Feeds: Email, RSS & Twitter

Get Our Videos By Email


8,300 Unique Visitors In The Past Day


Powered by Squarespace


Search The Archive Of 15,000 Videos




Hank Paulson Is A Criminal - Pass It On

"The Federal Reserve Is A Ponzi Scheme"

Get Our Videos By Email


Bernanke's Replacement: Happy Hour In Santa Cruz

Must See: National Debt Road Trip

"Of Course We're Not Going To  Payback the Chinese."

Dave Chappelle On White Collar Crime

Carlin: Wall Street Owns Washington

SLIDESHOW - Genius Signs From Irish IMF Protest

SLIDESHOW - Airport Security Cartoons - TSA

Most Recent Comments
Cartoons & Photos
« MISES: Where Is The Inflation? Official CPI Is A Joke | Main | VIDEO: Obama Comments On Explosion In Gun Sales »

Four Years And $50 Billion Later, Obama Pushes More 'Green Jobs'

Four Years And Many Failures Later, Obama Pushes More 'Green Jobs'

When Obama pledged $150 billion over ten years, he said it would create 5 million green jobs — in fact, about 30,000 jobs have been created by the Department of Energy’s 4,000 or so green energy projects.

From the stimulus package, we got two big ticket items: One is the subsidy program which helped several now-bankrupt firms (Solyndra being just one of them) remain solvent for a bit longer than they would have otherwise, and which is still propping up others that will go bankrupt soon. We also got a $400 million green-jobs training program which, in the rare cases where it puts participants into new “green jobs,” puts them into jobs with an average annual salary of less than $26,000 per year.

Obama’s Green Team: He Really Meant It

"We need to make sure that we tackle climate change in these next four years and this president is going to do it,” Interior Secretary Ken Salazar, wearing his traditional ten-gallon hat and bolo tie, told the crowd Monday night.  “We are going to lift our game in the interlocking challenges of climate change and energy,” said John Holdren, who is Obama’s top science adviser.

“Energy and climate policy are going to be a top priority,” added Heather Zichal, the top White House energy and climate aide.

WATCH: Obama on Climate Change - Inauguration 2013

Obama sees a huge threat from climate change but no threat from a $17 trillion national debt.


John provides his weekly update on news in the green energy sector.

Fact Sheet: US China Commercial Relations

UPC Management Wind Power Agreements: UPC Management, LLC (UPC) is a Miami, Florida based wind power developer, having interests in 24 sites in 12 Chinese provinces. The company has negotiated a Strategic Framework Agreement (SFA) with the China Guo Dian Corporation (CGD), which develops, builds, operates, and distributes electricity and heat. Under the SFA, CGD and UPC will form ventures leading to the establishment of wind power generation joint ventures. The total value of the SFA investments could reach $1.5 billion, of which UPC will invest up to $735 million.

US Reaches $19 Billion Agreement Where China Will Buy 200 Boeing Planes

Rough Translation

President Hu Jintao and Barack Obama at the White House along with Chinese business representatives, including Lenovo Group, China Investment Co., Ltd., Universal Group, Haier Group and others.  U.S. representatives include Microsoft CEO Steve Ballmer, CEO of Goldman Sachs, Lloyd Blankfein, CEO Jeffrey Immelt General Electric, Boeing CEO Jim McNerney and other corporate executives.

Local 18, the second annual US-China Clean Energy Forum China-US companies, research institutions signed a number of clean energy cooperation agreement involving energy-efficient buildings, clean coal, electric vehicles, etc. areas, including the UPC Group, China Guodian cooperation with the United States. Under the agreement, the two sides will jointly develop, construct and operate seven wind power projects with a total investment of more than 100 billion yuan.

Guodian said the UPC and the United States in the field of wind power a wide range of strategic cooperation. Under the agreement, the two sides will jointly develop, build and operate over 1075 MW of total installed capacity of wind power projects of cooperation. UPC officially entered China in 2006, currently in China's 12 provinces, municipalities and autonomous regions, development and construction of 24 projects. As of the end of 2010, UPC in the territory of China's wind power installed capacity reached 150 MW.

