Goldman Sachs to cash in on environmental hoax Cap & Trade--Rolling Stone

(Taibbi, Rolling Stone): "Gone are Hank Paulson and Neel Kashkari; in their place are Treasury chief of staff Mark Patterson and CFTC chief Gary Gensler, both former Goldmanites. (Gensler was the firm's co-head of finance.)

• And instead of credit derivatives or oil futures or mortgage-backed CDOs, the new game in town,

the next bubble, is in carbon credits — a booming trillion- dollar market that barely even exists yet,

• but will if the Democratic Party that it (Goldman Sachs) gave $4,452,585 to in the last election manages to push into existence a groundbreaking new commodities bubble,

• disguised as an "environmental plan," called
• cap-and-trade.

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."

from Rolling Stone article by Matt Taibbi, "The Great American Bubble Machine: How Goldman Sachs has Engineered Every Major Market Manipulation Since the Great Depression" 7/02/09

• Reference, "Goldman Sachs Buys into Carbon Offsets," 11/12/08 NY Times Green, Inc. Blogs

• "Street Cred: Goldman Sachs Buys into Carbon Credit Developer," 10/27/08, WSJ Blogs

November, 2006, BNet: "NEW YORK - Market-based incentives to cap carbon emissions have created a budding commodities market that recently has caught the attention of U.S. investment banks and brokerage firms.

• In September, Goldman Sachs & Co. Inc. of New York paid $23 million for a 10% share in the London-based
• Climate Exchange PLC, parent of Chicago Climate Exchange and of European Climate Exchange in Amsterdam.

On Oct. 26, New York-based Morgan Stanley said it would invest in about $3 billion of carbon credits and emissions reduction projects over the next five ..." "Street Takes Notice of Carbon Credit Trading; Goldman, Morgan Stanley Invest in Exchanges, Emission Reduction." byline Riva Froymovich

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