Is Cap and Trade Already Corrupt?

08/01/2009 05:12 am ET | Updated May 25, 2011

Now that the House has passed Waxman-Markey, the stage is set for a much harder look at the actual implementation of cap and trade.

Speaking at an energy conference in San Francisco last week prior to the Congressional vote, negative reactions to the proposed cap and trade system were voiced by Chevron CEO David O'Reilly and by former Secretary of State George Schultz. O'Reilly labels the bill "an unmitigated disaster," and Schutlz calls cap and trade "a tax." That, of course, is their opinion, But Schultz's assertion that 85% of the credits have already been "given away" by Congress, if correct, is very troubling. Equally worrisome is his fear that in the hands of Wall Street, the cap and trade policy would be severely compromised, if not corrupted:

Watch the full program at (Disclosure: Chevron is an advertiser on