Beijing Smog Rules Would Shut Factories When Pollution Rises

The stricter anti-smog efforts appeared a week after pollution levels in the city hit a level that was almost 40 times recommended World Health Organization limits. State-run media expressed skepticism that the new rules would have much effect, underscoring the challenges the government faces in tackling pollution.

Senators: Dodd-Frank Lawsuit Threatens Congressional Powers

A trio of senators say that business groups challenging new S.E.C. rules are taking dead aim at the power of Congress to make policy on energy and national security.  Sens. Ben Cardin (D-Md.), Carl Levin (D-Mich.) and ex-Sen. Dick Lugar (R-Ind.), in a court filing Thursday, defend SEC rules that will force oil, gas and mining companies to disclose payments to foreign governments.

[Which renewables companies, such as UPC/First Wind and GE, paid foreign governments?]

Soros Trumps Exxon in Battle Over Payments to Foreign Governments

The law forces SEC-listed oil, natural gas and mining companies to reveal payments to governments related to projects in their countries, such as money for production licenses, taxes, royalties and other aspects of energy and mineral projects.  It’s aimed at increasing transparency to help undo the “resource curse,” in which some impoverished countries in Africa and elsewhere are plagued by high levels of corruption and conflict alongside their energy and mineral wealth.

The SEC estimates that the rule will carry initial industry-wide compliance costs of up to $1 billion, with annual costs in the $200 million to $400 million range thereafter.

Richard Clarke Says LPG Project Too Risky For Searsport

A risk assessment study released this week by former White House counterterrorism adviser Richard A. Clarke recommends that the town of Searsport not proceed with a $40 million, 23 million gallon liquid propane gas terminal and storage tank project.  The Islesboro Islands Trust this summer commissioned the study from Clarke’s firm, Good Harbor Consulting. The island land conservation group has opposed industrial development on Searsport’s Sears Island and the Mack Point port facility, where Denver-based DCP Midstream has proposed building the energy project.

The controversial project has received permits from agencies including the Maine Dept. of Environmental Protection, the Coast Guard and the Army Corps of Engineers.

[Jim Mogg, who is chairman of First Wind/UPC was chariman of DCP until 2007.]

DOE Names New Bonneville Power Administration Chief

The Energy Department (DOE) has promoted the Bonneville Power Administration’s (BPA) second-in-command to lead the electric utility, BPA announced Wednesday. Bill Drummond will head the DOE-managed power marketer beginning next month. He replaces retiring Administrator Steve Wright, who helmed the organization since 2000.

BPA serves electric utility customers in the Pacific Northwest. It is one of four power marketing administrations overseen by DOE.

Bonneville Power Administration's Shepard's Flat Wind


BPA has been asked to interconnect up to 846 megawatts (MW) of electricity from the Shepherds Flat Wind Farm, a private energy facility, proposed in Gilliam and Morrow counties, Ore. The BPA interconnection facility would require constructing a new yard at an existing BPA substation in Gilliam County in 2008 and 2009. BPAdoes not propose to purchase any of the power produced by this wind project.

Caithness Shepherds Flat, LLC would develop the wind project on privately owned grazing and farming land near the town of Arlington. The wind project would be developed in phases, with the eventual installation of up to 303 3.0 MW turbines. Two transmission lines would be constructed between the wind project and the BPAinterconnection site.

The wind project must go through Oregon Energy Facilities Siting Council (EFSC) review in order to obtain a site certification. The developer, through the EFSC Site Certificate Application process, has conducted environmental studies for the proposed wind project and associated facilities and is in the final stages of Siting Council review.

Google Pumps $100 Million into Shepards Flat Wind

Google announced Monday on its company blog that the Web-tech giant will invest $100 million in the Shepherds Flat wind farm going up in Eastern Oregon.  The post, written by Google's Rick Needham, director of green business operations, said it will join investors General Electric, which is also the turbine manufacturer, Sumimoto Corporation of America and Tyr Energy. The firms also issued a press release with additional details.

