Carbon Emission Trading

Carbon emission trading may sound obscure. After the greenies have told you about it you might think it is down right worthy. But the word to focus on is trading. The rest is flim flam. Private Eye is very good on what happens in the City and they have got Richard Sandor bang to rights. They skate over the fact that a lot of Jews like Sandor have their fingers in another very profitable pie. Stormfront does not. It names the names and gives the sources. That is as good as it gets. Who Is Behind The Climate Change Hoax fingers perpetrators but with a somewhat different cast. Mann is mentioned as an Ashkenazi Jew.

Private Eye 1258/29
CARBON emissions trading might be useless at tackling climate change but it is highly profitable for the financial engineers behind it.

The godfather of trading is an American called Richard Sandor, famous as one of the founders of financial derivatives in the 1980s at junk bond trader- Drexel Burnham Lambert, where he pioneered the "collateral mortgage obligations" that eventually brought the financial markets to their knees. He was also architect of the first pollution permit trading scheme (in sulphur emissions) in the US in the 1990s.

Now he chairs the company controlling more than 80 percent of Euro carbon emissions trading, Climate Exchange plc, which regularly launches "innovative" carbon products such as daily futures contracts and has set up trading exchanges in China, Canada and Australia. Sandor meanwhile has been a big mover behind plans for a mandatory trading system in the US that would see his company's income multiply.

Under Sandor and chief executive and offshore insurance specialist Neil Eckert, Climate Exchange plc owns the European Climate Exchange based in London's Bishopsgate. as well as the Chicago Climate Exchange and the Chicago Climate Futures Exchange. Business is especially booming in London, as Eckert boasted in a results announcement last week: "ECX had a wonderful year and with the continuing EU discussion of an anticipated 30 percent cut [in emissions] by 2020 and particularly the move to 100 percent auctioning [ of allowances ] in 2011, shows significant long term growth potential" Last year Sandor earned $lm and Eckert £575,000. Sandor's shares in the company are worth more that £40m, and Eckert's around £5m on top of £7m worth of options.

These riches came on the back of operating profits last year of £ 11.5m, made almost entirely in London where trading in £70bn worth of emissions allowances by the European exchange's 100 members, including such renowned environmentalists as Shell, Barclays and RBS, earned the exchange £11 Am. Not that any of this finds its way into the government's coffers in the form of tax that might be invested in slightly more useful environmental measures.

Climate Exchange plc is registered in the tax haven of the Isle of Man, where, according to its accounts, "it is subject to tax at zero percent" having been set up there when it was simply a fund company in order to avoid capital gains tax. But the company also claims that its operating subsidiaries "are resident in various jurisdictions where they are subject to local rates of taxation".

In Britain this might be thought to refer to the company ostensibly running the exchange in Bishopsgate, European Climate Exchange Ltd. But its accounts, filed quietly at Companies House, show that it is owned by an Irish company with, er, exactly the same name: European Climate Exchange Ltd. And it is this Irish company, registered at its lawyer's office at 70 Sir John Rogerson's Quay in Dublin without a trading exchange in sight and only a company secretary to be found there, that earns the commissions.

The synonymous British company is reimbursed for its costs of running the exchange while the profits that accumulate in Dublin are then returned to its ultimate parent company Climate Exchange plc in the Isle of Man in the form of tax-free interest payments on the substantial loans from Douglas that fund the operation.

This kind of tax planning requires plenty of carbon-intensive jetting off to board meetings in whichever countries the directors want their companies to be tax resident As a Climate Exchange plc spokesman told the Eye: "They're always travelling." This might not do much for the planet but it'll be good for business when airlines are forced into the trading scheme from 2012.

 

 

Richard Sandor - Heroes of the Environment
QUOTE
I first met Richard Sandor around 10 years ago when discussions about creating a global carbon market began. He's been enormously important to the development of the emissions-trading industry since its beginnings. As chief economist for the Chicago Board of Trade in the 1970s, he had helped develop the financial futures market, and in the late 1980s and early 1990s he all but invented cap-and-trade programs for sulfur dioxide (SO2) emissions, the pollutant that causes acid rain. The methodology was simple: the government puts a cap on SO2 and then the market takes over, with companies that can economically reduce SO2 on their own allowed to sell emissions rights to those that can't. Doing the same thing with greenhouse emissions was the logical next step, and from the 1992 Earth Summit on, Sandor was at the forefront of those efforts, launching the Chicago and the European Climate Exchanges, where companies could meet to trade carbon.

