Tag: Ice Ice bab

“If you own any shares in alternative energy companies I should start dumping them NOW!” (hat tip: Marc Morano)

That was how I began my Climategate blog in November last year and now, it seems, the CURSE OF DELINGPOLE has come to pass:

LONDON, Aug 11 (Reuters) – Market operator Intercontinental Exchange Inc. (ICE.N) is laying off staff at newly acquired U.S. environmental bourse the Chicago Climate Exchange (CCX), industry sources told Reuters, citing a lack of U.S. action on climate change.

They said the first round of layoffs began on July 23 and, although the total number of jobs to be cut was unknown, one said around 25 employees, or roughly half CCX’s headcount at the time of ICE’s acquisition, had already been or were being let go.

ICE would not confirm or comment on the layoffs.

“ICE just came in one day and started hacking away … We were told the company was restructuring,” said one source, who declined to be named.

Another said ICE cut around 20 roles at the CCX late last month, and at least another six high-level layoffs would come before next spring.

ICE bought Climate Exchange plc, owners of the CCX as well as London’s European Climate Exchange (ECX), the world’s largest marketplace for carbon credits, in April for 395 million pounds ($622 million), despite failed UN climate talks in Copenhagen last December and a lack of U.S. action on climate change.

I am so sad, especially since among the significant shareholders in CCX are Al Gore and Goldman Sachs. Truly, it just couldn’t have happened to nicer people!