In all, the new investors — Google, ITOCHU Corporation subsidiary Tyr Energy and Sumitomo Corporation subsidiarySumitomo Corporation of America — are putting in about $500 million. The full price tag of the project is pegged at $2 billion. The Shepherds Flat project, billed as what will be the country's largest wind farm, secured a $1.3 billion loan guarantee from the U.S. Department of Energy in December.

Future Unclear For Massive Ohio Solar Project

The future of what was to be the largest solar field east of the Rocky Mountains is uncertain after the Public Utilities Commission of Ohio rejected a plan to finance the Noble County project.  Last week, the commission voted 3-1 against American Electric Power's plan to recover a portion of its costs in the venture through a surcharge on ratepayers. In its decision, the commission said the company and its own staff failed to show the Turning Point Solar project would benefit ratepayers or was needed to allow AEP Ohio to meet state requirements for using alternative energy sources.

Wind Energy Industry Pushing For More Legislation

Wind energy advocates took over the Statehouse Wednesday to push their agenda. The annual Wind Energy Day is put together by the Iowa Wind Energy Association.  This session the Association is asking legislators to consider several new laws that would benefit the industry. One of those laws would give individual and corporate income tax credits to small scale residential, commercial and agricultural wind energy systems. Another would allow schools to use funds to repair wind turbines.

Lead US International Climate Negotiator Heads To DOE

A State Department official who helped lead international climate talks is moving to the Energy Department (DOE) to head that agency’s climate operations.  Jonathan Pershing will begin his new role as DOE deputy assistant secretary for climate change policy and technology on Tuesday.  Pershing will oversee domestic climate and clean-energy initiatives for that office.

At State Department, Pershing served as deputy special envoy for climate change under special envoy Todd Stern.  He helped lead the U.S. envoy in United Nations global warming talks for the past four years.  Pershing defended U.S. and Obama administration efforts to curb greenhouse gas emissions during a U.N. climate conference in November.

First Wind Trying To 'Enhance' 2 Failed Sites In Maine With GE Technology 

GE will install its WindCONTROL advanced software to help maximize energy output at two First Wind projects in Maine that feature a total of 95 GE wind turbines.  The GE technology will regulate curtailment by monitoring and controlling the wind turbines’ ramp rates, effectively easing power spikes and putting less strain on the turbine compared to constant starts and stops.

DLF To Sell Wind Business To Former Boss Of GE India

DLF Ltd. is looking to sell its wind energy business to an unlisted firm founded by the former General Electric India boss Tejpreet Singh Chopra for around $164.56 million (INR 900 crore). The divestment of wind energy business has already been finalized with Bharat Light and Power (BLP). However, there are some regulatory issues that need to be resolved before announcing the transaction. The firm is selling its windmills in Gujarat, Tamil Nadu, Karnataka and Rajasthan under a two-phased slump sale. (More at the Economic Times)

Interior Chief Salazar Finalizes Arizona Energy Plan

Interior Secretary Ken Salazar finalized a plan Friday that sets aside 192,100 acres of public land in Arizona for solar energy.  “This project is a key milestone in our work to spur smart development of solar and wind energy on public lands across the West.  Arizona has huge potential when it comes to building a clean energy economy, and this landscape-level plan lays a solid foundation for making sure that it happens in the right way and in the right places,” Salazar said in a statement.

The plan also established the 2,250-acre Agua Caliente Solar Energy Zone, which is part of an Obama administration initiative to fast-track solar projects in six Western states.  Salazar, who announced Wednesday that he would step down in March, has helped usher in an expansion of solar and wind energy on public lands.


Read Last Week's Green Energy Stories...


WATCH: Obama on Climate Change - Inauguration 2013

Obama sees a huge threat from climate change but no threat from a $17 trillion national debt.

"We will respond to the threat of climate change, knowing that the failure to do so would betray our children and future generations.  Some may still deny the overwhelming judgment of science, but none can avoid the devastating impact of raging fires, and crippling drought, and more powerful storms."


PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (19)

The problem here is the same as everything else, TRUST. If only instead of signing treaties with the UN / IPCC, under this global warming climate change false science green washing. (they ignore the SUN, and classified Geo Engineering, and HAARP technology, then want to call this SCIENCE) After all is said and done do regular citizens benefit from any of this? NO I say, look at millions of panels made for giant arrays which all power what? GOVERNMENT, MILITARY Even the local energy company seems to have more panels than regular people. Which makes me question how these greens can be so blind to real agenda behind "climate change" and is Agenda 21.

Manufacturing... I dunno why do we even have economists anymore?
Just LOOK at ebay the panel market is FLOODED with Chinese panels. I would love to BUY AMERICAN, um.... but not when they cost 2-4 X more than a Chinese panel, okay, but it doesn't stop there, It's not just panels. In the past 12 years, I've watched as electronics place after place dried up and disappeared, I now have trouble finding common low end parts, with the solutions increasingly coming from China. Let's say your just a small time dabbler looking for something to run a few lights or so during a blackout, or run all your routers, switches, computers and monitors. Okay, let's also say you already have your Panels, and you already bought wire (hidden cost), and batteries (hidden cost and I have a word about this too) , but so now you are looking for the Voltage Regulator and Control panel 30 amp... Sort by cost. China China China. So I hear the us cares about all this false science climate change garbage but yet when I go shopping, I DO not see American products. Are you telling me that Americans can't put $2.11 worth of silicone onto a fenalic board, make it waterproof, and call it a solar charge controller? Maybe they can't while the banksters aren't in jail, since there's no certainty, no stability. Add in Obamacare and who wants employees, I DON'T!

But I have put my own array together over time. I have nice Chinese panels, and nice Chinese Charge Controller, nice Chinese wire, nice Chinese Inverter, oh and I forgot about those batteries......

Buying Batteries is a BLACK ART. Especially LOCALLY. Especially if you want model numbers and products that aren't usually seen very often in any stores. SO what I am saying is there is a battery monopoly even though there are from what I can guesstimate probably 50 battery manufacturers, with probably 12 or so I can name if I think hard, from doing electronics and alarm systems over the years. The problem is ya still have to go through the one local guy. You can't touch what you want, or SEE it. I probably haven't argued this properly... Oh well..

Another thing is the utter hypocrisy. With green news websites and so-called journalists who don't even own a SINGLE frigging panel! And yet they want to push Agenda 21 on us ALL, through it's "climate change proxy" Meanwhile spent fuel pool (stored above the reactor just like Japan), and flooded pumps (Forget the backup power if your PUMPS ARE RUINED!) risk from disaster seems to edge closer while they claim they need to close dirty coal plants. I rather have dirty coal, than a fukushima event at San Onofree, or many of the OTHER reactors that had trouble like hanford, and OTHERS... I Can't even quantify how many UNUSUAL EVENTS perhaps they have named the classification wrong, as it should be now clear these are USUAL EVENTS, not UNUSUAL. There's leaks, but the leaks are always "Safe" . The war on Terror said they were worried about dirty bombs, yet all this remains... And they won't call a leak a leak. The war on Terror is FALSE.

Enough is enough.

If you want to live off grid (no god damned smart meter broadcasting three microwave frequencies in your face the rest of your life) , or you want to lower your bill, then start trying to build a generator for that purpose.

Me I want to see more people using solar panels to change water into hydrogen, ultimately I'd like to see hydrogen being created on the fly in the car. But even right now you could use solar to fill balloons with hydrogen. And people on the GROUND not moving can generate enough ON THE FLY to cook, or heat with. Yet I don't see any hydrogen heaters for homes out there yet.

What America has become is a bunch of sheep being led to their ruin by oath breaking officials and their fascist foreign bankster pals. The two party system is beyond useless, they have become the CEO's of fascism. And those progressives don't seem to want to read what Agenda 21 Actually says. While it's true Evil people tend to kill people, however Stupid people tend to get EVERYONE killed.

Wake up.
Stop calling it going green. Tune out these false science lies. And send the LOGAN act to deal with these filthy oath breakers.

Instead, Support the Real Science, like at PESN (sorry you look it up)
Call it Going off grid
Call it saving money.
Call it a science experiment
Call it prepping.

