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Cap and Trade Cover Up Makes Wall Street Rich

Energy Costs To Soar Across The Country!

RGGI (Regional Greenhouse Gas Initiative) is our nation’s first cap & tax entity. States that have implemented RGGI include New Jersey, New York, Connecticut, Massachusetts, Maine, New Hampshire, Vermont, Rhode Island, Delaware and Maryland.

So far, RGGI has pulled in $777.5 million dollars from selling carbon permits. Who exactly is bidding on these permits? Wall Street! Firms like Goldman Sachs, Morgan Stanley, Merrill Lynch, and JPMorgan Chase are all hoping to make a killing on speculating on the price of carbon permits.

How much of a profit is Wall Street making from slapping consumers with hefty taxes on energy? No one knows. RGGI’s CEO, Jonathan Schrag, has refused to answer that. He said that since RGGI isn’t a public entity it doesn’t have to reveal any of its “trade secrets.” RGGI is a cover-up in plain sight.

In 2007, one of the employees at PSEG Public Services Corporation (an energy company in New Jersey) wrote a letter stating, “The electric power sector will be vulnerable to competition from hedge funds and other financial institutions and entities that may drive up the price of RGGI allowances. The result will be higher energy prices.”

RGGI Pummels Consumers With Huge Energy Taxes

It’s the same story over again, Wall Street gets rich while regular folks get fleeced. The unlucky states that are part of RGGI get rewarded with a 1.6% increase on wholesale energy prices. Consumers fare even worse and are slapped with a 2.4% energy price increase.

States don’t just agree to implement RGGI, they are required to sign a very confusing and technical 20 page Memorandum of Understanding (MOU.) The MOU is full of some pretty interesting claims. RGGI says that states who sign up for their programs will help their local economies. It’s unclear how RGGI thinks taxing energy consumption stimulates the economy. The document also outlines a slew of rules and regulations states must obey so they don’t get slapped with a fine from the environmental police.

RGGI Memorandum Of Understanding

RGGI Is The Prototype For More Regional Cap & Tax Entities

Soon RGGI will expand to every state and stick you with astronomical energy prices. RGGI is the model for two new stealth cap & tax entities. The Midwestern Greenhouse Gas Reduction Accord would bring the tax scheme to Illinois, Michigan, Wisconsin, Minnesota, Iowa and Kansas. The Western Climate Initiative will force California, Oregon, Washington, Arizona, New Mexico, Utah and Montana to start paying through the nose for energy. Both programs are set to start in 2012.

Clearly the fact that GLOBAL WARMING ISN’T EVEN REAL isn’t stopping the spread of the climate change scam to 13 other states! Even more outrageous, is RGGI and its stakeholders continue to claim they’re making a significant impact to combat the threat of global warming (even though the data proves them wrong).

Our Tax Dollars Are Funding A Life Of Luxury For Crooks

The Beltway sense of entitlement is mind boggling. While everyday Americans struggle to pay the bills and live through the stress of the Recession, RGGI is rolling in the dough. RGGI Chief, Jonathan Schrag is living a life most of us could only dream of. In June, Schrag and his wife Kristen purchased a $2.2 million dollar loft in Manhattan. Schrag’s posh condo is 2,000 square feet and has three bedrooms and two bathrooms with a nice view of the Manhattan skyline. Schrag’s luxurious residence is only a five block walk to the RGGI headquarters. I guess he didn’t want to risk creating a carbon foot print by driving to work.

The corruptocrats in Washington are completely responsible for this gigantic waste of tax dollars. Everyday Americans work hard to earn money and provide for their families while Washington fat cats get paid to accomplish nothing! The crooks behind RGGI must be exposed and held accountable!