Remember back in January when James Delingpole went native (advertising) and promoted an anti-renewables hedge fund set up by denier blogger JoNova, her husband, and a not-Lord-Monckton-lackey?
Well, JoNova has finally gotten around to posting about it on her own blog, hoping to entice readers into donating so they have enough cash to get the Cayman Island-based hedge fund going. The Cool Futures Fund Management needs at least $375,000 to get off the ground, of which it has already raised $42,530. Most of the donations are small, though there is one $10,000 gift from Juan Vicini…
The fundraisers state it plainly that all contributors get in return for their financial support is "the warm fuzzy glow of satisfaction” of knowing they're helping “what may be an effective financial tool” to make the most of “the climate-bubble.” Basically, this is just a more sophisticated version of the Health Ranger’s bucket of beans: convince your readers to give you some of their money in return for something that may or may not have much, if any, value.
That said, if you donate at least $75, you can get a share in the management company, and you get more shares if you give more money. But in order to avoid running foul of “regulations around asking for investors,” they’re calling these shares a gift in return for the contribution, which is technically a donation and therefore definitely not the purchasing of a share.
Although, since they more or less admit it, that may sound like an intentional bid to circumvent what few regulations exist, there should be no doubt that this is a totally, completely, 100% legal and ethically sound undertaking. After all, they’re set up in the oh-so-rigorously regulated Cayman Islands, not somewhere shady like Panama…
P.S. The Cool Futures website still has the disclaimer that "no one may link to this website, or frame it, without Cool Futures Funds Management’s express written permission or clear invitation.”
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