Oh yes, and there's other energy sources beyond SOLAR, GeoThermal, wind, it's just SHEEPLE Don't do SCIENCE anymore, they listen to ABC, BBC, CBS, FOX, PBS, NBC who does ALL of the thinking for them.

Try to have a nice day.
Jan 23, 2013 at 1:31 AM | Unregistered CommenterTail-Gunner
Obama's Green Jobs Promise: 355 Jobs and Counting



In Thursday night’s Vice Presidential debate, the Administration’s green agenda was, once again, part of the verbal sparring. The exchange ended with Congressman Ryan’s unanswered question: “Where are the 5 million green jobs…?” Moderator Martha Raddatz cut him off mid-question, steering the conversation elsewhere: “I want to move on here to Medicare and entitlements. I think we've gone over this quite enough.”

Ryan didn’t finish his question. Vice President Biden wasn’t pressed into an uncomfortable answer that would have wiped the smile off his face.
Jan 23, 2013 at 6:53 AM | Unregistered Commenterjohn
Great post, John! Good riddance to Energy Secretary Chu and to DOI Secretary Salazar. The DOI Secretary despicably wore a black cowboy hat to formal government to government consultation with federally recognized Tribes. Salazar comes from a long line of Conquistadors, evidence Cape Wind proposed for Tribal Cultural Property. The Tribes have been stewards of Nantucket Sound for 10,000 years. Yet, their stewardship is now threatened by Limited Liability Corporations that have never built a wind turbine on land.

And, what are some examples of green jobs per our Congress?

any school bus driver,
employees at a bicycle shop,
worker for an antique dealer,
Salvation Army Store workers,
workers in a consignment shop,
used record shop worker
oil lobbyist advocating for environmental issues

'New Mass. green jobs numbers questioned'.


As for Shepherds Flat wind project....radar interference was a problem until...

Pentagon objections hold up Oregon wind farm

By Juliet Eilperin
Washington Post Staff Writer
Thursday, April 15, 2010; 9:09 PM


Pentagon officials moved to deny the developer its final Federal Aviation Administration permit.

We're extremely disappointed that the concerns raised by the Air Force at the 25th hour threatens to crater literally billions of dollars of renewable energy in the United States and tens of thousands of jobs in renewable energy," Ain said.
Several proponents of the project -- including Wyden and Sen. Jeff Merkley (D-Ore.), as well as Caithness and GE officials -- have lobbied the White House on the matter. Wyden has indicated that he will put a hold on the nomination of Sharon Burke, who is in line to direct the Defense Department's Operational Energy Plans and Programs, until the two sides can reach agreement.

Pentagon officials have met with aides to White House Chief of Staff Rahm Emanuel, National Economic Council Director Lawrence H. Summers and White House energy and climate change adviser Carol Browner in an effort to resolve the impasse. Merkley was awaiting a call from Emanuel on Thursday afternoon and said if he didn't receive it that day, "he'll hear back from me."


So, public safety threatened by radar interference--Doppler, navigational and air traffic radars, takes a back seat to the green agenda of the Obama Administration. Not one among those pitching and moving Shepherds Flat wind project in Oregon forward has the credentials to address the safety of air travelers.

As an active participant in the Cape Wind US Coast Guard Radar Workshop, my opinion is that politics trumped public safety. This opinion is shared by stakeholders, navigational and air traffic experts, and has been identified, repeatedly, to the Department of Interior--


Keep up the great work, John. No. I don't believe we should be funding LLC partners of the federal government "UPC" construction of wind projects in China!



Jan 23, 2013 at 7:55 AM | Unregistered CommenterBarbara Durkin
Great post John,

They are all worrying about climate change while we are experiencing record lows in many places around the world. Climate change "science", green jobs, carbon credits, and government subsidies are all designed to fleece the masses.

Tail gunner,

My independent study is zeroing in on wood gas.
Jan 23, 2013 at 12:05 PM | Unregistered CommenterS. Gompers
For the record, DB wrote the main article which kicked ass and added my links, of which it took him a bit of time correcting some problems with my HTML issues. I had a near severe medical issue crop up but am on the mend. Thanks agin Steve and all.
Jan 23, 2013 at 12:16 PM | Unregistered Commenterjohn
Adding to the post I reference Biden, a democrat from Delaware, in my 6:53 post...


