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This years Corporate Rubber Duck Award goes to Deutsche Bank and the worlds financial institutions. The crass willingness of the worlds banks and investment houses to jump on to the global warming crusade reached a new low of irrational exuberance this week with the erection in Manhattan of an eight-story high Deutsche Bank carbon counter. The rolling digital clock flies through digits at the rate of about 1000 tonnes a second the rate at which greenhouse gasses are accumulating in the atmosphere.
For a second yesterday afternoon, the counter stood at 3,642,124,591,652 before it moved on. Why would Deutsche Bank do this? Because in those numbers Deutsche Bank, and all the other big financial blunderers who delivered todays financial crisis, are gearing up to cash in on the next big wave, carbon markets and green investing.
To banks and financial players now lobbying Washington, Ottawa and governments everywhere, the rolling carbon counter is a rolling dollar counter. At 1,000 tonnes a second, if each tonne could be hit with a $50 carbon tax or carbon trading fee, thats $50,000 a second, which works out to $2-billion a month. The potential, obviously, is in the trillions of dollars bigger, even, than the global sub-prime crash.
Citigroup, Bank of America, Merrill Lynch and Goldman Sachs are all part of campaigns to push the Obama administration to adopt carbon trading.
Earlier this year, Kevin Parker, head of Deutsche Asset Management, urged Washington to give
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