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Special Report
John Kerry’s Big Business Buyoff
Cashing in on cap-and-trade the Kerry way — shamelessly.
When Senator John Kerry lent his name to a climate bill last fall, he probably didn’t expect it to sink so fast. Opponents successfully branded “cap-and-trade” as a “cap-and-tax,” and Kerry’s co-sponsor, Barbara Boxer, proved singularly inept at pushing the bill though the Environment and Public Works Committee that she chairs. The bill never even made it to a full Senate vote.
So Kerry retrenched. He dropped Boxer as a partner, remessaged cap-and-trade as an economic opportunity, and went looking for bipartisan — or at least less doctrinaire — cover. You’ll find no arguments from us about the wisdom of dropping Barbara Boxer, but the rebranding effort is fraudulent. Kerry recently unveiled another climate bill, the American Power Act, and the doublespeak this time is truly impressive. Instead of a “cap-and-trade,” the bill has a “global warming pollution reduction scheme”; out with the “gas tax,” in with a “linked fee” for transportation fuels. Yet the words don’t obscure the plain fact that the act would raise the price of energy.
To help sell the act, Kerry has lined up several industrial strength energy suppliers and users. Their support forms the basis of Kerry’s claim that the American Power Act is good for the economy. But why do big businesses support a bill that will increase the costs of doing business in this country? Kerry and his new Barbara Boxer, Senator Joseph Lieberman, would have you believe that these companies are motivated by the need for “regulatory certainty.” The truth is simpler and cruder than that. These businesses stand to make a killing if the bill passes. Consider:
* General Electric helped write portions of the bill to tilt the market in its favor. If Congress puts a price on carbon, coal will lose market share to nuclear power and natural gas. GE is a global leader in these two industries. This is par for the course for GE. In 2007, it spent millions lobbying for an energy bill that bans incandescent light bulbs. The company just happens to be a world leader in the production of compact fluorescent bulbs.
* Goldman Sachs, Morgan Stanley, and other Wall Street firms long have lobbied for climate legislation because they would reap huge fees in brokering the trade of energy-rationing coupons (a.k.a. carbon credits) under a cap-and-trade scheme. By 2020, the global carbon market could be worth $3 trillion, according to London-based New Energy Finance.
* Exelon, America’s most valuable utility, is such a staunch supporter of climate legislation that it split from the U.S. Chamber of Commerce over the Chamber’s opposition to cap-and-trade. Exelon relies on nuclear power, and the American Power Act fulfills every aspect of the nuclear industry’s wish-list. The Huffington Post unearthed an internal Exelon memo estimating that climate legislation would add $700 to $750 million to the company’s annual revenues for every $10 per metric ton increase in the price of CO2 allowances.
* British Petroleum and Conoco Phillips opposed cap-and-trade legislation enacted by the House of Representatives because they thought it was insufficiently generous. In the Senate, they got a better deal. Senator Kerry said that he’s “been working very closely” with BP and C-P, and the lobbying has paid dividends. The refining industry receives twice as many free carbon credits under Kerry’s cap-and-trade scheme as the one established by the House. C-P CEO Jim Mulva even bragged in a statement that his company “is pleased with the attention that has been given our key issues.”
* Chemical manufacturer Dupont, for business reasons, phased out the use of HFC-23, a chemical gas that happens to be thousands of times more potent a greenhouse gas than carbon dioxide. The American Power Act allocates 1 percent of the carbon credits from 2013-2015 to companies that performed “early action” policies to mitigate climate change. The company could reap hundreds of millions of dollars, just for doing business as usual.
This is just a sampling of a larger group of businesses whose woolly rhetoric is designed to mask their own-self interest — at the expense of the American economy as a whole. Big business spokesmen for cap-and-trade claim they are trying to save the planet and achieve regulatory certainty. But the only certainty they’re after is guaranteed profits. It’s comforting, in a way, to know that their eyes are always firmly fixed on the bottom line.
About the Author
Jeremy Lott is editor of RealClearPolicy.com, RealClearBooks.com and RealClearReligion.org and associate editor of RealClearScience.com.
