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karlwmiller (< 20)

Obama's Renewable Energy and Climate Change Agenda

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August 20, 2010 – Comments (2)

Mr. Miller shares this story that was presented to him regarding Obama and other leading politicians true agenda regarding Renewable Energy and Climate Change legislation.

Mr. Miller encourages readers to form their own opinion and views on this information.
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This is an interesting story put together from various articles and TV shows by the British Times paper. It shows what Obama and his friends are really all about. It's not hope and change, it is money.
I warn you, the first part is a little boring, but stick with it. The second part connects all the dots for you (it will open your eyes). The end explains how Obama and all his cronies will end up as multi-billionaires. (It's definitely worth the read. You will not be disappointed).
A small bank in Chicago called SHORE BANK almost went bankrupt during the recession. The bank made a profit on its foreign micro-loans (see below) but had lost money in sub-prime mortgages in the US . It was facing likely closure by federal regulators. However, because the bank's executives were well connected with members of the Obama Administration, a private rescue bailout was arranged. The bank's employees had donated money to Obama's Senate campaign. In other words, Shore Bank was too politically connected to be allowed to go under.
Shore Bank survived and invested in many "green" businesses such as solar panel manufacturing. In fact, the bank was mentioned in one of Obama's speeches during his election campaign because it subjected new business borrowers to eco-litmus tests.
Prior to becoming President, Obama sat on the board of the JOYCE FOUNDATION, a liberal charity. This foundation was originally established by Joyce Kean's family which had accumulated millions of dollars in the lumber industry. It mostly gave funds to hospitals but after her death in 1972, the foundation was taken over by radical environmentalists and social justice extremists.
This JOYCE FOUNDATION, which is rumored to have assets of 8 billion dollars, has now set up and funded, with a few partners, something called the CHICAGO CLIMATE EXCHANGE, known as CXX. It will be the exchange (like the Chicago Grain Futures Market for agriculture) where Environmental Carbon Credits are traded.
Under Obama's new bill, businesses in the future will be assessed a tax on how much CO2 they produce (their Carbon Footprint) or in other words how much they add to global warming. If a company produces less CO2 than their allotted measured limit, they earn a Carbon Credit. This Carbon Credit can be traded on the CXX exchange. Another company, which has gone over their CO2 limit, can buy the Credit and "reduce" their footprint and tax liability. It will be like trading shares on Wall Street.
Well, it was the same JOYCE FOUNDATION, along with some other private partners and Wall Street firms that funded the bailout of Shore Bank. The foundation is now one of the major shareholders. The bank has now been designated to be the "banking arm" of the CHICAGO CLIMATE EXCHANGE (CXX). In addition, Goldman Sachs has been contracted to run the investment trading floor of the exchange.
So far so good; now the INTERESTING parts.
One Shore Bank co-founder, named Jan Piercy, was a Wellesley College roommate of Hillary Clinton. Hillary and Bill Clinton have long supported the bank and are small investors.
Another co-founder of Shore Bank, named Mary Houghton, was a friend of Obama's late mother. Obama's mother worked on foreign MICRO-LOANS for the Ford Foundation. She worked for the foundation with a guy called Geithner. Yes, you guessed it. This man was the father of Tim Geithner, our present Treasury Secretary, who failed to pay all his taxes for two years.
Another founder of Shore Bank was Ronald Grzywinski, a cohort and close friend of Jimmy Carter.
The former Shore Bank Vice Chairman was a man called Bob Nash. He was the deputy campaign manager of Hillary Clinton's presidential bid. He also sat on the board of the Chicago Law School with Obama and Bill Ayers, the former terrorist. Nash was also a member of Obama's White House transition team.
