Lions and Gazelles
Remove BP From Oil Spill Efforts

Summary of Cap-and-Trade Legislation

Goldman Sachs has actively lobbied for cap-and-trade:

Banks like JPMorgan Chase, Morgan Stanley, and Goldman Sachs already have active carbon trading desks that deal in instruments connected to Europe's cap-and-trade system and voluntary markets here. But business will explode if a cap-and-trade system becomes law. So it's no surprise that the financial industry has taken an intense interest in the fine print of the Waxman-Markey bill. According to data compiled by the Center for Public Integrity, the financial services industry has 130 lobbyists working on climate issues, compared to almost none in 2003. They represent companies like Goldman Sachs, JPMorgan Chase, and AIG (before it was shamed into temporarily halting its lobbying activities last fall). 

BP - yes, British Petroleum - also supports cap-and-trade legislation.  

“BP supports an economy-wide price for carbon based on fair and equitable application across all sectors and believes that market based solutions, like a cap and trade or linked-fee, are the best solutions to manage GHG emissions.” (Committee on Energy and Commerce, Subcommittee on Energy and Environment, U.S. House Of Representatives, Hearing, 6/15/10).

There is nothing else left to said about cap-and-trade, and there is no reason to follow the debate or legislation.  Or is something that will make Goldman Sachs hundreds-of-billions also going to be good for the country?  Like the bubble?  Like the housing bubble?  Right...This time is different.