Sandor is an innovator and a great booster of new markets, and he had the vision to create something out of nothing. He doesn't just work at the level of theory, but encourages others to get involved. And he's always been phenomenal at making money. He realized that if we built enthusiasm in a market for actually valuing the reduction of carbon emissions — and the global carbon market is already worth more than $30 billion — we'd have a chance of solving this problem, and solving it profitably. If we achieve that goal, Sandor will be remembered for decades to come as a genuine pioneer — a man who harnessed the power of financial incentives as a force for change.

James Cameron is vice chairman of Climate Change Capital and chairman of the Carbon Disclosure Project
UNQUOTE
When you have major magazines giving you free publicity you must be on to something. Using the same synagogue as the proprietor helps with this one.

 

Richard L. Sandor, Ph.D., Dr. Sc.h.c.
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Richard L. Sandor is Chairman and founder of the Chicago Climate Exchange (CCX), the world’s first and North America’s only voluntary, legally binding greenhouse gas cap-and-trade system. Sandor is also Chairman of the Chicago Climate Futures Exchange (CCFE), the world’s leading futures exchange for environmental products, and is Executive Chairman of Climate Exchange plc (CLE.L), an AIM-listed company which owns CCX and CCFE as well as the European Climate Exchange, Europe’s leading exchange operating in the European Union Emissions Trading Scheme. Additional global affiliates include the Tianjin Climate Exchange in China, the Montreal Climate Exchange in Canada and Envex in Australia.

Sandor is a research professor at the Kellogg Graduate School of Management at Northwestern University where he teaches a course on environmental finance. He is a Member of the International Advisory Council of Guanghua School of Management at Peking University and a member of the TERI School of Management Advisory Committee in India. Sandor previously taught at the University of California Berkeley, Stanford University, and Columbia University Graduate School of Business.

While on sabbatical from Berkeley in the early 1970s he served as vice president and chief economist of the Chicago Board of Trade (CBOT). It was at that time that he earned the reputation as the principal architect of the interest-rate futures market. Sandor was honored by the City of Chicago in 1992 for his contribution to the creation of financial futures and his recognition as the "father of financial futures.”

Sandor has served on numerous committees and boards. He assisted the New York Mercantile Exchange on the design of the options contract for crude oil. In 1992 Sandor was an expert advisor to the United Nations Conference on Trade and Development on tradable entitlements for the reduction of greenhouse gas emissions.

From 1991 to 1994, Sandor was Chairman of the CBOT Clean Air Committee. That committee developed the first spot and futures markets for sulfur dioxide emission allowances and supervised the annual allowance auctions conducted on behalf of the U.S. Environmental Protection Agency. He also served as Vice Chairman of the CBOT Insurance Committee and was the originator and co-author of the catastrophe and crop insurance futures and options contracts.

Prior to the creation of the Chicago Climate Exchange, Sandor was a senior financial markets executive with Kidder Peabody, Banque Indosuez and Drexel Burham Lambert.  

Sandor is currently a director of American Electric Power. He is a member of the design committee of the Dow Jones Sustainability Index. 

Sandor received his Bachelor of Arts degree from the City University of New York, Brooklyn College, and earned his Ph.D. in Economics from the University of Minnesota in 1967. 

Sandor is involved in numerous civic and charitable activities. He is a member of the Board of Governors of The School of the Art Institute of Chicago and is a Major Benefactor of the Art Institute of Chicago. He is also currently a member of the Board of Trustees of the International Center of Photography, New York. 

Recent Awards and Recognitions:

November 2009 – Sandor named 2009 Environmental Leader by the Chicago Academy of Sciences and the Peggy Notebaert Nature Museum.

November 2009 – Sandor inducted into the Ernst & Young Entrepreneur of the Year Hall of Fame.

October 2008 – Sandor recipient of the Financial Management Association's Outstanding Financial Executive Award.

October 2007 – Sandor honored as one of Time Magazine’s Heroes of the Environment for his work as the “Father of Carbon of Trading.” 

May 2005 – Sandor named one of the 100 Most Influential People in Finance by Treasury and Risk Management magazine.

November 2004 – Sandor recipient of an honorary degree of Doctor of Science, honoris causa, by the Swiss Federal Institute of Technology (ETH) of Zurich, Switzerland for his pioneer work in the design and implementation of innovative and flexible market-based mechanisms to address environmental concerns. 

