This is a discussion on Will Obama’s Goldman Sachs Attack Expose Al Gore? within the Politics forums, part of the US Discussion category; Given the Obama Administration's goal of passing Cap and Trade and its demonization of Wall Street - it's important to understand how Goldman Sachs is ...
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Will Obama’s Goldman Sachs Attack Expose Al Gore?
Given the Obama Administration's goal of passing Cap and Trade and its demonization of Wall Street - it's important to understand how Goldman Sachs is actually a big stakeholder in seeing it pass:
[i]Whether Wall Street colossus Goldman Sachs has committed a crime remains to be seen, but the investigation may well uncover the environmental lobby and its public figurehead. For nearly a decade, Goldman Sachs has been a quiet but major investor in cap and trade. And Goldman’s main investment partner has been Al Gore.
About a decade ago, Goldman executives recognized that personal fortunes could be made with the invention of a carbon trading system through the passage of a U.S. cap-and-trade bill. This area was well suited to Goldman Sachs, the architects behind the complex world of futures trading and exotic derivatives.
Goldman joined Al Gore in 2004 and capitalized his investment company, Generation Investment Management. Strangely for a man who was a heartbeat away from the presidency, Gore decided to register his company in London — not the United States.
In November 2004, Gore unveiled GIM. Standing at his side was David Blood, the CEO of Goldman Asset Management. Blood was to become his co-founder (the new company was quickly nicknamed “Blood & Gore”). It was established with the initial capital of $206 million, much of it from Blood clients at Goldman Sachs.
Gore also turned to Goldman Sachs guru (and later Bush Treasury Secretary) Henry Paulson to help him establish GIM. At the time, Paulson himself was an eco-warrior of sorts, serving as chairman of the board of the Nature Conservancy.
Today, seven of Gore’s GIM chief partners are from Goldman Sachs. The company is now valued at $2.2 billion.
Marc Morano, publisher of Climatedepot.com, agrees:
Goldman Sachs is helping to engineer the next great bubble. And we are talking about subprime science, subprime politics, and subprime economics. Goldman Sachs is at the forefront of the subprime economics of carbon trading.
Although cap and trade has temporarily faded in Washington, D.C., carbon trading still lives in the nation’s capital. Next week, Senators John Kerry (D-MA), Lindsey Graham (R-SC), and Joe Lieberman (I-CT) are expected to unveil a new cap-and-trade bill.
The idea of turning a free, colorless, and odorless gas into a product still attracts the money people. Myron Ebell, director of Freedom Action, says:
These Gore investments could potentially make him a billionaire. For a guy who started with just a small fortune he could end up with a very large one.
Pajamas Media Will Obama’s Goldman Sachs Attack Expose Al Gore? Or Other Dems?
"Nothing is more curious than the almost savage hostility that Humour excites in those who lack it." - George Saintsbury, A Last Vintage
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FIRE Sector Class War?
"If it's going to be a tax I would prefer Washington set the tax and collect it," says Michael Masters, the hedge fund director who spoke out against oil futures speculation. "But we're saying that Wall Street can set the tax, and Wall Street can collect the tax.
"That's the last thing in the world I want. It's just asinine."
It's hard for me to imagine two more partisan political hacks than Al Gore and Hank Paulson.
The fact that they are teaming up on this future bubble would seem to indicate a problem that can't be solved by voting for Republican or Democrat.
"The great economic fight of our time is being waged by the FIRE sector--Finance, Insurance and Real Estate--against the industrial economy and consumers. It's objective is to maximize property prices and the volume of debt relative to what labor and industry are able to earn."
Al Gore and Hank Paulson and Wall Street against American labor, industry, and every small business owner between Maine and Maui---should be a slam dunk....