Barack Obama was a board member of the Joyce Foundation that funded the fledgling CCX. Professor Richard Sandor, of Northwestern University had started the business with $1.1 million in grants from the Chicago-based left-wing Joyce Foundation enthusiastically endorsed by Obama. When founded in November 2000, CCX’s carbon trading market was predicted to grow anywhere between $500 billion and $10 trillion. Fortunately before its collapse Sandor was able to net $98.5 million for his 16.5% stake when CCX was sold.
Since its launch in 2003 the CCX succeeded in attracting major players such as Ford, Bank of America, IBM and Intel. By signing up as voluntary contributors these corporations made been making voluntary but legally binding commitment to meet greenhouse gas emission reduction targets either by cutting emissions or by buying emissions permits sold by other CCX members.
This is a huge story. Gore, Goldman Sachs, and undoubtedly Obama all thought the climate exchange would be larger than the Stock market. Someone needs to get this story on Fox.