In May 2000, ICE (Intercontinental Exchange) was founded by Sprecher and backed by Goldman Sachs, Morgan Stanley,BP, Total, Shell, Deutsche Bank and Societe Generale  who represent some of the world’s largest energy traders….The principal backers for ICE US Trust were the same financial institutions most affected by the crisis, the top ten of the world’s largest banks (Goldman Sachs, Bank of America, Citi, Credit Suisse, Deutsche Bank, JPMorgan, Merrill Lynch, Morgan Stanley and UBS). Sprecher’s clearing house cleared their global credit default swaps (CDS) in exchange for sharing profits with these banks.(Weitzman 2008)(Terhune 2010)….
In June 2001, ICE expanded its business into futures trading by acquiring the London based International Petroleum Exchange (IPE), now ICE Futures Europe, which operated Europe’s leading open-outcry energy futures exchange….In April 2010 ICE acquired Climate Exchange PLC (included Chicago Climate Exchange) for 395 million pounds ($622 million) and European Climate Exchange (ECX) as part of its purchase.[14 http://en.wikipedia.org/wiki/Intercontinental_Exchange
IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, announced in April 2010 that it had agreed on terms to acquire Climate Exchange plc. That acquisition was completed in July 2010 and was followed by an announcement that half of the company’s Chicago-based workforce would be laid off due to inactivity in the U.S. carbon markets. In November 2010, the Climate Exchange stated that it would cease trading carbon credits at the end of 2010, although carbon exchanges will still be facilitated. http://en.wikipedia.org/wiki/Chicago_Climate_Exchange
By Sandor’s reckoning, cap-and-trade represents a $10 trillion-per-year market. Recognizing the enormous profit potential, Generation Investment Management (GIM) – a carbon-offset company whose chairman and founding partner is Al Gore – purchased a 10 percent stake in CCX and became the company’s fifth largest co-owner. In 2006, Goldman Sachs also purchased a 10 percent share of CCX….(Next) came into key roles at CCX: Rajenra Pachauri, head of the UN Intergovernmental Panel on Climate Change, (&) Maurice Strong (who) had previously served as Secretary General of the 1992 UN Conference on Environment and was a leading architect of the 1997 Kyoto Protocol, an international agreement that set binding GHG-reduction targets for 37 industrialized countries. Strong has a history of insider-trading transgressions. http://www.discoverthenetworks.org/printgroupProfile.asp?grpid=7526
The fact that the original shareholders of the CCX have already bailed out with their sale to Intercontinental Exchange Inc. for a modest $600 million earlier this year only reinforces the reality that its creators have already lost faith in their elaborate invention. Likewise, the self-styled leaders of the climate change crusade Maurice Strong and Al Gore have already cashed in carbon fortunes already, whilst other active politicians like US President Barrack Obama, and United Nations IPCC Chief Rajendra K. Pachauri (arguably the world’s wealthiest retired railway engineer) are engaged in similar play with their own financial interests in the Carbon Markets, (especially CCX).
Like all government rigged quasi-commercial schemes, the only real beneficiaries are the initial shareholders – a special inner circle who are naturally ahead of the curve knowing about legislation and policy before it comes into existence. They are sometimes called the great and the good, the in-crowd, or the smartest men in the room (again,see Enron). Of these, almost all have jumped ship out of the market while their preferred shares– or in the case of the larger energy and manufacturing monopolies, their gratis “carbon allowances” given to them free by their governments – are still worth something. If you’re on the inside, it’s simple: get in early, make money and then get out. http://21stcenturywire.com/2010/08/27/the-great-collapse-of-the-chicago-climate-exchange/
On March 19, 2007 the “Investors Network on Climate Risk” (INCR) held a Washington event to demand Federal action to impose mandatory reductions in greenhouse gases, claiming they represent a $4 trillion pool of funds demanding green ventures. Members of INCR, founded at the UN in 2003, include British Petroleum, Allianz Insurance, the world’s largest insurance firm; DuPont, and hosts of state, labor, and church funds of various kinds, that have been herded into line. The INCR is chaired by British activist Norman Dean, who is simultaneously Director of Friends of the Earth….
ICE, though juridically located in London, is headquartered in Atlanta, operating as a de jure off-shore agency. “No-action letters” between the Bank of England and the U.S. Commodity Futures Trading Commission, protect the ICE from any form of regulation or record-keeping required by American agencies. ICE is thus literally a British “offshore financial center.” The 2006 Senate Democratic Policy Report calling for forcing regulation of the ICE, was subtitled, “Put a Cop Back on the Beat.”
