From: Phil Jones xxxxxxxx
To: John Christy xxxxxxxx

Subject: This and that Date: Tue Jul 5 15:51:55 2005
“The scientific community would come down on me in no uncertain terms if I said the world had cooled from 1998. OK it has but it is only 7 years of data and it isn’t statistically significant.”

V.S.

"The right to search for truth implies also a duty; one must not conceal any part of what one has recognized to be true."
--Albert Einstein

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Woman Who Invented Credit Default Swaps is One of the Key
Architects of Carbon Derivatives

....Now, Bloomberg notes that the carbon trading scheme will be centered around derivatives: The banks are preparing to do with carbon what they’ve done before: design and market derivatives contracts that will help client companies hedge their price risk over the long term. They’re also ready to sell carbon-related financial products to outside investors. [Blythe] Masters says banks must be allowed to lead the way if a mandatory carbon-trading system is going to help save the planet at the lowest possible cost. And derivatives related to carbon must be part of the mix, she says. Derivatives are securities whose value is derived from the value of an underlying commodity -- in this case, CO2 and other greenhouse gases...

Who is Blythe Masters? She is the JP Morgan employee who invented credit default swaps, and is now heading JPM's carbon trading efforts. As Bloomberg notes (this and all remaining quotes are from the above-linked Bloomberg article): Masters, 40, oversees the New York bank’s environmental businesses as the firm’s global head of commodities...

Woman Who Invented Credit Default Swaps is One of the Key
Architects of Carbon Derivatives