The Jackie Dodd Windfall Act

We are about to see a political windfall occur that would turn the head of Tammany Hall's George Washington Plunkitt.

Consider this little feature of the "cap and trade" bill..

 .. the Chicago Mercantile Exchange's mouth is watering at the prospect of a huge new derivatives market.

Yep, the big financial winner from Waxman-Markey is not likely to be solar energy entrepeneurs; it is likely to be derivatives traders gaming the emissions trading markets.

The Chicago Mercantile Exchange is ready to set up its own "Gas House Gang" CME's Chairman, Terrence Duffy, recently told a House committee his firm is all ready to go to implement the process. 

 This is going to be massive if implemented. I mean, like trillions of dollars massive. And this means mind- boggling commissions and bonuses for traders, and huge profits for the CME itself. Remember how much money Enron used to make doing this sort of stuff? 

Now,hmmm, who's on the Board of Directors of the CME? 

Jackie Clegg Dodd, Chris Dodd's wife. (there's no conflict of interest , here , as per hubby)..maybe he didn't read this.

And she is well compensated  for a post where she is thinly qualified.

So if Cap and Trade passes Jackie Clegg Dodd's corporation stands to make a windfall?

(they also stand to make a windfall from OTC derivative regulation underway)

And presumably the board members will share in the added revenue.

And it gets better. Guess who's drafting the yet unfinished parts of the Waxman-Markey bill governing derivative regulations?

Chris Dodd's old buddy Barney Frank

So how this is going to work is that ordinary electric customers will see their rates "skyrocket"; some well connected businesses have already gotten exemptions; and the whole deal will be manipulated by commodity speculators.  Who made sure to put the spouse of the chairman of the Senate Banking Committee on their Board of Directors.

It seems like what "Hope and Change" really means is that the political insiders can add another decimal point to the "honest graft" they were accustomed to receiving. Meanwhile "Connecticut's middle class" will get hosed.  (They'll need to use credit cards to pay their CL&P bill, Chris)

Really, this is going to make the Countrywide mortgage and the Irish cottage look like chump change as far as the potential windfall to the Dodd family.   And  no one seems to connect the dots. Amazing.