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Blackknights 1802| 6.3.10 @ 8:43AM
John Kerry is a conniver. He connived his way out of Vietnam and connived his way into the US Senate. And now he is conniving how to take more money from the people and give it to his friends. In my humble opinion.
Bill Hussein O'Stalin| 6.3.10 @ 8:55AM
There is a group of con artists and thieves in the U.S. Congress who stand to make millions themselves off of this political folly.
The U.S. Congress has slumped into the habits and desires of many other corrupt organizations, resembling a thugocracy if nothing else.
What we need is an army of Mr. Smiths to go to Washington and start swinging sledge hammers at the federal bureaucracy.
As Washington grows in size, the stature of the common man continues to shrink as each citizen simply becomes a mule for the government.
Ned| 6.3.10 @ 12:39PM
Not to nitpick, Bill, but your first sentence might more properly read:
"The group of thieves and con artists who are the U.S. Congress stand to make millions..."
This being more "inclusive", don't you know...?
Bill Hussein O'Stalin| 6.3.10 @ 3:32PM
You should of continued to write. I love it.
Westporter| 6.3.10 @ 8:56AM
The sooner we elect another senator to replace this lowlife senator, MA will be better off financially.
Bill A | 6.3.10 @ 9:22AM
Unfortunately, we will have to wait for 2014 since Mr. Kerry was just re-elected in 2008. Hard to believe that he has been a Senator for 26 years.
JP| 6.3.10 @ 11:17AM
And after 2014 he will retire to one of his wife's estates in Gstaad, Tuscany, Nantucket, or Malibu. Like ALGORE, the Kerry's enjoy the good life.
Trippy Trip| 6.3.10 @ 1:23PM
well, yeah, but lacking a prostate gland, it ain't all that good.
Trippy Trip| 6.3.10 @ 1:24PM
ok ... I was cruel, I know ...
Morrisminor| 6.3.10 @ 1:34PM
I believe his name is Al Gore. Where did you learn your grammar & capitalization skills?
Uncle Joe stalin| 6.3.10 @ 7:22PM
Mr. Morris,
Mr. JP's usage is correct: ie Algore as in Igor where both of them are freaks.
Nick| 6.4.10 @ 12:27AM
Or, you can write his name as algore, like I do.
You can also call him Forrest Gore.
Run, Forrest, run!
Margie| 6.4.10 @ 12:30PM
Forrest Gore, ha! I can just picture him with the box of chocolates. Perfect.
Nick| 6.4.10 @ 2:17PM
Margie,
That would be a "lock-box" of chocolates!
Ha-ha!
JP| 6.3.10 @ 9:19AM
The question now begs itself: How quickly can Kerry rid himself of BP? This bill since the Gulf rig explosion is DOA. The "inside game", which the Dems discovered has its drawbacks. The Chitown method of publically railing against a Fortune 500 company, while quietly cutting deals with it are problematic on the world stage.
Kerry has got less than 2 months to seal the deal. And the President doesn't help much by using the Gulf oil spill to lobby for Cap and Tax. All-in-all not a good performance.
This bill was to cement Kerry's legacy as a Green activist. What he didn't realize was he was a decade late in coming to the party. ALGORE beat him to it.
owyheewine| 6.3.10 @ 9:34AM
Kerry and his wife, the beautiful and talented Theresa, both made their fortunes in bed. Now it looks like Lurch is trying to repeat his conquest with the rest of us.
Doctor Right| 6.3.10 @ 9:41AM
John Kerry is the living embodiment of Thurston Howell, III, the idiot millionaire brilliantly portrayed by the late Jim Bacchus in "Gilligan's Island".
This scum-bag has been living off of other men's wealth for his entire life (by marrying their daughters and widows), and other than defaming his fellow servicemen during the Vietnam War, has NEVER accomplished a thing other than to get elected in Massachusetts.
Kerry = pond scum.