Certain Maine interests are also pushing offshore wind in a PR blitz that will enrich Sen. Angus King and cronies even more...

Jan 23, 2013 at 12:21 PM | Unregistered Commenterjohn
Huge update coming up at 4:45pm E.T.
Jan 23, 2013 at 2:28 PM | Unregistered CommenterJohn
I live in a state that is run by a cabal. Jeez us phucking key riced. These miserable pieces of shit. This man has the audacity to call himself an Irishman. Dickhead.
Jan 23, 2013 at 2:42 PM | Unregistered CommenterSKINFLINT
There will be more later...

Sting operations reveal Mafia involvement in renewable energy
By _Anthony Faiola, Published: January 22_


PALERMO, Italy — Inside a midnight-blue BMW, a Sicilian entrepreneur
delivered his pitch to the accused mafia boss. A new business was blowing into
Italy that could spin wind and sunlight into gold, ensuring the future of the
Earth as well as the Cosa Nostra: renewable energy.
“Uncle Vincenzo,” implored the businessman, Angelo Salvatore, using a term
of affection for the alleged head of Sicily’s Gimbellina crime family,
79-year-old Vincenzo Funari. According to a transcript of their wiretapped
conversation, Salvatore continued, “for the love of our sons, renewable energy
is important. . . . it’s a business we can live on.”
And for quite awhile, Italian prosecutors say, they did. In an unfolding
plot that is part “The Sopranos,” part “An Inconvenient Truth,” authorities
swept across Sicily last month in the latest wave of sting operations
revealing years of deep infiltration into the renewable energy sector by Italy’
s rapidly modernizing crime families.
The still-emerging links of the mafia to the once-booming wind and solar
sector here are raising fresh questions about the use of government subsidies
to fuel a shift toward cleaner energies, with critics claiming _huge state
incentives _


created excessive
profits for companies and a market bubble ripe for fraud. China-based Suntech,
the world’s largest solar panel maker, last month said it would need to
restate more than two years of financial results because of allegedly fake
capital put up to finance new plants in Italy. The discoveries here also follow
so-called “eco-corruption” cases in Spain, where a number of companies
stand accused of illegally tapping state aid.
Because it receives more sun and wind than any other part of _Italy_ () ,
Sicily became one of Europe’s most obvious hotbeds for renewable energies
over the past decade. As the Italian government began offering billions of
euros annually in subsidies for wind and solar development, the potential
profitability of such projects also soared — a fact that did not go unnoticed
by Sicily’s infamous crime families.
Roughly a third of the island’s 30 wind farms — along with several solar
power plants — have been seized by authorities. Officials have frozen more
than $2 billion in assets and arrested a dozen alleged crime bosses; corrupt
local councilors and mafia-linked entrepreneurs. Italian prosecutors are
now investigating suspected mafia involvement in renewable energy projects
from Sardinia to Apulia.
“The Cosa Nostra is adapting, acquiring more advanced knowledge in new
areas like renewable energy that have become more profitable because of
government subsidies,” said Teresa Maria Principato, the deputy prosecutor in
charge of Palermo’s Anti-Mafia Squad, whose headquarters here are emblazoned
with the images of assassinated judges. “It is casting a shadow over our
renewables industry.”
Revelations of malfeasance in one of Italy’s most promising new sectors is
underscoring a recent push by one of the world’s largest criminal
organizations into a host of legitimate businesses, from chain supermarkets to
shopping malls. But perhaps most importantly, the mafia taint on an industry
seen as a rare engine for new jobs in a country still-mired in the region’s debt crisis_


is foreshadowing a massive challenge ahead for Europe.
To ensure the future of the 17-nation euro zone, economists argue that the
lagging south must begin to rapidly modernize, mirroring the economic
successes of northern neighbors like Germany. Yet the single biggest barrier may
be overcoming the investment-inhibiting, market-distorting power of
Jan 23, 2013 at 4:46 PM | Unregistered Commenterjohn
EU carbon sinks to new depths on market fix fears



