A Climategate 2.0 / Goldman Sachs connection
While not exactly a blockbuster, I’m posting this diary to point out a connection between Goldman Sachs and some Climategate players. For those who don’t know, the same hacker who brought us Climategate has now brought us Climategate 2.0.. One of those emails, from which I will quote, shows that Goldman Sachs was looked upon as a potential ally:
We (Mike H) have done a modest amount of work on degree-days for G-S. They now want to extend this. They are involved in dealing in the developing energy futures market.
G-S is the sort of company that we might be looking for a ‘strategic alliance’ with. I suggest the four of us meet with ?? (forgotten his name) for an hour on the afternoon of Friday 12 June (best guess for Phil & Jean – he needs a date from us). Thanks.
Professor Trevor D. Davies
Climatic Research Unit
University of East Anglia
Norwich NR4 7TJ
Matt Taibbi went into Goldman Sachs’ financial interest in carbon trading (related to climate catastrophism) in The Great American Bubble Machine
The new carbon credit market is a virtual repeat of the commodities-market casino that’s been kind to Goldman, except it has one delicious new wrinkle: If the plan goes forward as expected, the rise in prices will be government-mandated. Goldman won’t even have to rig the game. It will be rigged in advance.
Here’s how it works: If the bill passes, there will be limits for coal plants, utilities, natural-gas distributors and numerous other industries on the amount of carbon emissions (a.k.a. greenhouse gases) they can produce per year. If the companies go over their allotment, they will be able to buy “allocations” or credits from other companies that have managed to produce fewer emissions. President Obama conservatively estimates that about $646 billion worth of carbon credits will be auctioned in the first seven years; one of his top economic aides speculates that the real number might be twice or even three times that amount.