie Mae CEO Franklin Raines had already secured a patent for technology to extend carbon trading at CCX to individual residences. Had things gone according to plan, every business, non-profit organization and home in America that emitted carbon – which is all of them – would have formed an enormous revenue stream for savvy insiders such as Al Gore’s Generation Investment Management and Goldman Sachs — CCX’s two largest investors – while imposing a crippling energy tax on everybody else.
Now that CCX itsef is disappearing like a puff of smoke, we can all breathe out carbon dioxide a lot easier.