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Geoengineering for Financial Gain: A History of Weather Derivatives


Door yohta om 09:10 op 03-08-2012 in Economie
(1x gereageerd, 632x bekeken)


Geoengineering for Financial Gain: A History of Weather Derivatives

Facts lead me to speculate that the chemtrails so often seen in our skies are sprayed for financial gain. Chemtrails are admittedly sprayed as part of weather modification programs. There are two large financial markets that rise and fall with the weather: the weather derivatives market and the catastrophe reinsurance market. Chemtrails may be sprayed as part of a plan to manipulate the weather derivative and catastrophe reinsurance markets.

Even though the catastrophe reinsurance market is much larger, the focus of this article is the history of the weather derivatives market because, while the history of the catastrophe reinsurance market is murky (I may uncover more in time), lots of information about the history of the weather derivatives market is available. It is this way because Enron originated the weather derivatives market. The fall of Enron was one of the greatest corporate scandals in American history, so there has been much already investigated and exposed.

When you’re talking about the history of weather derivatives, you’re talking about Enron.


They developed the most widely used early trading platforms, they were founding members of the leading industry association and were counterparties in the first known domestic and international transactions.

In their heyday, Enron received Fortune Magazine’s award for ‘Most Innovative Company’ six years in a row. They gave their Enron Prize for Distinguished Public Service to people like Nelson Mandela and Mikhail Gorbachev. Henry Kissinger and James Baker worked as Enron consultants; traveling to such far-flung destinations as Kuwait and China preaching the Enron gospel. Stock analysts gushed over everything Enron did. Enron could seemingly do no wrong.

The only problem was, Enron was cooking the books seven ways to Sunday. When the S.H.T.F., Enron’s stock tanked like World Trade Center building 7 and eventually brought down one of the nation’s oldest and largest accounting firms, Arthur Andersen.

Although the company itself has long since been chopped up and sold off, former Enron employees now populate many other financial market trading establishments.

Enron Weather

The particular division known to buy and sell weather derivatives was called ‘Enron Weather.’ Enron Weather started as a small, but promising bit of the company. By the time of Enron’s demise in 2001, Enron Weather had grown to a significant part of their business.

It is suggested that Enron CEO Jeff Skilling’s brother, Tom Skilling originally had the idea for weather derivatives. Peter Fusaro and Ross Miller write in their book What Went Wrong at Enron’:

As temperatures spike upward in summer and fall in winter, utilities also potentially needed a hedge against the weather. Or so Enron thought - thanks to an idea that some Enron sources say Jeff Skilling’s brother Thomas, a weatherman in Chicago, suggested.

Tom Skilling is the chief meteorologist at WGN-TV in Chicago, Illinois.

Loren Fox, the author of Enron: The Rise and Fall tells the story of Enron Weather like this: derivatives came to be championed by an employee working at the grassroots level and seeing customers’ daily needs. John Sherriff, who at the time managed gas trading for the western United States, began looking at derivatives linked to the weather in late 1995, and Vincent Kaminski’s research group worked on the idea in 1996. A gas trader named Lynda Clemmons was very interested in the idea, based on her conversations with executives at electric utilities that used coal-fired power plants…. In 1997, Enron handed off its weather derivatives effort to Clemmons, who was only 27. She began a one-person weather-hedging department within ECT…

Fox continues:

...Clemmons built up Enron’s weather business so that it did 350 transactions (hedging up to $400 million in potential revenues) in 1998, turning its first profit that year.

Enron initiated the weather derivatives market in Europe as well. According to scholar Samuel Randalls:

In the UK, the first weather derivative deal was sold by Enron to Scottish Hydropower who, at that time, 1998, were taking part in a government pilot scheme for the privatization and deregulation of energy markets.

Enron’s Oslo office became the base of their European weather derivatives business.

In 2000, Enron also introduced weather derivatives in Australia; offering temperature-based products for Sydney, Melbourne, Hong Kong, Tokyo and Osaka.

In 2002, after the bankruptcy, the Enron trading desk (including Enron Weather) was bought by UBS Warburg.

John Sherriff is now the owner of Lake Tahoe Financial and other Sherriff family businesses.

Mrs. Clemmons left Enron in 2000. She took a number of her colleagues from Enron’s weather team and set up weather derivatives company Element Reinsurance. After Enron, Lynda Clemmons also worked at XL Weather & Energy, The Storm Exchange Inc. and Vyapar Capital Market Partners. According to her Linkedin profile, Mrs. Clemmons is now an independent consultant.

A history of corruption

The Enron financial market trading desk, just like the company itself, had a history of corruption. Back in 1987, the Enron trading operations were called ‘Enron Oil.’ When questions about an Enron account at New York’s Apple Bank began surfacing, Enron management turned a blind eye. Money was pouring into this questionable account from a bank in the Channel Islands and flowing out to the account of a man named Tom Mastroeni; the treasurer of Enron Oil.

Enron management explained away these money flows and this questionable account as completely legal profit shifting. Although Mastroeni produced doctored bank statements and admitted a cover-up, Enron management didn’t pursue the issue. Nobody involved was even reprimanded. Revelations continued to come out, but Enron management did nothing. Enron’s accounting firm Arthur Andersen exhibited a similar disinterest.

After management confirmed an official lack of responsible oversight, Enron Oil traders ignored position limits and got themselves in big trouble. Only then did Enron executives show interest.

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Are Geo-Engineers embarking on a dangerous path in an attempt to control the weather? Will the fears over global warming be used to develop a potentially devastating scenario? What will the implications of spraying the skies with heavy metals be on water supplies, food resources and human beings?

These questions and many others will be asked during three days of discussion centered on science, action plans and solutions at the Consciousness Beyond Chemtrails Conference to be held from August 17–19, 2012, at the historic Ebell Theater in Los Angeles. The entire event will also be available live online; details for viewing are listed on the website and a trailer for the event is shown below:

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