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BUSINESS
July 17, 1991 | From Times Staff and Wire Reports
First there were corn and wheat futures contracts, and later came interest-rate swaps and other fancy financial instruments. But now the world's largest commodity exchange is developing one of its most exotic new investments yet: air pollution permits. "It's a totally new animal," said Michael O'Connell, a spokesman for the Chicago Board of Trade. The CBOT on Tuesday voted to create a new futures contract that allows investors and utilities to trade rights to emit sulfur dioxide.
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BUSINESS
July 17, 1991 | From Times Staff and Wire Reports
First there were corn and wheat futures contracts, and later came interest-rate swaps and other fancy financial instruments. But now the world's largest commodity exchange is developing one of its most exotic new investments yet: air pollution permits. "It's a totally new animal," said Michael O'Connell, a spokesman for the Chicago Board of Trade. The CBOT on Tuesday voted to create a new futures contract that allows investors and utilities to trade rights to emit sulfur dioxide.
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NEWS
December 24, 1991 | JUDY PASTERNAK, TIMES STAFF WRITER
After nine months at the conference table listening to discussions of a proposed "smog exchange" that would allow polluters to buy and sell permits for emissions, the Coalition for Clean Air does not like what it's been hearing. Initially, the environmental group's officers had cautiously supported the radical concept, which would replace many of the region's strict air-quality regulations by issuing "shares" that symbolize the right to pollute a certain amount.
BUSINESS
July 19, 1991 | MICHAEL PARRISH, TIMES STAFF WRITER
The Chicago Board of Trade's proposal to open the first national markets in air-pollution credits meets a central goal of many environmentalists and regulators: getting the muscle of economic incentives behind the campaign to clean up the air. These first markets hold little initial interest for California's big polluters--they will be trading in one of the few emissions that don't figure much in the state's environmental problems.
NEWS
February 18, 1992 | JUDY PASTERNAK, TIMES STAFF WRITER
Back in 1980 and 1981, Robert Thomas owned two barbecue restaurants in Sacramento. In one rib joint, he built a brick pit. He filled the firebox with hickory and oak, and smoked chicken, pork and beef the traditional way. In the other, he was forced by space constraints to use a pressure cooker. The results were "tender," he recalled recently. "But I was catering basically to a white population." Many blacks patronized the pit restaurant, he said.
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