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Solving Climate Change & Banking Mafia

Solving Climate Change is a Financial Opportunity for Banking Mafia to Offer Financial Services That Will Make Them Even Richer.

In 2007, an American company offered its services to engage in solving climate change.

Oliver Wyman, described as an established leader in the financial services consulting industry, produced a fascinating document linked to this issue.

The document was entitled: Climate Change: Risks and opportunities for global financial services.

Admitting what they called “multiple unknowns” in relation to solving climate change, the company identified huge opportunities to finance “clean energy” and assist in establishing new infrastructures relating to ways that would lower the much-publicized carbon footprint of mankind.

“Corporate and institutional banking and asset management may see the strongest upsides from solving climate change over the next 20 years”, they wrote.

While the insurance sector was sure to face losses due to extreme weather events, bankers could definitely increase revenue from backing green products and green issues, they said.

This is certainly a move in a direction away from wanting to start solving climate change issues.

The document urges financial institutions to strengthen what they call their “green credentials” and develop products to meet a new climate change-based demand.

While the report doesn’t address the issues of climate change as such, it assumes that people accept it is happening and look at every which way to exploit this mass attitude.

What they propose is that financiers make money from helping people reduce greenhouse gas emissions, predicting that this market in the private sphere only, will grow (presumably in the U.S.) to $225-billion of new investment by 2016.

In the public sphere they predict growth from $20-billion rising to an incredible $200-billion a year in the next few decades, to deal with key energies, transportation and flood defense.

Then they talk about carbon as a “tradable commodity” that has lead to a whole lot of new-world products that can also be royally exploited.

While the retail market relating to loans, mortgages, insurance and so on is, they say, small right now (2007), there is a good chance that it will grow incredibly quickly, which will give yet more of an opportunity for financiers to make lots and lots of money.

While clearly not at all concerned with solving climate change issues, the report warns that there are some risks to financiers, largely because the issue is complex and unpredictable.

But overall, their message is clearly that given positive and negative issues, climate change is likely to make money for them all, over time, and not necessarily much time.

Pussyfooting Around Climate Change Issues

There is lots of advice in this report in terms of how financial institutions can benefit financially out of climate change, which is really quite a scary thought.

For example, they urge “careful marketing of innovative thinking around climate risk”.

They also advise that governments will become “increasingly significant” customers, which clearly spells an increase of profits.

And they promote the idea of the large global financial institutions working together with government and other non-governmental organizations and the green industry as a whole.

This will influence policy solutions to climate change that will basically ensure that they make money – or in their words “leverage the power of capital markets”.

The report also contains a detailed review of exactly how the impact of climate change can positively affect the financial services sector, in terms of every aspect of banking.

Background to Oliver Wyman

Oliver, Wyman & Company was founded in 1984 by Alex Oliver and Bill Wyman, who had previously been partners in Booz Allen Hamilton, one of the oldest consultancy businesses in America.

This company’s core business was contract work that they did for the United States federal government, mainly relating to defense and security issues.

The company might have been well established, but it was also controversial.

In 2006 they were accused of possible illegal and unethical business dealings and conflicts of interest, because the company was a U.S. government contractor acting as auditors of a US government program.

Less than a year later, in January 2007, an investigative journalist, Tim Shorrock wrote several stories that gave evidence that the company had received “undue or unlawful business” from the U.S. government.

In June that same year the Washington Post reported that Booz Allen had managed to increase a contract price with the Department of Homeland Security, from $2-million to $70-million through two single two-bid contracts.

Whether this type of operation took place during Oliver and Wyman’s time is a question to ask. Having left Booz Allen in the 1980s, the two men subsequently built a new empire which eventually became Oliver Wyman in May 2007, and was a merger between several Mercer companies.

Wyman retired in 1995, but continues to serve (he says) on at least 18 various boards, many of which relate to healthcare in the third world, and we all know how the drug industry sucks us dry.

Oliver Wyman Today

Today the newly formulated Oliver Wyman company boasts that it is exploring “the driving forces that are shaping the global financial system” and exploring how these forces are likely to affect industry and government and the systems that go with them.

Like most big companies that leach all they can out of the planet, they also boast initiatives that are supposed to help relieve poverty and hunger in the world.

But there is no talk about solving climate change.

Instead, Oliver Wyman sells itself as a company that can give its clients “deep insights” that will enable them to perform better and earn more money.

The company’s senior advisory board is made up of high powered business people from various countries, including former politicians and former bankers.

These include: Rolf E. Breuer, former chairman of the supervisory board and chief executive of Deutsche Bank, Sir Andrew Large, former deputy governor of the Bank of England, and David Murray, former chief executive of the Commonwealth Bank of Australia.

Clearly these are people who have absolutely no interest at all in solving climate change, if indeed there is climate change that needs a “solution”.

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