Because emissions caps will continually be reduced, Taibbi argues, pollution credits will constantly be growing in value, and Goldman Sachs wants in on the ground floor.
Taibbi writes: “The plan is (1) to get in on the ground floor of paradigm-shifting legislation, (2) make sure that they’re the profit-making slice of that paradigm and (3) make sure the slice is — a big slice. Goldman started pushing hard for cap-and-trade long ago, but things really ramped up last year when the firm spent $3.5 million to lobby climate issues.”
On his blog, Taibbi has begun a discussion of the public reaction to his article. Some commenters have suggested that Taibbi’s understanding of high finance is limited, accusing him of misreading Goldman Sachs’ actions.
