Word: sandor
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...recent history? Here's a surprise: one of the world's most influential environmentalists isn't an environmentalist at all. Nor is he an activist, a conservationist, or even someone who seems to spend a lot of time in the wilderness. He's an economist. His name is Richard Sandor, and more than anyone else, he invented the idea of emissions trading - a financial technique of capping and trading pollutants - which may be our best hope for beating climate change...
...year-old Sandor, who began his career as an economics professor at University of California, Berkeley, made his name pioneering the development of financial futures at the Chicago Board of Trade in the 1970s, an accomplishment that gave him a reputation for seeing value where others couldn't. (Financial futures effectively bet on shifting interest rates, allowing traders to hedge the risk of interest rate changes.) That experience made him confident in challenging financial orthodoxy. "I was tossed out of banks across America," says Sandor. "They said interest rates wouldn't change, that financial futures were pointless." They were wrong...
...simple - reduce those emissions - but the way to get there wasn't. (Any similarities to where we stand on global warming are purely intentional.) The government could simply mandate reduced emissions, or force power plants to install expensive SO2 and NO scrubbers, but that might not be efficient. To Sandor, the answer was clear: markets. He wrote a position paper for a green group arguing for the creation of a cap-and-trade system for acid rain, one that would put a government-mandated limit on the level of pollutants power plants and factories could emit, but allow companies that...
...firms that want to trade emissions must join the Chicago Climate Exchange, a voluntary but legally binding bourse whose members, according to founder Richard Sandor, account for 8% of the greenhouse emissions from stationary sources in the U.S. "If we were a country," he says, "we'd be roughly the size of Britain." Members of the Chicago exchange, including Ford Motor Co. and DuPont, have pledged to cut their emissions 4% by the end of this year from the levels they averaged from 1998 to 2000. They have already taken tens of millions of tons of greenhouse gases...
...firms aiming to capitalize on booming energy prices, but with no income. So as long as small-cap exchanges are in vogue, fashion victims are inevitable. - By Adam Smith Getting In The Picture Move over, Hollywood - here comes Hungary. That's the hope of flamboyant Budapest real estate tycoon Sandor Demjan, chairman of TriGranit Development Corporation. With a government go-ahead expected "very soon," according to TriGranit, work is set to begin on a $188-million, state-of-the-art film complex to be built 15 km outside Budapest, due for completion next year. The 34-hectare Korda Studios plans...