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CommentsCould Cap and Trade Cause Another Market Meltdown?Posted by Marc Morano on Jun 10, 2009 at 08:13 PM
The same Wall Street players that upended the economy are clamoring to open up a massive market to swap, chop, and bundle carbon derivatives Excerpt: Are carbon default swaps and subprime offsets next? […] Already, the industry has achieved its main objective: The Waxman-Markey bill would create a big, convoluted market for carbon derivatives. […]“Even in the presence of a tough regulatory system…that is working hard to get things right…lots of counterfeit carbon currency is making it into the system.” Michelle Chan, the investment program manager for Friends of the Earth, believes that if offset derivatives aren’t properly regulated, they could become “subprime carbon”—futures contracts that promise emissions reductions but fail to deliver and then collapse in value. Already, she points out, some banks are bundling credits from multiple offset projects and splitting them into tranches to sell to investors. More...Post a Comment on: Could Cap and Trade Cause Another Market Meltdown?Commenting is not available in this channel entry. Next entries comments: How To Defeat The US Marines Without Ever Firing a Shot Previous entries comments: Is Obama Guilty of Treason? Note from the Editor: This section is for comments from readers of canadafreepress.com. Please don't assume that Canada Free Press agrees with or endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose his or her posting privilege. |
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