August 2002 – Sandor chosen by Time magazine as one of its Heroes for the Planet for his work as the founder of the Chicago Climate Exchange.

February 2001 – Sandor honored by Global Association of Risk Professionals (GARP) Life Time Achievement Award. 
UNQUOTE
Sandor has a lot of mouth. He also puts himself about big time. This potted biography skates over the cock ups.

 

Richard Sandor: “Junk bonds to carbon cop-out” | REDD-Monitor
QUOTE
In the 1970s, Richard Sandor was one of the originators of interest rate derivatives. In the 1980s, he made a fortune at Drexel Burnham Lambert, where he developed “collateral mortgage obligations”. In the 1980s and 1990s he helped develop pollution trading. And as founder of the Chicago Climate Exchange, he’s been described as the “father of carbon trading”.

In 2007, he was named as a hero of the environment by Time magazine. “Sandor is an innovator and a great booster of new markets, and he had the vision to create something out of nothing,” writes James Cameron in Time. Creating something (money) out of nothing (carbon offsets) is a good description of the carbon market. “And he’s always been phenomenal at making money,” Cameron writes. Last year, Sandor earned US$1 million.

Since 2000, Sandor has been a director of American Electric Power, the biggest coal burner in the USA. AEP has teamed up with The Nature Conservancy for two controversial REDD-type projects: the Noel Kempff project in Bolivia and the Guaraqueçaba project in Brazil. And where does AEP plan to sell its carbon credits from the Noel Kempff project? The Chicago Climate Exchange. Cozy.

In February 2009, in a discussion on Al Jazeera, Sandor explained that “The mess in the financial markets is related to opaqueness, which doesn’t exist on exchanges.” But an article in the current issue of Private Eye reveals that Sandor’s operations in the climate business seem to be pretty murky.

Of course, this isn’t only about Sandor. As Larry Lohmann, of the UK-based organization The Corner House, points out, “There are close parallels between the rampant financial innovations behind the current financial crisis and the innovations feeding carbon trading.” A Corner House Briefing, from September 2009, “When Markets are Poison: Learning about Climate Policy from the Financial Crisis” is available here (pdf file, 568 KB).

Here’s the Al Jazeera debate, where Patrick Bond, Director of the Centre for Civil Society, University of KwaZulu-Natal, corrects some of Sandor’s myths, followed by the article in Private Eye. “I think in fact that many of these emissions markets are full of chancers”, Bond notes on Al Jazeera.
UNQUOTE
This uses Private Eye 1258/29 as source. The Eye is very good at using public records to make connections.

 

Who is Behind the Climate Change and Carbon Trading Scams?
QUOTE
Who is Behind the Climate Change and Carbon Trading Scams?
Todd D. Stern (Jew)
http://www.whorunsgov.com/Profiles/Todd_D._Stern

Notice the sneer - a chancer getting away with it.

 

Richard L. Sandor (Jew)
http://www.chicagoclimatex.com/content.jsf?id=122

 

Nicholas H. Stern (Jew)
http://en.wikipedia.org/wiki/Nichola...n_of_Brentford

A surly looking rogue.

 

Ignacy Sachs (Jew)
http://en.wikipedia.org/wiki/Ignacy_Sachs

A scruffy rogue without a tie.

 

Stephen H. Schneider (Jew)
http://en.wikipedia.org/wiki/Stephen_Schneider - see AIPAC - Learn About AIPAC and Changing Europe

Another scruffy one.

 

Michael E. Mann (Jew) - unconfirmed
http://en.wikipedia.org/wiki/Michael_E._Mann - under investigation - ClimateGate's Michael Mann To Be Investigated By Penn State

More on Mann at Mann. An arrogant con man by the look of him. Mann invented Mike’s Nature trick to defraud us and defraud other alleged scientists. Mann's Emails Are Wanted As Evidence that show that he is a shit on the make. But then the man is almost certainly a Jew. QED.

 

Joseph J. Romm (Jew)
http://en.wikipedia.org/wiki/Joseph_J._Romm

Would you buy a used car from him?

 

Benjamin D. Santer (Jew) - see SCIENTIST AT WORK - Benjamin D. Santer - At Hot Center of Debate ...
http://en.wikipedia.org/wiki/Benjamin_D._Santer

At least he is a bit smarter, not that I would not be seen in clothes like that.