By Institute for Energy Research ——Bio and Archives--May 7, 2013
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Gore is Romney-Rich with $200 Million After Bush Defeat By Ken Wells and Ari Levy May 6, 2013 …In another instance, GIM took a 10 percent stake in the Chicago Climate Exchange, set up in 2003 by former derivatives guru Richard Sandor to take advantage of what the exchange’s founders hoped would be a government-mandated price on carbon. The exchange ran into the same headwinds as Camco and was sold to Atlanta-based IntercontinentalExchange Inc. in May 2010 for $581 million. It was later shut as carbon prices fell to all- time lows. GIM would only say that neither Camco nor Chicago Climate Exchange were profitable investments. If emissions limits had been approved by Congress, both Camco and the exchange stood to rake in huge profits, said Dan Kish, vice president for policy with the Washington-based Institute for Energy Research, which gets funding from oil and natural gas companies. “Al Gore is like the preacher touting his moral purity and superiority,” Kish said. “Yet it turns out that heeding his preachings is directly linked to his financial interests.” Besides its losing investments in Camco and Chicago Climate Exchange, GIM also bailed out of First Solar Inc., a solar-panel maker that, like bankrupt Solyndra LLC, got squeezed when cheap Chinese supplies began hitting the market in late 2010…To read the full article, click here.
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The Institute for Energy Research (IER) is a not-for-profit organization that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets. IER maintains that freely-functioning energy markets provide the most efficient and effective solutions to today’s global energy and environmental challenges and, as such, are critical to the well-being of individuals and society.