Friday, December 2, 2011

Enron's "green energy" model alive and well with Obama's support

Ten years ago today, on December 2, 2001, Enron declared bankruptcy. The company is now liquidated, but Enron’s intellectually insolvent “green energy” model is alive and well in the Obama Administration. Cap-and-trade rationing of carbon dioxide (CO2) emissions and “green jobs” with wind and solar — Enron was there first.

Under its founder and chairman, the late Ken Lay, Enron set out to become the world’s leading renewable energy company. The company entered the solar business with a half stake in Solarex in 1994. And it entered wind manufacturing and project development with the purchase of Zond Corporation in 1997, which was described by the American Wind Energy Association as “a tribute to the foresight of Enron…one of the most aggressive and strategic-minded players in the energy market.”

Enron, the leading market maker in air emissions trading with sulfur dioxide (SO2) and nitrogen oxide (NOx), sought to do the same with the much larger CO2 emissions market. This was why Enron became the first major U.S. energy company to endorse cap-and-trade as climate-change policy.

Enron even became a favorite company of Al Gore, and the admiration was reciprocal. Stated Ken Lay: “In Earth in the Balance, Senator Al Gore stated: ‘Higher taxes on fossil fuels…is one of the logical first steps in changing our policies in a manner consistent with a more responsible approach to the environment.’ I agree.”

Detroit Lion's bad boy Suh will sit for two games

The suspension stands, and that means Detroit Lions defensive tackle Ndamukong Suh will sit out the next two games for stomping an opponent during a loss to the Green Bay Packers.

Suh's appeal of the suspension handed out earlier this week was denied Friday by Art Shell, jointly appointed by the NFL and the players' association to hear such cases. Suh will miss Sunday's game at New Orleans and a Dec. 11 home game against Minnesota. He can return to practice on Dec. 12.

Periodic table to welcome two new elements

Livermorium and flerovium could soon occupy the 114 and 116 spots on the periodic table of the elements. The names for the elements, which were synthesized a decade ago, were announced Thursday by the International Union of Pure and Applied Chemistry.

Free fall, no parachute on his back

House ethics committee investigating Jesse Jackson, Jr.

Rep. Jesse Jackson, Jr., D-Ill., either knew of efforts or directed someone to raise campaign money for then-Gov. Rod Blagojevich in return for Jackson's appointment to the U.S. Senate, an investigative report released today alleges.
Investigators said they learned Jackson used his congressional offices to
mount a "public campaign" for the Senate, a possible violation of federal law
and House rules that bar the use of official resources for political
With the release of that report, the House ethics committee said today it
will continue its review into Jackson, a nine-term
lawmaker once considered a natural fit for the Senate seat vacated by Barack
Obama when he won the presidency.

315,000 workers give up on finding a job

The report Friday from the Labor Department wasn’t entirely positive. The unexpectedly big fall in the unemployment rate, to 8.6% from 9% in October, was partly due to droves of workers, mostly women, who dropped out of the labor force, many probably because they saw weak job prospects.


Congressional committee subpoenas Corzine

Jon Corzine, the former head of bankrupt commodities brokerage firm MF Global, has been subpoenaed to testify about his role in the collapse before a congressional committee.

Corzine hasn’t been heard from publicly since MF Global imploded in October, the result of bad bets on European sovereign debt, a risky gamble reportedly pushed by Corzine himself.

Unemployment rate slides to 8.6%

Job creation remained weak in the U.S. during November, with just 120,000 new positions created, though the unemployment rate slid to 8.6 percent, a government report showed Friday.

The rate fell from the previous month's 9.0 percent, a move which in part reflected a drop in those looking for jobs. The participation rate dropped to 64 percent, from 64.2 percent in October, representing 315,000 fewer job-seekers.