Dagny Taggert| 6.3.10 @ 9:56AM
Easy there Doc; pond scum isn't that bad...
Dave| 6.3.10 @ 11:19AM
Backus, not Bacchus. Otherwise, great post.
Bob Miller| 6.3.10 @ 10:39AM
This is a really great bill, except for hundreds of millions of US citizens without special connections.
dareisay| 6.3.10 @ 11:02AM
I think we need a coup!
Jeremy Lott | 6.3.10 @ 11:29AM
I'd prefer soup.
Ned| 6.3.10 @ 12:41PM
make mine a coupe'
Willy| 6.3.10 @ 1:12PM
If not a coup, how about TERM LIMITS!
There was never a better time.
S Rubicon| 6.3.10 @ 11:42AM
Americans no longer trust their politicians. Why? Gee, ya think it has something to do with their incestuous relationships with the very businesses the politicians stand to make money from, personally? Maybe?
I am unsure about Lieberman's connections, but Kerry's & a number of others is patently obvious. Look at Al Gore. His people, the World Wildlife Fund (WWF) & other environmental groups, all worked with those who wrote the climate legislation. Because I promise you, Kerry did NOT write it. Its out of his capabilities.
Gore was worth about $3 million when he lost his presidential bid. Ten years later his net worth is over $100 million. Just what did he do to make that kind of money? Its not like he's a competent Wall Street investor. He is not.
He bought into the Cap & Trade commodities scheme underway in Europe & elsewhere. It has been a total failure at reducing Europe's carbon emissions. But, those who bought in made money since they collect their cut no matter what the results are. This is why he's invested in the Chicago commodities exchange operation in America. The money will flow in even if its a failure. Plus, they will have the force of law compelling businesses to deal with them, like it or not! What a deal. The law forces you to pay fees for something that will not work, but must still be paid for.
All of these guys are tied directly of indirectly into the profit scheme's of those they are supposed to be protecting us from.
Its like the porous southern border w/ Mexico. Over 85% of the illegal drugs in America come across that border. Yet the government either does nothing to secure it or pretends they are.
Doesn't it make you wonder whether some of these congressional types are making money off that drug activity either directly or indirectly? Why else would they permit this crime to be perpetrated on this nation?
Colkcs| 6.3.10 @ 12:50PM
Very well put. Will copy, if you don't mind, and forward to a number of my liberal friends just to p**s them off!
Thanks
Mary| 6.3.10 @ 11:59AM
John Kerry's photot is in the dictionary next to the word BUFFOON!
Dan| 6.3.10 @ 12:46PM
John Kerry's the reason I've switched over to Hunt's Ketchup.
Willy| 6.3.10 @ 1:16PM
Ain't it the truth!
I switched to Hunt's a long time ago. If you can take Kerry and Teresa, you can take anything.
Wally| 6.3.10 @ 1:52PM
John Kerry is a coward. Didn't this get debunked? Like 50 times? (I.e. 50 soldiers came throught to testify that Kerry was a hero and the Swiftboat campaign was LIES>)
But the real issue here is why is it so bad for businesses to make money off of cap and trade. Isn't this what the Spectator screams about - more growth! More money! More power to business, less to government!
Because that is precisely what cap and trade does. It loweres the need for regulation, fines, taxes and enforcement and RAISES the role of businesses by setting up a market mechanism - TRADING of pollution credits. What part about TRADING is so confusing that you guys call it "taxing?"
Nick| 6.3.10 @ 6:51PM
No, Wally, that was a drunken hallucination you are remembering.
John Kerry was no hero. Everytime he cut himself shaving, he put in for a Purple Heart. So he could get three and go home, which he eventually did. After four WHOLE months serving on Swiftboats.
When Kerry the Coward joined the Swiftboats, they weren't seeing much combat. Then, their mission changed and it became a very dangerous job. That's when he decided to get out as fast as he could.
Not to mention his lies about being in Cambodia.
What is a "throught", by the way?
RacerJim| 6.5.10 @ 12:06PM
Ditto what you said Nick.
