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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (187403)	12/15/2015 7:53:32 PM
From: TideGlider	Read Replies (1) \| Respond to of 224744

No, it isn't enormous.

To: Kenneth E. Phillipps who wrote (187403)	12/16/2015 9:09:22 AM
From: lorne	2 Recommendations Recommended By FJB TideGlider Read Replies (1) \| Respond to of 224744

Dose this help you understand comrade? I doubt it, but in any case note who is a big player in this rip off.. none other that hussein obama's buddy ...disgraced thief/thug raines of fanny mae. Fannie Mae Wins Patent for Trading in Greenhouse Gas Credits By James Tyson - November 20, 2006 bloomberg.com Nov. 20 (Bloomberg) -- Fannie Mae, the biggest U.S. mortgage finance company, won a patent for a system to trade greenhouse gas-reduction credits earned by homeowners, securing a foothold in a $22 billion market while raising concerns that the government-chartered company is overstepping its mission. Ousted Chief Executive Franklin Raines is listed in the patent as an inventor of a system for verifying cuts in household emissions of carbon dioxide and other greenhouse gases. The patent, granted on Nov. 7 and held jointly with a subsidiary of New York-based Cantor Fitzgerald LP, gives Fannie Mae proprietary control over a method for pooling and selling credits to companies that can't meet emission reduction targets. Fannie Mae's stake in the market is ``a classic example of mission creep'' that distracts the company from its federally mandated goal of making homeownership more affordable, said Senator John Sununu of New Hampshire. Sununu and other Republicans have questioned whether Fannie Mae and its smaller rival Freddie Mac should expand into ventures like the purchase of loans for commercial properties, and now emissions credits. The system for trading emission credits ``has nothing to do with Fannie Mae's charter, nothing to do with making mortgages more accessible,'' Sununu said in an e-mailed response to questions. ``It is the kind of program that a regulator charged with overseeing the safety and soundness of Fannie Mae should have the power to stop.'' Washington-based Fannie Mae owns or guarantees about 20 percent of the $10.5 trillion residential U.S. mortgage market. Congress, reacting to $10.8 billion in accounting errors at the company dating to 2001, is considering creating a stronger regulator for Fannie Mae with the power to bar new lines of business that are risky or exceed the company mission. 2003 Transactions Fannie Mae ``has no current plans'' to trade emissions credits beyond two transactions completed in 2003, Fannie Mae spokesman Brian Faith said. The patent, held with Cantor Fitzgerald subsidiary CO2e.com LLC, stems from a program begun in 2000 to ``develop a system that captures the value of residential greenhouse gas reductions, monetizes the savings of those reductions and creates a tradable credit.'' Fannie Mae in 2003 helped Florida Power Corp. and Austin Energy sell 7,000 metric tons in emission credits to Entergy Corp. and 30,000 metric tons of credits to London-based Future Forests, which backs the use of alternative energy sources. Fannie Mae aided the two utilities in measuring emissions reduced through the installation of insulation, appliances and other energy savings by residential customers. It then helped the utilities value the savings and pool them into credits that were traded in deals brokered by New York-based Natsource LLC. The transactions were valued at about $40,000 and Fannie Mae received $6,000 in fees, which it donated to the non-profit Alliance to Save Energy. A Vast Market Residences account for about 20 percent of greenhouse gases released in the U.S., the largest producer of such emissions, according to Fannie Mae's patent description, which was filed April 28, 2005. Trading in credits worldwide will double this year from $11 billion last year, according to the World Bank. Efforts by Congress and the Treasury to tighten oversight of Fannie Mae intensified in December 2004, when the Securities and Exchange Commission found executives used improper ``cookie jar'' reserves and deferred expenses to smooth earnings reports. Corinne Russell, a spokeswoman for the Office of Federal Housing Enterprise Oversight that regulators Fannie Mae, said the agency is reviewing the patent and wouldn't comment further. Legislative Push The approval of Fannie Mae's patent coincided with the Nov. 7 elections in which Democrats gained control of Congress, increasing the chances the government will adopt a trading system to cut emissions of greenhouse gases, said Richard Sandor, founder of the Chicago Climate Exchange. The federal government may create a mandatory emissions trading program by 2008, Sandor said in a Nov. 9 interview in New York. The U.S. government doesn't control carbon dioxide emissions. President George W. Bush in 2001 rejected as too costly the Kyoto Protocol, which was aimed at curtailing world greenhouse gas emissions to 1990 levels. He instead backed voluntary cuts and the development of cleaner energy sources. Democratic Senator Barbara Boxer of California, in line to replace Republican Senator James Inhofe as head of the Environment and Public Works Committee when the new Congress convenes in January, said Nov. 9 she plans to introduce legislation that would set emissions limits nationwide. About $36 million worth of greenhouse gas emission credits were traded on the Chicago Climate Exchange during the first ten months of 2006, an increase from $2.8 million in all of last year, according to Veronique Bugnion of Point Carbon, an Oslo-based research and publishing company. The exchange handles trading by Ford Motor Co., American Electric Power Co., International Business Machines Corp., DuPont Co. and other companies that voluntarily agreed by the end of this year to cut greenhouse gas emissions by 4 percent from 2001 levels.