Tim Carney points out that Democrats are scheming to to shove aside one of the biggest champions of a cap-and-trade–Wall Street. From Bloomberg:
At least nine members of the majority party say speculation by Wall Street banks may cause excessive price swings in the cap-and-trade system of pollution allowances at the centre of President Barack Obama’s plan to curb global warming. The senators say they may limit participation to polluters needing permits, ban derivatives or impose stricter regulations than exist in today’s energy markets.
“Goldman Sachs, Obama’s top corporate source of campaign funds, has been a lead lobbyist for carbon caps. Can Democrats really freeze them out of the promised profits of carbon trading?” Carney asks.
Tim doubts it. He expects Senator Charles Schumer and Congressman Charlie Rangel to come to Wall Street’s rescue.
“Also expect a bump in Dems’ Wall Street fundraising in coming weeks,” he writes.
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