'Glenn Beck': Real Story Behind Cap-and-Trade

This is a rush transcript from "Glenn Beck," April 29, 2010. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: America, this is so important. This should be on the front page of every paper, but it won't be. And when I'm done with it, you ask yourself why.

And you watch — you watch — all the blogs and everything else will just make cheap shots at me. Go ahead. Go ahead. Look how fat he is, look how stupid, look at his hair, look at the blackboards. Whatever. How about we talk about the content on the blackboards, OK?

We left the Chicago Climate Exchange story — I'm trying to show how the entire government is turning in to "Crime Inc."

We left it at — if I'm going to do — if I'm going to do this scam, I need a carbon exchange; I need investors; I need technology; I need the law and I need cover.

Here's your investors. Now, technology — Fannie Mae, surprisingly, buys this technology and Franklin Raines — Franklin Raines is a bad dude. A guy who is cooking the book at Fannie Mae to the tune of $9 billion. He inflated earnings so he could get bonuses. In his five-year career with Fannie, Raines pockets $90 million — $52 million of that in bonuses, tied to earnings.

Isn't Fannie Mae — how did he make all that money when that was responsible for the collapse? I wonder if Congress wants to talk to him now. No. I wonder if Congress wanted to tax him 100 percent on those bonuses. No.

Now, he secured the patent for the big board of this climate exchange, through Fannie Mae. Why? Well, the government stands to make a fortune if cap-and-trade legislation is passed. So maybe this is why. Maybe this is why nobody cares how much money we're spending in Washington because, oh, well, don't worry, through cap-and-trade, we'll make a fortune. We'll pay for all the free candy we're making for everybody and everybody is going to be happy. They don't know, they're all going to get free houses through Fannie.


I remember when I was naive, too. A year ago, you might have been able to, you know, convince sleepy little me that that were true. And I would have stopped looking. Unfortunately, we didn't stop looking. And that's not what's happening.

First of all, you have to ask if that's true, if we know we're going to make this much money, just through this one piece, why wouldn't we have that? Why wouldn't the government say look how smart we are? We bought this technology, $10 trillion.

It's not a get rich quick scheme to pay the taxpayers back. No. No. No. This is crime incorporated. That's what the government is turning into, "Crime Inc."

So, when he is discredited, what do all discredited progressives do? They go to — they go to one of the big, you know, progressive groups.

Did he go to Center for American Progress? No, that was Van Jones and almost everybody else that has been discredited. No, no, no. Franklin went to a board of trustees for a group called the Enterprise — Enterprise Community Partners. Alicia Glenn of Goldman Sachs is also there. Huh!

Now, here's their mission statement for Enterprise: To see that "all people have an opportunity for fit and affordable housing." Well, that sounds great — doesn't it? I mean, I don't know anything about Enterprise other than, you know, they've partnered with ACORN. I know that. And they have a — and they have a guy on their board of trustees that doesn't understand the root of the word "trustee."

But I'll give the Enterprise Community Partners the benefit of the doubt. I'm sure they're legitimate.

Do you know what? Do you ever watch "The Sopranos"? Bada Bing — Bada Bing — strip club. Totally on the up and up. It's a good, legitimate strip club, OK? Tony Soprano is hanging around the office all night and they're running the garbage business or whatever in the back. But Bada Bing, that's still an up-and-up classy strip club.

And I'm — now, I'm willing to say Enterprise has nothing to do with that.

So, the disgraced Franklin Raines is sitting around in the back of Enterprise — you know, watching women dance — and he says, hey, I've got an idea. Let's call our friends at the Joyce Foundation.

Wait a minute, who are his friends at the Joyce Foundation? The Joyce Foundation — oh, yes, I remember, they're the people through Barack Obama and Valerie Jarrett, they give the money to an originally start the Climate Exchange in Chicago.

So, he has the same idea. Let's get some more money. We'll call — hello, Joyce Foundation.

