Liked Credit Default Swaps? You'll LOVE Carbon Derivatives

You can't make this stuff up.

I have written hundreds of articles documenting that unregulated, speculative derivatives (especially credit default swaps) are a primary cause of the economic crisis.

And I have pointed out that (1) the giant banks will make a killing on carbon trading, (2) while the leading scientist crusading against global warming says it won't work, and (3) there is a very high probability of massive fraud and insider trading in the carbon trading markets.

Now, Bloomberg notes that the carbon trading scheme will be centered around derivatives:

[snip]

[Blythe] Masters says banks must be allowed to lead the way if a mandatory carbon-trading system is going to help save the planet at the lowest possible cost. And derivatives related to carbon must be part of the mix, she says.

Ms. Masters is the genius who invented Credit Default Swaps (CDS)--which, as you may recall, brought down Lehmann and BearStearns, and a whole buncha Banks.

HT: ZeroHedge