From ICECAP

Lehman Brothers Close Ties to Gore, Hansen and Carbon Trading

Al Gore’s carbon trading business GIM was banked with Lehman Bros. It will be interesting to see how this will play in the future but I suspect that this increases the risk of participating in Carbon trading. Merrill Lynch, was also deeply involved in this business.

Last year Lehman Brothers released a long and highly publicized report about climate change in which they preached about decarbonization, trying to make their investors keep getting high profits from the Kyoto carbon trade scheme and the support of huge public subventions. All that, of course, with the applause of the usual choir of politicians, the entire media and the Greens.

A year ago they couldn’t predict their bankruptcy but were predicting the climate 100 years ahead. Thousands of green militants have been using the Lehman report as a proof of global warming and impending chaos. Lehman Bros said it! sacred words! Its scientific advisor is James Hansen! The report is the basis for policies on climate change in Spain, Argentina and several other countries playing the progress game; it is used by economy professors playing the climatologists; by newspapers editorials, and even by a State Secretary: Lehman Bros, said it!

Lehman Brothers spoke in his report about the climate in 2100 and its economic and financial projections, about climate change costs several decades away. They dared to recommend their investors what they considered a central value of the carbon ton in 50 years from now. Their sources and support references were taken from the IPCC AR4, AR3, and so on. Really impressive.

But even with their high ability to peek into the future, they couldn’t predict their demise one year ahead though there were many people that had been warning about this present crash for years. But Lehman Bros were recommending investments 30, 50, 100 years ahead. Some days, reality imitates fiction. Who was Lehman Bros’ ‘scientific’ adviser on climate? You guessed it, James Hansen, the same guy that wants to drive the world to bankruptcy as he did with Lehman’s Bros.

But the story has some connections with Hansen being the ‘scientific’ adviser to Al Gore, who’s the Chairman of the Board of the Alliance for Climate Protection. As seen in Alliance’s website, the managing Director is none less than: Theodore Roosevelt IV. Managing Director, Lehman Brothers, Chair of the Pew Center for Global Climate Change.

Theodore Roosevelt IV is Managing Director at Lehman Brothers and a member of the Firm’s senior client coverage group, which oversees the Firms client and customer relationships. Mr. Roosevelt is an active conservationist. He is Chair of the Pew Center for Global Climate Change, Vice Chair of the Wilderness Society, and a Trustee for the American Museum of Natural History, The World Resources Institute, the Institute for Environment and Natural Resources at the University of Wyoming, and a Trustee of Trout Unlimited.

The Lehman reports in two parts can be found on this site ‘Intellectual Capital’. In “The Business of Climate Change ll”, the following acknowledgement is made: “On the scientific side, we are grateful to Dr. James Hansen, Director of the NASA Goddard Institute for Space Studies, who, at the end of a particularly informative dinner hosted by Ben Cotton of the Man Group, gave generously of his time to clear up a number of scientific questions that had been niggling us. Dr. Peter Collins and Richard Heap of the Royal Society provided valuable input and brought us up to date on the more controversial areas of scientific developments in the domain of global climate change.” H/T Eduardo Ferreyra originally posted to Climate Sceptics Internet discussion group.

Lehman’s failure provides a preview of our future if more companies bank their future on the speculative advice of these advocacy scientists, politicians and environmental groups, while ignoring short term realities.