LONDON, Jan 23 (Reuters Point Carbon) – EU carbon allowances fell by as much as 16 percent to fresh record lows on Wednesday amid fading optimism that the EU Commission will be able to push though its plans to fix the ailing carbon market and bearish analyst comments, traders said.
Jan 23, 2013 at 5:31 PM | Unregistered Commenterjohn
Bank Of Italy Throws The Book At Monte Paschi For "Hiding Derviative Documents"



As we reported previously, the stock of the oldest bank in the world, Italy's venerable Banca Monte Dei Paschi of Siena, was halted in early trade after plunging on news that the bank had engaged in not only the previously reported secret derivative transaction with Deustche Bank to hide losses before a prior government bailout, but yet another derivative transaction, this time with Nomura, signed three years ago and whose intention, ironically, was to reduce 2012 earnings by some €220 million.What the ultimate purpose of these deals was is still unclear and will likely become apparent eventually, however it will likely require the former Chairman of the bank, Giuseppe Mussari, who served as Chair from 2006 until April 2012, and who officially quit his post as Italy's top banking lobbyist after today's revelations, to testify. One person whom he may testify against is none other than current ECB head Mario Draghi, who just happened to be the head of the Bank of Italy from 2006 to 2011, or the entire period when Monte Paschi was engaging in what increasingly appears to have been fraudulent activity.But don't worry: just like in the US, nobody of signfiicance is about to go down for this "glitch" which is about to be blamed on some poor mid-level shmuck, and which nobody in the senior level management had any idea about, and certainly not the person who ultimately would have had to give the green light: the current head of the ECB.

----Flashback ref: Deutsche Bank.-----

Deutsche Bank offices raided in carbon tax fraud probe
Jan 23, 2013 at 6:19 PM | Unregistered Commenterjohn
How Green Was My Bankruptcy? U. S. Army Edition.



Great News! Siemens will generate an 18% return on a project that will have a negative return on investment (-9%)… All at the taxpayers’ expense!
Jan 24, 2013 at 7:12 AM | Unregistered Commenterjohn
Jan 24, 2013 at 3:46 PM | Registered CommenterDailyBail
Jan 24, 2013 at 3:47 PM | Registered CommenterDailyBail
While following the China/UPC connection this cropped up in the morning...

Red flags revealed in filings of firm linked to Caterpillar fraud



A Chinese mining equipment company at the centre of an alleged accounting fraud was also involved in a web of insider loans and asset transfers prior to its purchase by Caterpillar Inc., public filings show.

The transactions, while not illegal, should have sounded warnings about the company's finances when the U.S. firm came calling last year, corporate governance experts said.
Jan 24, 2013 at 5:04 PM | Unregistered Commenterjohn
Eu Carbon price loses 40% of its value in one day



LONDON, Jan 24 (Reuters Point Carbon) – European carbon prices went into freefall on Thursday, dropping 40 percent at one point to a record low 2.81 euros, after members of the EU Parliament’s industry committee voted against a plan to rescue the ailing market. http://www.pointcarbon.com/news/reutersnews/1.2151825

Note: There was a brief rebound at close but further decline is expected tomorrow.
Jan 24, 2013 at 5:49 PM | Unregistered Commenterjohn
Here is a comment that was made elsewhere with respect to the Carbon price issues in Europe...

Between 2005 and 2010 the market in carbon allowances in the EU increased from a turnover of €6 billion to €90 billion.

The commencement of carbon trading in the EU caused large fluctuations in the price of carbon allowances. This resulted in the use of derivatives to protect buyers against what they feared would be steep rises in the price of carbon allowances.

In fact most transactions in carbon dioxide emission allowances in the EU are in the form of derivatives which mainly take the form of Futures and Options.

An Option is the ‘right’ to buy or sell a specific amount of allowances, at a fixed price, on a future date. A Future is an ‘obligation’ to buy or sell a specific number of allowances, at a fixed price, on a future date.

The difference is simply that an Option is merely a ‘right’ whilst a Future is an ‘obligation’. Another form of trading of allowances is called ‘spot transactions’ which is for the immediate transfer of allowances to the buyer.

