Noel Sheppard’s got the goods on Al Gore.
For years, NewsBusters has contended that Nobel Laureate Al Gore is spreading global warming hysteria to benefit his own wallet.
On Wednesday, despite claims by one of Gore’s representatives two months ago, it was revealed that his Generation Investment Management private equity fund has taken a 9.5 percent stake in a company that has one of the largest carbon credit portfolios in the world.
Can the IRS please tell me how Al Gore can get away with having the nonprofit Alliance for Climate Protection do all the PR heavy lifting for his for-profit investments?
Note that carbon credits are a zero-value asset unless by government fiat they are declared to have some value. In the absence of global warming legislation and cap-and-trade schemes, this company’s portfolio is worth nothing. Only the lobbying by Gore and his "non-profits" can make it have value.
Interestingly, this carbon credit portfolio also has zero value even under alternative CO2 reduction alternatives, such as a carbon tax. Under a carbon tax, there is much less opportunity for rent-seeking by powerful people like Gore, and carbon credit portfolios are worthless. Interestingly, Gore proposed a US carbon tax 15 years or so ago. My guess is that he would no longer support a carbon tax, as it would bankrupt many of his investments.