Thursday, April 22, 2010

Trillion-Dollar Fannie Mae Cap-and-Trade Scam was in the Works Before 9/11


Franklin Raines: Trillion-dollar affirmative action baby?

By Nicholas Stix

While black longtime Fannie Mae scamster Franklin Raines was busy defrauding the predominantly white tax base to the tune of over $50 million dollars for himself, and billions overall, as head of the corrupt, publicly-financed mortgage giant, he was also busy hatching a plot with white accomplices, whereby they could rake off billions, and even trillions of dollars in profits through a scam that would force all businesses and utilities in America to pay cap-and-trade carbon credits. Fraudulent science meet real estate fraud/extortion, by way of legislation so vicious that it would have astonished King George III.

Writes Barbara Hollingsworth,

When he wasn’t busy helping create a $127 billion mess for taxpayers to clean up, former Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select individuals in the “green” movement were inventing a patented system to trade residential carbon credits.

Patent No. 6904336 was approved by the U.S. Patent and Trade Office on Nov. 7, 2006 -- the day after Democrats took control of Congress. Former Sen. John Sununu, R-N.H., criticized the award at the time, pointing out that it had “nothing to do with Fannie Mae’s charter, nothing to do with making mortgages more affordable.”

It wasn’t about mortgages. It was about greenbacks. The patent, which Fannie Mae confirmed it still owns with Cantor Fitzgerald subsidiary, gives the mortgage giant a lock on the fledgling carbon trading market, thus also giving it a major financial stake in the success of cap-and-trade legislation.

Besides Raines, the other “inventors” are:

* Former Fannie Vice President and Deputy General Counsel G. Scott Lesmes, who provided legal advice on Fannie Mae’s debt and equity offerings;

* Former Fannie Vice President Robert Sahadi, who now runs GreenSpace Investment Financial Services out of his 5,002-square-foot Clarksburg home;

* 2008 Barack Obama fundraiser Kenneth Berlin, an environmental law partner at Skadden Arps;

* Michelle Desiderio, director of the National Green Building Certification program, which trains “green” monitors;

* Former Cantor Fitzgerald employee Elizabeth Arner Cavey, wife of Democratic donor Brian Cavey of the Stanton Park Group, which received $200,000 last year to lobby on climate change legislation; and

* Jane Bartels, widow of former CEO Carlton Bartels. Three weeks before Carlton Bartels was killed in the Sept. 11 attacks, he filed for another patent on the software used in 2003 to set up the Chicago Climate Exchange.

The patent …gives Fannie Mae proprietary control over an automated trading system that pools and sells credits for hard-to-quantify residential carbon reduction efforts (such as solar panels and high-efficiency appliances) to companies and utilities that don’t meet emission reduction targets. Depending on where the Environmental Protection Agency sets arbitrary CO2 standards, that could be every company in America.

The patent summary describes how carbon “and other pollutants yet to be determined” would be “combined into a single emissions pool” and traded -- just as Fannie’s toxic portfolio of subprime mortgages were….

… passage of the legislation would create an artificial, government-mandated, trillion-dollar carbon trading market that would drive up the price of energy, indirectly making housing more expensive.

If the proprietary emissions trading system functions like other exchanges such as the New York Stock Exchange, which makes most of its revenue on listing and trading fees, its owners could see extremely generous profits, especially with a patent that keeps out competition for two decades.

So Fannie Mae, a quasi-governmental entity whose congressionally mandated mission is to make housing more affordable, has been a behind-the-scenes participant in a carbon trading scheme that would do just the opposite.

In January, Europol announced that up to 90 percent of the volume in the European Union’s own carbon-trading market was fraudulent, costing EU members $5 billion during the previous 18 months. That would be just the tip of the iceberg if the Congress were to make a similar mistake….

This reads like some sophisticated thriller. It’s unbelievable, and they’d been plotting it for years!

Note that when Hollingsworth writes “passage of the legislation would … indirectly mak[e] housing more expensive,” that’s housing for whites and perhaps Asians. Unconstitutionally “protected minorities” would get bailed out.

This raises the question of what relationship financial scammers like Frank Raines had to the science scammers behind so-called climate change.

Meanwhile, the consequences of this scam would be that ordinary whites lose their homes paying for all this; black and Hispanic deadbeats get a free ride; and the black and white crooks at the top split billions (or is it trillions?) in "profits"?

Obviously, all “cap-and-trade” legislation must be stopped dead in its tracks, and Fannie Mae and Freddie Mac must be shut down.

When you think of affirmative action and diversity, you can’t just think in terms of black layabouts getting welfare, SSI disability, “no-show” and “show-no” civil service jobs, and psychopaths getting jobs as police officers and surgeons. You must think, too, of Frank Raines, not to mention, the likes of Colin Powell, Condi Rice, and Michael Steele!

Thanks to longtime reader R.C., for sending this along!

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