A Good Consequence of the Lehman Failure

It appears that they are shuttering their carbon trading desk.

Anything that kicks carbon trading in the teeth is a good thing. It is bad, incredibly bad, policy.

The stated idea is, "Let's let Wall Street apply the same practices ant techniques to a world threatening problem, the innovation unleashed will solve that problem."

The real goal is, "If we create a market mechanism for this sh#@, then I can pull down major fees as an expert in this sh#@, my Ivy League classmates can get commissions whenever someone sells this sh#@, we can get more commissions whenever we repackage these things as sh#@ backed obligations, and I can get a Porsche."

Market based solutions: Because baby needs a Porsche.