Speaking of call: Call me if any of this is wrong. If I get any of it wrong. I know I — I mean, we're just doing our best here. We're alone on this story. So, we're just doing our best here. If you can clear up anything that we — the White House has the number. They can — oh, I'm sure they will be sending messages.

So, here is the Joyce Foundation. He says let's go to the Joyce Foundation. OK? Let's get money.

Who's again the Joyce Foundation? Started the climate exchange, seed money. They also give money to the Tides Foundation. Remember those guys? They're great. Oh, that's George Soros.

And they give money to the Center for American Progress, you know, where Van Jones is now staying. Isn't that great? That's George Soros, too. That's — that is great!

Hundreds of millions of dollars and apparently nothing better to do with it than to ship it to progressive groups. That's great. And wait until you see them take their top off.

So, Franklin Raines asks Enterprise to ask the Joyce Foundation for some cash. What was the pitch? I'm just guessing, but hey guys, we got an idea. We want to start another progressive group.

Well, before you know it, that I have hundreds of millions of dollars being stuffed dollar by dollar in their g-strings. Joyce agrees and the Emerald Cities Collaborative is born through the Livable Cities Initiative. Oh, Livable Cities Initiative — this is going to get good, isn't it?

Here is the great part: Emerald Cities — who are Emerald Cities? Show me the board of directors.

Now, they consider themselves a start-up, "a national coalition of diverse groups that include" — wait for it — "unions, labor groups, community organizations, social justice activists, socially responsible businesses and elected officials."

Oh, this is great! It's like an episode of "Growing Up Gotti." This is fantastic, isn't it?

Their mission: "To be united around the goal of rapidly greening our nation central cities and their surrounding metropolitan regions."

They're practically Mother Teresa at a strip club. It's fantastic.

Now, I know this is complicated but that's how progressives like it because then the media doesn't bother to investigate because they're like nobody is smart enough to be able to follow it.

But with Obama's help, the Joyce Foundation has given $1.1 million to help start the Chicago Climate Exchange. Al Gore, Goldman Sachs and Fannie and Freddie invest heavily.

Fannie Mae buys a patent for something to do, nothing with housing. It's great. No one says a word.

Joyce then gives Enterprise cash to start this group. Who's on the board of directors? Gerry Hudson. He's great. He's great. He's from SEIU.

Emerald Cities, man. Do you remember watching that movie with the Emerald City and you thought flying monkeys would stand out in the Emerald City? Yes, yes. There are no talking lions or flying monkeys or Tin Man. Nope. But all those guys are going to seem sane after I introduce you to Gerry Hudson. Yes, he's part of the horses of a different color. Yes.

See if any of these guys sound familiar. We have Gerry. We have Phaedra Ellis-Lamkins. She is for Green for All. Who's Green for All? Hmm. Van Jones.

Then we have Jack Hayn — love him — AFL-CIO.

Art Lujan, AFL-CIO.

Wait a minute. Isn't the AFL-CIO, who's the president? What's his name? Tiffany, what's his name? Richard Trumka. Didn't I just see him give a speech just recently that said he's going to pull out all the stops to stop me?

Richard, I'm beginning to see why. Yes, I am. Yes. Yes.

And there's Doris Koo. Doris Koo is not up here but she is part of Enterprise Community Partners.

Again, I'd like to remind everyone in the viewing audience, I'm not suicidal. I don't think I can fly off top of buildings. I don't want to swim in the East River — if something happens.

So, what do we have here? We have SEIU. We have Van Jones. We have the AFL-CIO. We have ACORN. We have Goldman Sachs.

Wow! I am glad we're having hearings on Capitol Hill this week on Goldman Sachs! And not talk about any of this, huh? This is so weird it's almost like it's all the same progressive people that are corrupt and we keep seeing every day in the news, making nightmares. Isn't that weird?

But, the Emerald Cities implies that there must be a wizard. Grab your basket. Come on, Toto, we're off to see the wizard — next.

Content and Programming Copyright 2010 Fox News Network, LLC. ALL RIGHTS RESERVED. Copyright 2010 Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.