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Posted: Jun 18 2010, 03:15 AM
Member No.: 1
Joined: 6-June 09
Guess who holds patent for carbon trading plan
Disgraced Fannie Mae CEO set to cash in for millions
Posted: June 18, 2010
1:00 am Eastern
Obama housing adviser Franklin Raines
Former Clinton and Obama budget adviser Franklin Raines owns a key carbon-emissions patent he developed as CEO of the government-sponsored mortgage giant Fannie Mae, positioning him and his partners to make millions of dollars if it is used in any carbon-capping scheme implemented by the Obama administration.
Raines and his associates led Fannie Mae and Congress to believe Fannie Mae owned the patent, despite public records to the contrary.
Raines and his partners carried out their plan by quietly filing for and receiving a second nearly identical carbon-emissions patent that superseded the first patent, according to government records. The second patent was never assigned to Fannie Mae or any other party.
As WND reported, an Enron-like accounting scandal enabled Raines to earn $90 million in his five years as Fannie Mae CEO, from 1999 to 2004.
Raines and his associates applied for the first patent, U.S. Patent No. 6904336, entitled "System and Method for Residential Emissions Trading," Nov. 8, 2002, while Raines was Fannie Mae CEO. The first patent was issued June 7, 2005. http://patft.uspto.gov/netacgi/nph-P...&RS=PN/6904336
In three separate assignments made in April and July 2004, Raines and his associates assigned the first patent to Fannie Mae and to CantorCO3e, a London- and San Francisco-based international company self-described as "a leading global provider of financial services to the world's environmental and energy markets."
Carlton Bartels, the chief executive of Wall Street trading and investment firm Cantor Fitzgerald and head of the spin-off CantorCO3e organization, was one of Raines partners listed as an "inventor" and co-owner of thepatent.
On Dec. 21, 2004, Raines accepted "early retirement" as Fannie Mae CEO while Securities and Exchange Commission investigators pursued their inquiry into accounting irregularities under Raines' management.
On April 28, 2005, Raines and his partners, including Bartels, applied for a second carbon emissions patent issued Nov. 7, 2006, as U.S. Patent No. 7133750. http://patft.uspto.gov/netacgi/nph-P...&RS=PN/7133750
The second patent was nearly identical to the first. Only a few sentences in the claims were modified, making the substantive meaning and intent of the secondpatent no different than the first.
The U.S. Patent and Trademark Office records make clear that the second patent was never assigned to any other party, meaning Raines and the other individuals listed on the patent as "inventors" retained all ownership rights.
Rader, Fishman & Grauer PLLC, the law firm serving as attorney to Raines and his partners for the second patent, told WND client-attorney privilege prevented the law firm from commenting.
Raines could not be reached for comment.