Oh no. As if enough pain and catastrophe hasn’t already resulted from smoke-and-mirror derivatives, now Bloomberg is reporting that the same Banksters that imploded the economy with their paper shell games are now stepping into – you guessed it: cap and trade.
"Banks intend to become the intermediaries in this fledgling market. Although U.S. carbon legislation may not pass for a year or more, Wall Street has already spent hundreds of millions of dollars hiring lobbyists and making deals with companies that can supply them with "carbon offsets" to sell to clients."
Reports Bloomberg.
"JPMorgan, for instance, purchased ClimateCare in early 2008 for an undisclosed sum. This month, it paid $210 million for Eco-Securities Group Plc, the biggest developer of projects used to generate credits offsetting government-regulated carbon emissions. Financial institutions have also been investing in alternative energy, such as wind and solar power, and lending to clean-technology entrepreneurs."
"The banks are preparing to do with carbon what they’ve done before: design and market derivatives contracts that will help client companies hedge their price risk over the long term. They’re also ready to sell carbon-related financial products to outside investors."
"Masters says banks must be allowed to lead the way if a mandatory carbon-trading system is going to help save the planet at the lowest possible cost. And derivatives related to carbon must be part of the mix, she says. Derivatives are securities whose value is derived from the value of an underlying commodity -- in this case, CO2 and other greenhouse gases."
These criminals Banksters should have been locked up and their banks nationalized for what they did and for the money they stole from U.S. taxpayers. Instead, they’re scheming another bubble.