Among the latest developments, ICE is making a play for acquiring the Chicago Board of Trade.
Who are the major owners of ICE (Intercontinental Exchange Inc.)? According to ICE’s 2006 filings with the SEC, as of Sept. 30, 2005, with percent of ICE shares owned: Morgan Stanley Capital, 11.62%; Goldman Sachs Group, 11.59%: Total Investments USA Inc., 8.12%; BP Products, 7.59%.
Others include Duke Energy, AEP, Continental Power Exchange, Societe Generale Financial Corp.
This then is the context for the many front groups and political patsies leading the bums’ rush for governments to mandate carbon-emission reductions and unleash the “markets.” On Jan. 22, 2007, in Washington, D.C., the “United States Climate Action Partnership” (USCAP) announced itself, consisting of ten major corporations including Lehman brothers, Duke Energy, DuPont, Florida Power & Light, BP America, Alcoa, Caterpillar, General Electric, Pacific Gas & Electric, and PNM Resources. They released a “Call to Action,” which, in global warming lingo, “lays out a blueprint for a mandatory economy-wide, market-driven approach to climate protection” (see http://www.us-cap.org).
The World Bank is also on the bandwagon in a big way, led by WB president Paul Wolfowitz since 2005, when he moved in from the Bush-Cheney Administration. The World Bank has a Carbon Finance Organization (www.carbonfinance.org), working as part of the International Emissions Trading Association, to further carbon markets. Wolfowitz personally spoke on Feb. 14 in Washington on global warming, making the pitch that underdeveloped nations can expect to see a flow of some $100 billions from the developed nations, if carbon-reducing schemes are allowed to proceed in the markets.
The Felix Rohatyn wing of the operation is seen in Lehman Brothers participation. Lehman’s CEO, Richard Fuld is their spokesman on environmental economics. Fuld’s advisor is Rohatyn, whose long career as “bankers’ dictator” has specialized in forcing governments to submit to private financial dictates.
The Lehman/USCAP has supplied witnesses all over Capitol Hill in February and March, lobbying for government action on mandatory carbon control. On March 20, a day before Al Gore’s celebrity appearance in Congress, the CEOs of Duke Energy and PNM Resources testified to the House Energy Committee that they supported a cap-and-trade program….The George Shultz wing of the carbon swindle, operating throughout, is most visible in its front-man, Arnold Schwarzenegger….
At the Federal level, Sens. John McCain (R-Ariz.) and Joe Lieberman (I-Conn.),the leading bipartisan warmongers, have been the leading bipartisan GHG markets advocates. Since 2003, they have repeatedly filed joint bills to cap emissions and launch GHG markets. Their 2007 version, filed in January, is S. 280. In an article they co-authored in theLos Angeles Times, Jan. 8, 2003, titled, “Tap U.S. Innovation To Ease Global Warming,” McCain and Lieberman wrote the format line that, “Global warming is a serious threat. There is overwhelming evidence that increasing amounts of carbon dioxide and other greenhouse gases are heating up the Earth’s climate and that inaction could be disastrous. http://www.larouchepub.com/other/2007/3413carbon_swindle.html
12-9-14 Is it a coincidence that Republican leaders in Congress are in a strong push, with Wall Street bankers, to pass legislation which allows commodity derivatives, among other types of these financial weapons of mass destruction, to be put under FDIC insurance? In other words, to make the U.S. taxpayer the guarantor for financial derivatives speculation in the many tens of trillions of dollars of “nominal value.”
This, on the path to another financial blowout.
This was the reason the negotiations on a resolution to fund the government for the months ahead, suddenly broke down on Monday night. House Republicans led by Jeb Hensarling (TX) and Mike Rogers (MI) had pushed Senate Democratic negotiators into agreeing to attach this Wall Street crime to the government funding bill, when a public revolt was begun by Senate Banking Committee Democrats Jeff Merkeley (OR), Sherrod Brown (OH), and Elizabeth Warren (MA), along with retiring Senators Tom Harkin (IA) and Carl Levin (MI), and spread to Democrats in the House. http://www.larouchepub.com/pr/2014/141209_oil_debt.html
Those who embrace the struggle and dwell in it are chastened by it without profit to their souls. These hang from the ledges of the bottomless pit, niches of consciousness to which men gravitate because they have not fixed their gaze upon the higher outreach of God-magnificence that in the lives of the saints became the impetus by which they moved upward.
Let men and women of goodwill and faith understand the relativity of true love to true wisdom and universal power. So shall we seal the endeavors of the future in the glowing globe of divine motive. –Nada: Pearls of Wisdom 13:36