(To jog your memories, Bill Ayers is a Professor at the University of Illinois at Chicago . He founded the Weather Underground, a radical revolutionary group that bombed buildings in the 60s and 70s. He had no remorse for those who were killed, escaped jail on a technicality, and is still an admitted Marxist).
When Obama sat on the board of the JOYCE FOUNDATION, he "funneled" thousands of charity dollars to a guy named John Ayers, who runs a dubious education fund. Yes, you guessed it. The brother of Bill Ayers, the terrorist.
Howard Stanback is a board member of Shore Bank. He is a former board chairman of the Woods Foundation. Obama and Bill Ayers, the terrorist, also sat on the board of the Woods Foundation. Stanback was formerly employed by New Kenwood Inc. a real estate development company co-owned by Tony Rezko.
(You will remember that Tony Rezko was the guy who gave Obama an amazing sweet deal on his new house. Years prior to this, the law firm of Davis, Miner, Barnhill & Galland had represented Rezko's company and helped him get more than 43 million dollars in government funding. Guess who worked as a lawyer at the firm at the time. Yes, Barack Obama).
Adele Simmons, the Director of ShoreBank, is a close friend of Valerie Jarrett, a White House senior advisor to Obama. Simmons and Jarrett also sit on the board of a dubious Chicago Civic Organization.
Van Jones sits on the board of Shore Bank and is one the marketing directors for "green" projects. He also holds a senior advisor position for black studies at Princeton University . You will remember that Mr.Van Jones was appointed by Obama in 2009 to be a Special Advisor for Green Jobs at the White House. He was forced to resign over past political activities, including the fact that he is a Marxist.
Al Gore was one of the smaller partners to originally help fund the CHICAGO CLIMATE EXCHANGE. He also founded a company called Generation Investment Management (GIM) and registered it in London , England . GIM has close links to the UK-based Climate Exchange PLC, a holding company listed on the London Stock Exchange. This company trades Carbon Credits in Europe (just like CXX will do here) and its floor is run by Goldman Sachs.
Along with Gore, the other co-founder of GIM is Hank Paulson, the former US Treasury Secretary and former CEO of Goldman Sachs. His wife, Wendy, graduated from and is presently a Trustee of Wellesley College. Yes, the same college that Hillary Clinton and Jan Piercy, a co-founder of Shore Bank attended. (They are all friends).
Interesting? And now the closing...
Because many studies have been exposed as scientific nonsense, people are slowly realizing that man-made global warming is nothing more than a money-generating hoax. As a result, Obama is working feverishly to win the race. He aims to push a Cap-and-Trade Carbon Tax Bill through Congress and into law.
Obama knows he must get this passed before he loses his majority in Congress in the November elections. Apart from Climate Change he will "sell" this bill to the public as generating tax revenue to reduce our debt. But, it will also make it impossible for US companies to compete in world markets and drastically increase unemployment. In addition, energy prices (home utility rates) will sky rocket.
But, here's the "KICKER" (THE MONEY TRAIL).
If the bill passes, it is estimated that over 10 TRILLION dollars each year will be traded on the CXX exchange. At a commission rate of only 4 percent, the exchange would earn close to 400 billion dollars to split between its owners, all Obama cronies. At a 2 percent rate, Goldman Sachs would also rake in 200 billion dollars each year.
But don't forget SHORE BANK. With 10 trillion dollars flowing though its accounts, the bank will earn close to 40 billion dollars in interest each year for its owners (more Obama cronies), without even breaking a sweat.
It is estimated Al Gore alone will probably rake in 15 billion dollars just in the first year. Of course, Obama's "commissions" will be held in trust for him at the Joyce Foundation. They are estimated to be over 8 billion dollars by the time he leaves office in 2013, if the bill passes this year. Of course, these commissions will continue to be paid for the rest of his life.
Some financial experts think this will be the largest "scam" or "legal heist" in world history. Obama's cronies make the Mafia look like rank amateurs. They will make Bernie Madoff's fraud look like penny ante stuff.

