Wednesday, April 28, 2010

Fannie Mae, Cantor Fitzgerald in global warming carbon trading scheme similar to sub prime mortgages

"When he wasn't busy helping create a $127 billion mess for taxpayers to clean up, former Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select individuals in
  • the "green" movement were inventing a patented system to
  • trade residential carbon credits.

Patent No. 6904336 was approved by the U.S. Patent and Trade Office on Nov. 7, 2006 -- the day after Democrats took control of Congress....

It wasn't about mortgages. It was about greenbacks. The patent, which Fannie Mae confirmed

gives the mortgage giant a lock on the fledgling carbon trading market, thus also giving it a

  • major financial stake in the success of cap-and-trade legislation.

Besides Raines, the other "inventors" are:

* Former Fannie Vice President and Deputy General Counsel G. Scott Lesmes, who provided legal advice on Fannie Mae's debt and equity offerings;

* Former Fannie Vice President Robert Sahadi, who now runs GreenSpace Investment Financial Services out of his 5,002-square-foot Clarksburg home;

* 2008 Barack Obama fundraiser Kenneth Berlin, an environmental law partner at Skadden Arps;

* Michelle Desiderio, director of the National Green Building Certification program, which trains "green" monitors;

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