Chicago Climate Exchange Closes in Silence

Written by Bob Adelmann
The New American
Nov. 15, 2010

On Election Day 2010, Reuters noted briefly that Intercontinental Exchange Inc. (ICE) was "shedding some 40 employees from its ... Chicago Climate Exchange (CCX) by the end of the year, with further cuts [expected] in 2011." In its curt announcement, Reuters said that all trading on that exchange had virtually stopped in July "due to the lack of U.S. action on climate change."

Steve Milloy expected much more fanfare from the media. Commenting on the news, Milloy said that over the last 15 years, "cap and trade has been one of the most stridently debated public policy controversies ... but it is dying a quiet death."

Incredibly (but not surprisingly), although thousands of news articles have been published about CCX by the lamestream media over the years, a Nexis search conducted a week after CCX's announcement revealed no news articles published about its demise. [Emphasis added.]

Outside of a report in Crain's Chicago Business and a soft-pedaled article in a small trade publication, the media has entirely ignored the demise of the ... effort at carbon trading. Even Glenn Beck, who has dedicated quite a bit of Fox News airtime to exposing CCX, has yet to mention the news.

Founded in 2002 by Northwestern University professor Richard Sandor with $1.1 million of grant money from the left-wing Joyce Foundation, CCX was to be the jackpot winner for those planning to profit from the coming cap-and-trade bills pending in Congress. The exchange found investors ranging from Ford, DuPont, Motorola, the University of California, Tufts University, Michigan State University, and the National Farmers Union all the way to Goldman Sachs and Al Gore’s company, Generation Investment Management.

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