DESPITE OBAMA'S vow to oppose any free permits--the one significant advantage over the European system if one is prepared to accept the extremely dubious logic of carbon-trading in the first place--the ACES bill nevertheless allows for 85 percent of them to be given away for free!
Is it any wonder that the bill was backed by some of the most polluting fossil-fuel-based corporations on the planet: Shell, Duke Energy, Rio Tinto, DuPont, ConocoPhillips, Dow and BP? According to the Wall Street Journal, Wall Street traders called the bill's carbon markets a "huge playground" where "bucks [will] be made" and are similarly backing the bill.
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