Geoengineering for Financial Gain: A History of Weather Derivatives
Facts lead me to speculate that the chemtrails so often seen in our skies are sprayed for financial gain. Chemtrails are admittedly sprayed as part of weather modification programs. There are two large financial markets that rise and fall with the weather: the weather derivatives market and the catastrophe reinsurance market. Chemtrails may be sprayed as part of a plan to manipulate the weather derivative and catastrophe reinsurance markets.
Even though the catastrophe reinsurance market is much larger, the focus of this article is the history of the weather derivatives market because, while the history of the catastrophe reinsurance market is murky (I may uncover more in time), lots of information about the history of the weather derivatives market is available. It is this way because Enron originated the weather derivatives market. The fall of Enron was one of the greatest corporate scandals in American history, so there has been much already investigated and exposed.
When you're talking about the history of weather derivatives, you're talking about Enron.
They developed the most widely used early trading platforms, they were founding members of the leading industry association and were counterparties in the first known domestic and international transactions.
In their heyday, Enron received Fortune Magazine's award for 'Most Innovative Company' six years in a row. They gave their Enron Prize for Distinguished Public Service to people like Nelson Mandela and Mikhail Gorbachev. Henry Kissinger and James Baker worked as Enron consultants; traveling to such far-flung destinations as Kuwait and China preaching the Enron gospel. Stock analysts gushed over everything Enron did. Enron could seemingly do no wrong.
The only problem was, Enron was cooking the books seven ways to Sunday. When the S.H.T.F., Enron's stock tanked like World Trade Center building 7 and eventually brought down one of the nation's oldest and largest accounting firms, Arthur Andersen.
Although the company itself has long since been chopped up and sold off, former Enron employees now populate many other financial market trading establishments.
The particular division known to buy and sell weather derivatives was called 'Enron Weather.' Enron Weather started as a small, but promising bit of the company. By the time of Enron's demise in 2001, Enron Weather had grown to a significant part of their business.
It is suggested that Enron CEO Jeff Skilling's brother, Tom Skilling originally had the idea for weather derivatives. Peter Fusaro and Ross Miller write in their book What Went Wrong at Enron':
As temperatures spike upward in summer and fall in winter, utilities also potentially needed a hedge against the weather. Or so Enron thought - thanks to an idea that some Enron sources say Jeff Skilling's brother Thomas, a weatherman in Chicago, suggested.
Tom Skilling is the chief meteorologist at WGN-TV in Chicago, Illinois.
Loren Fox, the author of Enron: The Rise and Fall tells the story of Enron Weather like this:
...weather derivatives came to be championed by an employee working at the grassroots level and seeing customers' daily needs. John Sherriff, who at the time managed gas trading for the western United States, began looking at derivatives linked to the weather in late 1995, and Vincent Kaminski's research group worked on the idea in 1996. A gas trader named Lynda Clemmons was very interested in the idea, based on her conversations with executives at electric utilities that used coal-fired power plants.... In 1997, Enron handed off its weather derivatives effort to Clemmons, who was only 27. She began a one-person weather-hedging department within ECT...
...Clemmons built up Enron's weather business so that it did 350 transactions (hedging up to $400 million in potential revenues) in 1998, turning its first profit that year.
Enron initiated the weather derivatives market in Europe as well. According to scholar Samuel Randalls:
In the UK, the first weather derivative deal was sold by Enron to Scottish Hydropower who, at that time, 1998, were taking part in a government pilot scheme for the privatization and deregulation of energy markets.
Enron's Oslo office became the base of their European weather derivatives business.