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Commodity Futures Trading Commission, sole regulator of the carbon market created by cap-and-trade legislation

Goldman Sachs to be carbon regulator?

By Steve Milloy ——--July 8, 2009

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Sens. Dianne Feinstein (D-CA) and Olympia Snow (RINO-ME) have introduced a bill to make the Commodity Futures Trading Commission the sole regulator of the carbon market created by cap-and-trade legislation.
So does this mean that freebooting Goldman Sachs could be the de facto regulator of the carbon market? Consider that:
  • The current chairman of the CFTC is Gary Gensler, formerly of Goldman Sachs.
  • Goldman Sachs is a part owner of the exchanges where carbon allowances would be traded.
  • Goldman Sachs has spent millions of dollars lobbying for cap-and-trade legislation in anticipation of making billions of dollars at the expense taxpayers and consumers.
  • Goldman has a special exemption from the CFTC to exceed the trading limits normally placed on commodity speculators. Not only was this exemption secret for 17 years, the CFTC recently had to ask Goldman for permission to release the letter to Congress!
  • Goldman Sachs employees are heavy contributors to the Democratic Party giving it over $4.4. million in the last election. Barack Obama received more than $997,000, Feinstein received $24,250, and Snowe received $17,000 from Goldman. All-in-all, this could result in a pretty decent return-on-investment for Goldman.
As the global warming bubble inflates and then bursts, will Goldman Sachs self-regulate all the way to the bank… making record profits at the expense and misery of taxpayers and consumers?

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Steve Milloy——

Steve Milloy publishes JunkScience.com and GreenHellBlog.com and is the author of Green Hell: How Environmentalists Plan to Control Your Life and What You Can Do to Stop Them

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