From a Washington Times editorial:
The rise of the carbon oligarchs
I, for one, welcome our new carbon overlords!
Washington fat cats grab for even more power
If passed, the cap-and-trade bill will centralize an inordinate amount of power in Washington and generate vast fortunes for people with friends in high places. On the "cap" side, 85 percent of the "carbon credits" will be given away to power generators; oil and natural gas concerns; the auto industry; various energy-intensive industries such as cement, glass and paper manufacturers; and a variety of "carbon-capture," deforestation-prevention and other dubious special interests.
Because the credits will be distributed by the government, the key question is who will decide who gets them. As we have seen recently with the stimulus bill, Troubled Asset Relief Program (TARP) bailouts, the automotive fiasco and the federal budget generally, only those with friends in high places will have a place at the trough. Those with pull will profit; those without will be run out of business.
[Read the whole thing]