2 Comments – Post Your Own

#1) On August 20, 2010 at 9:41 PM, devoish (98.63) wrote:

Of Big Banks and ShoreBank 

by Ralph Nader  

The Obama Administration’s treatment of its current majority ownership of bailed out General Motors and its standoffishness toward the pioneering but troubled ShoreBank, a community bank based in Chicago, are lessons in how the Big/Bad fare in Washington, D.C., as compared with the Good/Small.

Having shed its bad assets and abandoned its common shareholders, the new GM emerged from bankruptcy in 2009 with a clean balance sheet and lots of taxpayer cash. For the first two quarters of 2010, it has signaled a comeback by reporting over $2 billion in profits.

In return for a federal infusion of well over $50 billion, the government took a 61 percent ownership stake. The Canadian government received 10 percent ownership for its financial assistance, and the United Auto Workers received 17.5 percent ownership in return for major concessions and a two-tier salary scale starting at $14 an hour.

The Obama administration exercises its trust duties on behalf of the taxpayers by repeatedly saying it would not use any powers of majority ownership at all. The Obama administration is urging GM to issue stock sooner than later so that the government can sell its stock and get out of the company completely.

GM’s CEO Edward E. Whitacre Jr., former CEO of AT&T, agrees. In recent weeks, he has been telling the press that GM is losing sales because of its moniker “Government Motors.” Not known for his graciousness, he did not add that without the government a bankrupt General Motors would not have any sales at all.

There are serious consequences for Obama’s absentee management style. First, he did not prohibit GM from lobbying, as was required for the bailouts of Fannie Mae and Freddie Mac. As a major member of the Alliance of Automobile Manufacturers, GM has been part of a lobbying force that seeks to weaken auto safety legislation now moving through the House and the Senate. Historically, GM has been the most strident in its opposition to mandatory pollution control, fuel efficiency and safety standards. The company’s strategy for decades has been to defeat, delay or weaken efforts to clean your air, safeguard your motor vehicle and get you more miles per gallon of gasoline.

Now, when the government, as a majority owner, can at last tell GM to support long established national policies in these three areas, Obama is hands off. The new GM is free to return to its old obstructive ways.

Moreover, GM’s recovery is just beginning. It has cut its costs very significantly so that its breakeven mark is at a low production volume by historical standards. Starting from nearly rock bottom sales volume, GM is making money in the U.S. and booming in China. So why would Obama want to sell the government’s share so early when waiting a couple of years will make a nice profit for the taxpayers and, in the meantime, restrain GM’s opposition to innovation-driven regulations for the health, safety and economic well-being of consumers?

Now, consider ShoreBank’s predicament. This bank broke ground since its founding in 1973 by providing loans for lower-income homebuyers, apartment building owners and small businesses. Year after year, this community bank proved it could make money by opening up markets that the big banks chose to red-line in Chicago and later in Detroit and Cleveland. Hundreds of articles and news reports heralded its success.

Then the Wall Street-produced recession struck the country. Through little fault of its own, many of its hard-pressed lower-income debtors began to miss or default on their loans. ShoreBank started to register losses--$119 million in 2009. Unlike the big banks, ShoreBank did not deal in risky speculative derivatives—like credit default swaps, collaterized debt obligations or subprime mortgage lending.

Washington is drawn irresistibly to bail out the big banks’ wildly speculative, toxic paper investments with no redeeming social value. George W. Bush took the taxpayers to levels of corporate welfare beyond the dreams of corporate avarice.

Neil M. Barofsky, the valiant special inspector general for the Treasury Department’s Troubled Asset Relief Program (TARP) reported that the giant AIG bailout ($182 billion) gave its trading partners—bonus-rich Goldman Sachs, Merrill Lynch, Societe Generale and other banks—100 cents on the dollar for their notorious credit default swaps. Had AIG defaulted, it would have been a fraction of that sum.

Barofsky’s report denounced the Federal Reserve for not negotiating strongly with the banks. Incredibly, the Fed gave the banks $27 billion in taxpayer cash and let them keep $35 billion more in collateral already posted by AIG. Barofsky declared that these vastly overpaid sums were way “above [these contracts’] market value at the time.”

Compare these amounts to what ShoreBank needs in additional investment to provide liquidity and adequate capital reserves to ride out the recession. It projects losses of about $200 million before returning to black ink and another $300 million or so to support future operations.

The community bank has raised $150 million in pledges from several Wall Street firms—a little p.r. redemption here—and it needs $75 million in TARP funds from the Obama administration.

At this writing, Washington is balking and the Bank, willing to shink down further, finds its hopes dimming.

The Chicago Tribune editorial “Still Worth Saving” put it well: “ShoreBank, for many years, showed that operating honorably in low-income neighborhoods could pay off for everybody. One way or another, we can’t let its shining example disappear.”

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#2) On August 21, 2010 at 2:17 PM, ChrisGraley (29.69) wrote:

Shorebank

and here

and here

and here.

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