Derivatives are preferred to spot transactions because derivatives, unlike spot transactions, are subject to EU financial markets regulations. Nevertheless the markets have been open to considerable abuse, particularly fraud in spot transactions. Other types of abuse comprised insider dealing, market manipulation and money laundering.

“Market abuse arises in circumstances where investors have been unreasonably disadvantaged, directly or indirectly, by others who; have used information which is not publicly available (insider dealing); have distorted the price-setting mechanism of financial instruments; have disseminated false or misleading information.”

The EU, to combat such abuse proposed a Market Abuse Regulation and a Criminal Sanctions for Market Abuse Directive. In addition professional intermediaries are to be required to apply customer due diligence in accordance with the Anti-Money Laundering Directive.

“Internal Market and Services Commissioner Michel Barnier said: “Insider dealers and market manipulators will be liable for criminal sanctions throughout the European Union. Today’s agreement (07 Dec 2012) by Justice Ministers sends a strong signal that market abuse, including the manipulation of benchmarks, will not be tolerated.”

“The European Energy Exchange (EEX) recently hosted a Panel Discussion on “The European Carbon Market in 2012” for journalists in Brussels……….. In particular, the discussion considered the current state of the EU ETS, asking whether its effectiveness is at stake at current price levels, and whether this is a case for political intervention (e.g. for a “set-aside” of emission allowances).”

The market has decided on a price which politicians dislike, so they’re going to try and rig the market to raise the price. Some people might say this is also an abuse of the market. But then it was never a genuine market in the first place.
Jan 24, 2013 at 8:10 PM | Unregistered Commenterjohn
More on yesterdays carbon market...



The European Union's flagship climate policy, its emissions trading scheme (ETS), saw the price of carbon crash to a record low on Thursday after a vote in Brussels against a proposal to support the struggling market.

The price of a permit to emit a tonne of carbon dioxide fell 40% at one point to €2.81 today, far below its record high of €32, before recovering to more than €4 later in the day.

The ETS, aimed at reducing emissions from Europe's entire energy and industrial sectors, has been plagued by an oversupply of permits due in part to over-generous initial allocations following lobbying by industry...

...The ETS was launched in 2005 and prices crashed during the first trading period to near zero in 2007, because of the over-allocation of permits. But traders today dismiss that collapse, blaming it on early errors in the experimental phase of the market. The carbon price hit a peak of €32 in April 2006 and traded above €30 in 2008. Thursday's price is the lowest since the second trading period began.

Thursday's vote is non-binding and more decisive votes will take place in the environment committee in February and a European parliament plenary session in March. "There are good signs they will vote the right way," said Lady Worthington, who supports the postponement of permits but argues that many must be permanently removed. "I think there is a reasonably good chance of getting the backloading measure passed by March."

Hedegaard said: "Few would disagree that the ETS - a market-based cap and trade system - is the most cost-efficient tool in EU climate politics. If in doubt look at all the big economies now following the EU example by establishing similar ETS systems: Australia, Korea, California and China."

US carbon news rom this morning...

NEW YORK, Jan 24 (Reuters Point Carbon) – California carbon allowances (CCAs) for delivery in 2013 fell 2.4 percent to $13.95 /t Thursday as market sources predicted a lower clearing price for permits to be offered up at the next quarterly auction on Feb. 19.

Jan 25, 2013 at 6:56 AM | Unregistered Commenterjohn
I have written extensively about UPC and their affiliation with cronyism, fraud, organized crime etc. The recent NSA snafu might well implicated them in their broadband/communications business.

European firms 'could quit US internet providers over NSA scandal'


European commission vice-president says American cloud services providers could suffer loss of business


UPC Cloud Computing...

UPC Business to Expand Microsoft Cloud Services
Nov 10, 2010 - Press Release. 1. UPC Business to Expand Microsoft Cloud Services to Small and Medium-. Sized Businesses with Office 365. Amsterdam, the ...
Jul 5, 2013 at 12:24 PM | Unregistered Commenterjohn

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
All HTML will be escaped. Hyperlinks will be created for URLs automatically.