It’s A Big Tax!

22 May

“Com-plete-ly daft!”

http://www.smh.com.au/news/business/turnbull-accused-of-deceiving-directors/2007/10/17/1192300858897.html

http://www.theaustralian.com.au/business/turnbull-done-with-hih/story-e6frg8zx-1111117505383

http://www.theaustralian.com.au/news/hih-score-settled-for-malcolm/story-e6frg6no-1111119117953

“Opposition Leader Malcolm Turnbull looks set to emerge from his long court case over HIH Insurance with his former employer, the Goldman Sachs merchant bank, making a confidential settlement on his behalf.”

http://www.businesspundit.com/matt-taibbis-the-great-american-bubble-machine-demystifies-goldman-sachs/

http://blogs.telegraph.co.uk/finance/jeremywarner/100003851/here-comes-the-next-bubble-carbon-trading/

http://www.smh.com.au/national/turnbull-to-quit-politics-20100406-rnt5.html

http://www.heraldsun.com.au/news/national/malcolm-turnbull-may-stay-to-fight/story-e6frf7l6-1225857846973

http://news.smh.com.au/breaking-news-national/turnbull-to-recontest-wentworth-20100501-tzod.html

http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405

“From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression — and they’re about to do it again”

“The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates.”

“The bank owns a 10 percent stake in the Chicago Climate Exchange, where the carbon credits will be traded. Moreover, Goldman owns a minority stake in Blue Source LLC, a Utah-based firm that sells carbon credits of the type that will be in great demand if the bill passes. Nobel Prize winner Al Gore, who is intimately involved with the planning of cap-and-trade, started up a company called Generation Investment Management with three former bigwigs from Goldman Sachs Asset Management, David Blood, Mark Ferguson and Peter Harris. Their business? Investing in carbon offsets. There’s also a $500 million Green Growth Fund set up by a Goldmanite to invest in green-tech … the list goes on and on. Goldman is ahead of the headlines again, just waiting for someone to make it rain in the right spot. Will this market be bigger than the energy futures market?

“Oh, it’ll dwarf it,” says a former staffer on the House energy committee.

Well, you might say, who cares? If cap-and-trade succeeds, won’t we all be saved from the catastrophe of global warming? Maybe — but cap-and-trade, as envisioned by Goldman, is really just a carbon tax structured so that private interests collect the revenues. Instead of simply imposing a fixed government levy on carbon pollution and forcing unclean energy producers to pay for the mess they make, cap-and-trade will allow a small tribe of greedy-as-hell Wall Street swine to turn yet another commodities market into a private tax collection scheme. This is worse than the bailout: It allows the bank to seize taxpayer money before it’s even collected.

Cap-and-trade is going to happen. Or, if it doesn’t, something like it will. The moral is the same as for all the other bubbles that Goldman helped create, from 1929 to 2009. In almost every case, the very same bank that behaved recklessly for years, weighing down the system with toxic loans and predatory debt, and accomplishing nothing but massive bonuses for a few bosses, has been rewarded with mountains of virtually free money and government guarantees — while the actual victims in this mess, ordinary taxpayers, are the ones paying for it.

UPDATE:

Article on Malcolm Turnbull / HIH / Goldman Sachs, CO2-traders’ infiltration of our own government here.

UPDATE 2:

From SmartCompany.com.au –

Turnbull also has a good track record as an investor in early stage companies.

In 1999 he made just under $60 million from the sale of pioneering internet service provider OzEmail, two years after selling his boutique investment bank Turnbull and Partners to Goldman Sachs.

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