Wednesday, May 12, 2010

Climate bill written by lobbyists and profiteers like Exelon to finally extinguish the American middle class

"But the windfall, arranged by politicians, comes from average American families. The company (Exelon) even admits the whole sordid mess in a Forbes article from earlier this year:

"Exelon needs that legislation to happen sooner rather than later. Without a carbon price of some sort, Exelon's fortunes aren't so bright.... 'The conundrums are real,' [Exelon CEO John] Rowe acknowledges. 'There's nothing that's going to drive Exelon's profit in the next couple of years wildly. It just isn't going to happen.'

Except, of course, carbon legislation. And because of that, the company views spending on

  • lobbying for legislation almost like a capital expense....
  • Exelon has very deep ties to the Obama Administration.

Frank M. Clark, who runs ComEd, helped advise Obama before he ran for President and is one of Obama's largest fundraisers. Obama's chief political strategist, David Axelrod, worked as a consultant to Exelon. Obama's chief of staff, Rahm Emanuel, helped create Exelon. Emanuel was hired by Rowe to help broker the $8.2 billion deal between Unicom and Peco when Emanuel was at the investment bank Wasserstein Perella (now Dresdner Kleinwort). In his two-year career there

  • Emanuel earned $16.2 million, according to congressional disclosures.

The (Forbes) article details how Exelon wrote the provisions allocating the energy use "allowances", or ration coupons.

Reference: "Exelon's carbon advantage," Forbes, 12/31/09, J. Fahey, via Climate Depot



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