Dan Morain: Turn cap and trade rate bomb into AB 32 dividends

“Lawmakers and Brown have big plans for the auction proceeds, which could amount to $1 billion, maybe more. It’s key to the math that makes this year’s budget balance, at least in theory. But the money is hardly free. You and I will pay the bill.

‘The purpose of AB 32 wasn’t to raise revenue,’ chamber President Allan Zaremberg said. ‘The purpose was to reduce greenhouse gas. You can do that without an auction.’ (Sacramento Bee, June 27, 2012). Read it here.