Not to also mention that shortly after Senator Kerry, as Chairman of the Senate Committee on Vietnam Normalization, convinced said committee to drop its' demand that Vietnam account for all known U.S. MIAs & POWs as a precursor to normalization Vietnam signed a mega-$Million sealed bid contract with a MA based real-estate redevelopment company whose CEO at the time was Kerry's cousin.
weSwinger| 6.5.10 @ 3:13PM
No, Wally, trading is not being given something of value for free. Cap and Trade is a payoff scheme for well connected crony capitalists.
Northern Rebel| 6.3.10 @ 4:06PM
I guess Kerry has run out of ways to cash in on his Vietnam experiences.
Perhaps he can caution us on the dangers of rice.
If you fire weapons at bags of rice, you may get a piece imbedded in your skin, causing you to get a purple heart.
Be careful out there, boys.
spoonman| 6.3.10 @ 6:28PM
Of course we know that you meant imbedded in his asx not skin, cause he was running away from the fight, correct?
NJK| 6.3.10 @ 7:00PM
"Carbon Credits?" They have now designated themselves as owning the air. How soon will we be taxed on how many times we exhale a day? These are blatant criminals.
Marc Jeric| 6.3.10 @ 7:17PM
This 40-year old conspiracy keeps going, albeit under different names, all "calculated" by government-paid drones, rejects of private enterprice. It started with
1) Global cooling scam in the 1970's; it continued with
2) Global warming hoax in the 1990's; then the eco-nazis and commies came up with
3) Climate change flimflam in the 2000's; and now finally they are up with
4) Cap & trade or whatever other name they are coming up with in their program of communizing America.
B.O.| 6.4.10 @ 12:10AM
"Now let me be clear. Change has come to Amerika."
Bubba| 6.4.10 @ 12:12AM
"You must have the courage to change."
Bob Miller| 6.4.10 @ 1:45AM
I voted for this SOB when he ran for President, Just like I did for Gore.
Being a hard line Democrat.. I voted party.
Then I retired and starting doing research before I voted. Needless to say when Obama arrived on the scene. For the first time in 40 years I voted for a Republican.
Kerry, like all the Democrats currently in office.. are all about ME... not about the citizens of the United States.
This guy turns out to be a crook and on the take as well.
This slick willy move is right out of the OBAMA playbook.
I hope and pray that Kerry follows his Dual Citizen POTUS until the chain gang in Leavenworth.
Perhaps he can hold the ball that Obama will be dragging after Obama is IMPEACHED for High Crimes and Treason against the Constitution and the Citizens of the United States. Seeing as how the Messiah is not a NATURAL BORN CITIZEN of the United States. (Child born to parents BORN in the United States)
bruce| 6.4.10 @ 1:39PM
we in new england we call him live shot kerry because he always tries to get that horse face on the t.v. where he talks crap.i served in the 101st airborne during the 1968 tet and if he had to do what we did he would wet his pants and cry for mommy.he is a chicken shit.
Barbara Haring| 6.5.10 @ 4:41PM
At the moment I am sitting here in my study in Texas (near Houston) writing this while luxuriating in the coolness of my refrigerated air wondering what in the world I am going to do when it is 97 outside, the humidity is high and I can no longer afford air conditioning. My thermostat is already set at 80 during the day and 78 at night and I'm using ceiling and other fans to stimulate what cool air I can afford. Maybe I can get a job as housemaid for one of those eltists who are so enamored by this cap and trade/tax bill.
cain| 6.6.10 @ 3:26AM
Mr. Kerry I'm sorry to your still using hydrocarbons to produce your ketchup. Why don't your wife's production plants use solar? I'm going to look into how tomatoes cause cancer. I'm sure the global warming scientists would lend a hand for the right price to prove my point. Or maybe the FDA could rule out of thin air that
ketchup dripping from a hotdog bun while driving is a danger to our safety. How about dose of your medicine? With 10% unemployment I'm quite sure I could hire a few scientists you've thrown under the buss.
dkk| 7.1.10 @ 4:37AM
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