Big guns like Goldman Sachs bought a stake in the exchange hoping for far more. They were betting that with Obama in the White House, carbon trading would become mandatory under the Democrats’ “cap and trade” scheme. That was the plan Obama said would cause “the rise of the oceans to slow and the planet to heal.”
But that law died in the U.S. mid-term elections, the worst showing for Democrats since 1948. Carbon trading was one of the reasons: In a TV ad, Senate candidate Joe Manchin actually took a rifle and used the cap and trade bill as target practice.
And he won.
And he’s a Democrat.