Earlier this week as Greece fought to stave off bankruptcy it began selling assets. It owned 1 million carbon credits or European Union Allowances. It only managed to sell 6000. Why? Nobody wanted to buy them. By dumping 1,000,000 EAU's Greece managed to crash the entire market. Of course not just Greece but everyone owning EAU's is caught up in the crash. Now if Barney Frank were still chairing the House Financial Services Committee he would be blathering about banks holding EAU's, the perils of mark to market accounting (which he thought was a great idea when it was written into Sarbanes-Oxely) and Maxine Waters would be trying to get Ben Bernanke to bailout her favorite bank. Thank God, we had an election in 2010 and Barney Frank is no longer the chairman and we don't have Cap & Trade and a carbon credit exchange or any other new government mandated pitfall.
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